Investing.com - Asian stock markets were largely higher Wednesday, fueled by hopes that manufacturing output in the U.S. and China were coming in strong enough to suggest the global economy is picking up more steam than previously thought.
During early Asian trading Wednesday, Hong Kong's Hang Seng Index was down 0.28%, Australia's S&P/ASX200 was up 2.07%, while Japan’s Nikkei 225 Index was up 1.04%.
In the U.S., the Institute of Supply Management's manufacturing index rose to 53.9 in December from 52.7 in November.
A reading of 50 or more signals economic growth, and economists participating in a Bloomberg survey estimated a median figure of 53.5.
When considering that manufacturing data out of China came in stronger than expected as well, investors raced to equities everywhere.
"The U.S. has had a lot of good numbers coming out," said Nick Sargen, chief investment officer at Fort Washington Investment Advisors in Cincinnati, according to Bloomberg.
"As I look through all the indicators, there was an improvement on a global basis as well, that's the encouraging development."
German unemployment rates fared better than expected as well.
Hong Kong's leading gainers included Sino Land, up 1.85%, Wharf Holdings, up 1.62%, and CNOOC, up 1.41%.
Hong Kong's leading loser was Swire Pacific, down 15.81%.
In Australia, the top gainers included FKP Property Group, up 7.22%, GWA Group, up 6.88%, and Intrepid Mines, up 6.73%.
European stock futures indicated losses ahead as traders sold for profits.
France's CAC 40 futures pointed to a loss of 0.15%, while Germany ’s DAX 30 futures signaled a loss of 0.12%. Meanwhile, in the U.K., the FTSE 100 futures indicated a decline of 0.14%.
Dow Jones Industrial Average futures were down 0.08% while the broader S&P 500 futures were down 0.03%.
Japan was set to release the latest changes in its monetary base later Wednesday, while Australia was to publish its latest trade balance figures.
On Friday, the U.S. Bureau of Labor Statistics will release its latest jobs report, and surprises in unemployment figures for the world's largest economy will reverberate in global markets everywhere.
During early Asian trading Wednesday, Hong Kong's Hang Seng Index was down 0.28%, Australia's S&P/ASX200 was up 2.07%, while Japan’s Nikkei 225 Index was up 1.04%.
In the U.S., the Institute of Supply Management's manufacturing index rose to 53.9 in December from 52.7 in November.
A reading of 50 or more signals economic growth, and economists participating in a Bloomberg survey estimated a median figure of 53.5.
When considering that manufacturing data out of China came in stronger than expected as well, investors raced to equities everywhere.
"The U.S. has had a lot of good numbers coming out," said Nick Sargen, chief investment officer at Fort Washington Investment Advisors in Cincinnati, according to Bloomberg.
"As I look through all the indicators, there was an improvement on a global basis as well, that's the encouraging development."
German unemployment rates fared better than expected as well.
Hong Kong's leading gainers included Sino Land, up 1.85%, Wharf Holdings, up 1.62%, and CNOOC, up 1.41%.
Hong Kong's leading loser was Swire Pacific, down 15.81%.
In Australia, the top gainers included FKP Property Group, up 7.22%, GWA Group, up 6.88%, and Intrepid Mines, up 6.73%.
European stock futures indicated losses ahead as traders sold for profits.
France's CAC 40 futures pointed to a loss of 0.15%, while Germany ’s DAX 30 futures signaled a loss of 0.12%. Meanwhile, in the U.K., the FTSE 100 futures indicated a decline of 0.14%.
Dow Jones Industrial Average futures were down 0.08% while the broader S&P 500 futures were down 0.03%.
Japan was set to release the latest changes in its monetary base later Wednesday, while Australia was to publish its latest trade balance figures.
On Friday, the U.S. Bureau of Labor Statistics will release its latest jobs report, and surprises in unemployment figures for the world's largest economy will reverberate in global markets everywhere.