OVERNIGHT

Fears of an economic slowdown are apparently over-exaggerated at least that seems to be the opinion of Asian investors overnight who pushed shares across the region higher Wednesday based on a gaggle of good economic news.

Led by Hapan and Hong Kong, the Nikkei was up 4% and the Hang Seng rallied 2.6% apparently bolstered by reports that U.S. manufacturing was better last month, higher for the second month in a row. Constructing spending improved in the U.S. And that good news was added to some good numbers from Australia and Canada, Reuters reported.

The WSJ reported: The Shanghai Composite Index was up 2.3% by the local midday break, despite starting roughly flat. The gains added to its 1.7% jump on Tuesday in the wake of easing measures from China’s central bank earlier in the week.

The region’s recovery was gaining steam after a rally in oil prices overnight and upbeat economic data out of the U.S., which helped calm fears of a global slowdown. A rally had also started to form the previous session as a move by Beijing to lower the amount of reserves banks need to hold came into effect. Investors largely brushed off disappointing Chinese factory activity figures.

In the oil market, Brent crude futures hit eight-week high of $37.25 per barrel, up more than $10, or 37.5 percent, from a 12-year low of $27.10 hit in January.

U.S. crude futures also hit a one-month high of $34.76 per barrel although gains were cut in post-settlement trade on Tuesday after data suggesting a huge build in U.S. crude stockpiles already at record high levels.

Naturally, with all the good news safe haven investments suffered as government bonds sold off