Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Asia stocks mostly higher on U.S. recovery hopes; Nikkei up 1.2%

Published 04/17/2013, 02:44 AM
Updated 04/17/2013, 02:44 AM
Investing.com - Asian stock markets were mostly higher during late Asian trade on Wednesday, with shares in Japan rising for the first time in four days as the yen weakened, boosting many of the big name exporters.

Sentiment was further underpinned by a strong start to the U.S. earnings season and amid indications the U.S. economy was improving after data showed industrial production and new home starts beat expectations.

During late Asian trade, Hong Kong's Hang Seng Index added 0.3%, Australia’s ASX/200 Index ended 1% higher, while Japan’s Nikkei 225 Index advanced 1.2%.

In Tokyo, the Nikkei re-approached last week’s five-year high as the yen weakened for the second consecutive day against the U.S. dollar, boosting the earnings outlook for many big name Japanese exporters.

The yen fell to 98.30 against the U.S. dollar, inching further towards the key 100-yen mark.

Automakers Mazda and Nissan surged 5.9% and 3.3% respectively, while Sony and Canon added 2.3% and 1.7% apiece.

Japanese megabanks were also higher, with shares in the nation’s largest lender Mitsubishi UFJ Financial Group rising 2.7%, while Sumitomo Mitsui Financial Group and Mizuho Financial Group jumped 4% and 2.4% respectively.

Meanwhile, in Australia, the benchmark ASX/200 Index recovered from recent losses, as investors returned to the market to seek cheap valuations.

Shares in Telstra rose 2.8%, while Wesfarmers and Woolworths climbed 2.7% and 2.2% respectively.

Global miners were lower, however, amid concerns over a slowdown in demand from top consumer China. Australian commodity producers are heavily reliant on Chinese demand for raw materials.

Mining heavyweights BHP Billiton and Rio Tinto retreated 0.5% and 0.8% respectively, while Fortescue Metals Group slumped 0.8%.

Elsewhere, in Hong Kong, the Hang Seng swung modestly higher in choppy trade, as investors remained concerned over the economic outlook in China following Monday’s poor economic data.

A downbeat performance by the China banking sector limited any significant gains, with China Construction Bank shares dropping 0.5%, Industrial and Commercial Bank of China falling 1% and Bank of China declining 1.2%.

Looking ahead, European stock market futures pointed to a higher open, following strong gains on Wall Street.

The EURO STOXX 50 futures pointed to a rise of 0.5% at the open, France’s CAC 40 futures added 0.5%, London’s FTSE 100 futures rose 0.3%, while Germany's DAX futures pointed to a gain of 0.4% at the open. 

Germany was to hold an auction of 10-year government bonds later in the day.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.