Asian markets came within reach of testing their 2016 peak as strong US cues continue to calm Brexit fears.

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Prospects of solid U.S. growth and accommodative economic policy in major countries whet investors risk appetite damaged by uncertainty from Brexit, a report by Reuters stated.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2% in early trade to 426.62, just below its year-to-date high of 428.22.  Japan’s Nikkei gained 1.9 %.

MSCI has recovered losses from Brexit and it will hit its highest level in over a month, the Reuters report added.

Wall Street, S&P 500 gained 0.7% to a new record close of 2,152.14 while the Nasdaq turned positive for the year.

SGX Nifty opened in green and climbed higher 0.16% at 8,538 points.

Hang Seng index edged higher 0.47% at 21,323.64 points

Oil prices dropped more than one percent in early Asian trade after industry group American Petroleum Institute (API) reported a surprise build of 2.2 million barrels in U.S. crude stockpiles last week.

Brent crude futures fell 1.0 % to $47.97.

They had surged about 5 percent on Tuesday, however, on short-covering and broad improvement in risk sentiment, the Reuters report stated.