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Asian stocks rally as bank jitters calm, Alibaba lifts mood

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Asian shares surged on Wednesday as easing concerns over the banking sector revived risk appetite, while Alibaba's plans to split into six units lifted Chinese tech stocks.

"Alibaba's split may pave the way for other Chinese tech giants to do similar," CMC Markets analyst Tina Teng said.

Futures indicated European stocks were set to open higher, with Eurostoxx 50 futures up 0.41%, German DAX futures up 0.38% and FTSE futures up 0.08%.Also helping sentiment was easing worries over the banking sector, with investor nerves soothed by the sale of assets in collapsed lender Silicon Valley Bank and few signs of further stresses in the banking system following weeks of volatility in the market.

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