Investing.com – Asian stock markets were higher on Wednesday, as market sentiment strengthened amid hopes European policymakers will boost efforts to solve the region’s debt crisis at a critical European Union summit later this week.
During late Asian trade, Hong Kong's Hang Seng Index jumped 1.5%, Australia’s S&P/ASX200 gained 0.75%, while Japan’s Nikkei 225 Index rallied 1.7%.
Appetite for riskier assets got a boost from a Financial Times report published Tuesday saying that European leaders would discuss creating an additional rescue fund to supplement the European Financial Stability Facility.
The report came just one day ahead of the European Central Bank’s policy meeting and two days ahead of a critical European Union summit to discuss the region’s debt crisis and possible treaty changes to coordinate fiscal policy.
Shares in the financial sector performed strongly in Japan. The nation’s largest lender Mitsubishi UFJ Financial Group saw shares climb 1.15%, Mizuho Financial Group rose 2.9%, while investment bank Nomura Holdings added 1.95%.
Shares in shipping giant Mitsui O.S.K. Lines soared 11.2% after it announced plans to jointly operate large tankers with four other firms, including Nippon Yusen K.K., which rallied 7.9%.
Elsewhere, in Hong Kong, shares in lenders were broadly higher after ratings agency Standard & Poor’s affirmed China’s sovereign ratings and said the outlook remains stable, citing the nation's "exceptional" growth prospects.
Industrial and Commercial Bank of China saw shares rally 3.15%, China Construction Bank shares rose 1.5%, while Hong Kong-listed shares of Bank of China surged 4.2%.
Shares in property developers also contributed to gains, recouping some of the previous day’s steep declines. Sino Land Company saw shares jump 3.85%, Sun Hung Kai Properties added 2.5%, while property investment firm China Overseas Land & Investment climbed 2.55%.
Meanwhile, in Australia shares in retailers were boosted by a report showing that the nation’s economy grew by 1% from the second quarter, slightly below expectations for 1.2% expansion, but up 2.5% from a year earlier.
Supermarket operator Woolworth’s saw shares jump 1.85%, while clothing retailer Billabong International rallied 3.1%.
The outlook for European stock markets was upbeat. The EURO STOXX 50 futures pointed to a gain of 1.45%, France’s CAC 40 futures rose 1.5%, the FTSE 100 futures climbed 1%, while Germany's DAX futures rallied 1.4%.
Later in the day, Germany was to produce government data on industrial production.
During late Asian trade, Hong Kong's Hang Seng Index jumped 1.5%, Australia’s S&P/ASX200 gained 0.75%, while Japan’s Nikkei 225 Index rallied 1.7%.
Appetite for riskier assets got a boost from a Financial Times report published Tuesday saying that European leaders would discuss creating an additional rescue fund to supplement the European Financial Stability Facility.
The report came just one day ahead of the European Central Bank’s policy meeting and two days ahead of a critical European Union summit to discuss the region’s debt crisis and possible treaty changes to coordinate fiscal policy.
Shares in the financial sector performed strongly in Japan. The nation’s largest lender Mitsubishi UFJ Financial Group saw shares climb 1.15%, Mizuho Financial Group rose 2.9%, while investment bank Nomura Holdings added 1.95%.
Shares in shipping giant Mitsui O.S.K. Lines soared 11.2% after it announced plans to jointly operate large tankers with four other firms, including Nippon Yusen K.K., which rallied 7.9%.
Elsewhere, in Hong Kong, shares in lenders were broadly higher after ratings agency Standard & Poor’s affirmed China’s sovereign ratings and said the outlook remains stable, citing the nation's "exceptional" growth prospects.
Industrial and Commercial Bank of China saw shares rally 3.15%, China Construction Bank shares rose 1.5%, while Hong Kong-listed shares of Bank of China surged 4.2%.
Shares in property developers also contributed to gains, recouping some of the previous day’s steep declines. Sino Land Company saw shares jump 3.85%, Sun Hung Kai Properties added 2.5%, while property investment firm China Overseas Land & Investment climbed 2.55%.
Meanwhile, in Australia shares in retailers were boosted by a report showing that the nation’s economy grew by 1% from the second quarter, slightly below expectations for 1.2% expansion, but up 2.5% from a year earlier.
Supermarket operator Woolworth’s saw shares jump 1.85%, while clothing retailer Billabong International rallied 3.1%.
The outlook for European stock markets was upbeat. The EURO STOXX 50 futures pointed to a gain of 1.45%, France’s CAC 40 futures rose 1.5%, the FTSE 100 futures climbed 1%, while Germany's DAX futures rallied 1.4%.
Later in the day, Germany was to produce government data on industrial production.