Asian stocks extended a global rally on Friday after the ECB launched a landmark bond-buying stimulus program that buoyed investors' risk appetite, drove bonds higher and left the euro pinned near 11-year lows.
European shares surged, German stocks hit record highs and euro zone bonds rallied, while German government bond yields slid to new record lows. The euro plummeted, bringing parity with the dollar in sight.
MSCI's broadest index of Asia-Pacific shares outside Japan rose to an eight-week high and was up 0.8 percent.
Japan's Nikkei gained 0.9 percent while Australian and South Korean shares also made sizeable gains. The Indonesian stock index rose to a record high.
On Wall Street, the S&P 500 and the Dow each gained 1.5 percent overnight.
Crude Rallies
Crude oil prices jumped after Saudi Arabia announced that King Abdullah had died and his successor, Salman, moved quickly to name his own heir to rule the world's biggest oil exporter. The Saudi king's death added to longer-term uncertainty in energy markets already facing some of the biggest shifts in decades. U.S. crude rose 94 cents to $47.25 a barrel.
The kingdom, the world’s largest crude exporter, led OPEC’s decision to maintain its oil-production quota at a meeting in November, exacerbating a global glut that’s driven prices lower.
Greek Elections
With the European Central Bank decision taken, the next obstacle for the European Union is the election in Greece.
Greek voters elect a new parliament on Sunday, with the anti-austerity opposition party Syriza favored to win, but without an overall majority.
“We do not think it is possible for Greece to exit the EU," one analyst said. “They could if they want to commit sovereign suicide."