Australian markets rallied to hit a three-month high, led by banking ad gold mining stocks. The benchmark S&P/ASX 200 surged 1.66 percent to 9,014.80, while the broader All Ordinaries index settled 1.55 percent higher at 9,281.80.

Commonwealth Bank of Australia shares climbed 6.8 percent after the country's largest bank clocked record-high cash earnings in the half year to December, buoyed by growth in its flagship mortgage business.

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