FXStreet (Mumbai) - The stocks on the Asian bourses reversed early losses and swung back higher, tracking the recovery in the Chinese indices after the huge sell-off seen yesterday. S&P/ASX bucks the trend The Japanese stocks climbed higher in tandem with a minor-recovery in USD/JPY and rebounding Chinese equities, which offered some respite to the Asian traders after a horrible start to 2016. The local indices shrugged off overnight weakness on the Wall Street and staged a comeback as risk-on mode appears to seep back into markets. USD/JPY gains 0.12% to 119.60 and the Nikkei rises 0.41% to 18,527. The Chinese equities rally today, reversing a part of the previous slump and thus, halting the rout after the Chinese central bank, the PBOC injected massive liquidity to the tune of 130bn Yuan in a bid to stabilize the Chinese stock markets. The benchmark Shanghai Composite (SSEC) erased over 3% initial slump and now trades 0.31% higher around 3,300 and Hong Kong’s, the Hang Seng trades flat at 21,305. While China’s A50 index rallies +1.03% to 10,204. However, the Australian stocks ignored the recovery in the Chinese equities and extended losses, knocking-off the S&P/ASX down over 1% to 5,216. Markets remain wary over worries about the global economy and rising tensions in the Middle East and fell sharply following the weak lead overnight from overseas markets. For more information, read our latest forex news.