Asian stocks surge on consensus to end Europe debt crisis

Snapping three days of losses, MSCI Asia Pacific Index jumped 3 percent as of 12:36 p.m. in Tokyo.

Further, Japan's Nikkei 225 rose 1.8 per cent to 8,524.56, South Korea's Kospi index shot up 4 per cent to 1,719.72, Hong Kong's Hang Seng index climbed 2.3 percent to 17,807.51, and India's Sensex gained 2.95 percent to end at 16,524.03.

Even the markets in China, Taiwan, Singapore, Thailand, Indonesia, and New Zealand recorded gains.

“There has been no concrete alteration in the structure of the euro zone since the end of last week but the market has been willing to clutch at the idea that politicians at least recognize there is an urgent requirement for action,” Jane Foley, a senior foreign-exchange strategist at Rabobank International in London, told Bloomberg News.

The recent consensus on taking serious step to bail-out Greece and plug region's losses has assuaged default fears and helped soothe market sentiments.

Market recover on Europe consensus
After weeks of inaction, European leaders have agreed over the weekend to take bolder steps to resolve region's crisis.

Earlier this month, resignation of Jürgen Stark, important member of the European Central Bank’s executive board, instilled fears about union's inability to tackle the crisis and consequently sent markets crashing.

But the recent consensus on taking serious step to bail-out Greece and plug region's losses has assuaged default fears and helped soothe market sentiments.

Wall Street gains
On Monday, markets in the United States rebounded strongly, registering big gains after a disastrous week.

While the Dow Jones industrial average jumped 2.53 percent to close at 11,043.86, the Standard & Poor's 500 Index rose 2.33 percent to 1,162.95.

Further, The Nasdaq Composite Index ended at 2,516.69, 1.35 percent higher.

Even on Tuesday Wall Street opened higher. The Dow Jones industrial futures rose 1.1 percent to 11,095, and while S&P 500 futures climbed 1.1 to 1,170.70.