Investing.com - Asian stock markets were broadly higher on Thursday, amid renewed hopes of continued stimulus from the Federal Reserve.
The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of global equities.
During late Asian trade, Hong Kong's Hang Seng Index rose 0.9%, Australia’s ASX/200 Index ended 0.68% higher, while Japan’s Nikkei 225 Index closed up 2.12%.
Expectations that the Fed would keep its stimulus in place for longer mounted following dovish comments from Federal Reserve Chairman nominee Janet Yellen.
In a statement released late Wednesday, Yellen said the job market and economy are "performing far short of their potential" and there is "more work to do" on recovery.
In Tokyo, the Nikkei rallied to the highest level since July 18 as the yen weakened against the U.S. dollar, boosting sentiment.
USD/JPY rose to hit a session high of 99.75, moving off the previous day’s low of 99.09. A weaker yen increases the value of overseas income at Japanese companies when repatriated, boosting the outlook for export earnings.
Mitsubishi UFJ Financial Group and Mizuho Financial Group advanced 1.6% and 1% respectively as investors positioned themselves in the stocks ahead of the lenders’ earnings reports, both due after the closing bell.
Index heavyweights Fast Retailing and Softbank saw shares climb 5.2% and 1.2% respectively.
Preliminary data released earlier showed that Japan’s economy grew by 0.5% in the third quarter, beating expectations for growth of 0.4%.
On an annualized basis, the country’s gross domestic product rose 1.9% in the June-to-September quarter, above forecasts for an increase of 1.7%.
Meanwhile, in Hong Kong, the Hang Seng came off the previous session’s ten-week low, but gains were limited as traders remained disappointed with the lack of concrete details on policy reforms announced at China's Third Plenum meeting, which concluded on Tuesday.
Tencent Holdings rallied 4.6% after the online giant posted a 20% year-on-year profit growth in the third quarter amid strong gaming revenue.
Elsewhere, In Australia, the ASX/200 Index bounced off the previous day’s one-month low thanks to strong gains in the banking sector.
ANZ Banking Group and Westpac Banking Group rose 1.3% and 1.2% respectively, while Commonwealth Banking Group added 1.2%.
Home builder James Hardie surged 15% after announcing first-half profits more than doubled.
Looking ahead, European stock market futures pointed to a higher open.
The EURO STOXX 50 futures pointed to a gain of 0.9% at the open, France’s CAC 40 futures rose 0.8%, London’s FTSE 100 futures indicated a gain of 0.7%, while Germany's DAX futures pointed to a rise of 0.8% at the open.
Preliminary data showed that the French economy contracted by 0.1% in the three months to September, slowing from the 0.5% growth recorded in the second quarter. Economists had forecast growth of 0.1%.
Germany's economy grew by 0.3% in the third quarter, slowing from the 0.7% growth achieved in the second quarter. On a year-over-year basis, Germany’s economy grew 1.1%, beating forecasts for annual growth of 0.7%.
The wider euro zone was to release preliminary data on growth rates later in the trading day.
Meanwhile in the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.2% gain, S&P 500 futures signaled a 0.3% rise, while the Nasdaq 100 futures indicated a flat open.
The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of global equities.
During late Asian trade, Hong Kong's Hang Seng Index rose 0.9%, Australia’s ASX/200 Index ended 0.68% higher, while Japan’s Nikkei 225 Index closed up 2.12%.
Expectations that the Fed would keep its stimulus in place for longer mounted following dovish comments from Federal Reserve Chairman nominee Janet Yellen.
In a statement released late Wednesday, Yellen said the job market and economy are "performing far short of their potential" and there is "more work to do" on recovery.
In Tokyo, the Nikkei rallied to the highest level since July 18 as the yen weakened against the U.S. dollar, boosting sentiment.
USD/JPY rose to hit a session high of 99.75, moving off the previous day’s low of 99.09. A weaker yen increases the value of overseas income at Japanese companies when repatriated, boosting the outlook for export earnings.
Mitsubishi UFJ Financial Group and Mizuho Financial Group advanced 1.6% and 1% respectively as investors positioned themselves in the stocks ahead of the lenders’ earnings reports, both due after the closing bell.
Index heavyweights Fast Retailing and Softbank saw shares climb 5.2% and 1.2% respectively.
Preliminary data released earlier showed that Japan’s economy grew by 0.5% in the third quarter, beating expectations for growth of 0.4%.
On an annualized basis, the country’s gross domestic product rose 1.9% in the June-to-September quarter, above forecasts for an increase of 1.7%.
Meanwhile, in Hong Kong, the Hang Seng came off the previous session’s ten-week low, but gains were limited as traders remained disappointed with the lack of concrete details on policy reforms announced at China's Third Plenum meeting, which concluded on Tuesday.
Tencent Holdings rallied 4.6% after the online giant posted a 20% year-on-year profit growth in the third quarter amid strong gaming revenue.
Elsewhere, In Australia, the ASX/200 Index bounced off the previous day’s one-month low thanks to strong gains in the banking sector.
ANZ Banking Group and Westpac Banking Group rose 1.3% and 1.2% respectively, while Commonwealth Banking Group added 1.2%.
Home builder James Hardie surged 15% after announcing first-half profits more than doubled.
Looking ahead, European stock market futures pointed to a higher open.
The EURO STOXX 50 futures pointed to a gain of 0.9% at the open, France’s CAC 40 futures rose 0.8%, London’s FTSE 100 futures indicated a gain of 0.7%, while Germany's DAX futures pointed to a rise of 0.8% at the open.
Preliminary data showed that the French economy contracted by 0.1% in the three months to September, slowing from the 0.5% growth recorded in the second quarter. Economists had forecast growth of 0.1%.
Germany's economy grew by 0.3% in the third quarter, slowing from the 0.7% growth achieved in the second quarter. On a year-over-year basis, Germany’s economy grew 1.1%, beating forecasts for annual growth of 0.7%.
The wider euro zone was to release preliminary data on growth rates later in the trading day.
Meanwhile in the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.2% gain, S&P 500 futures signaled a 0.3% rise, while the Nasdaq 100 futures indicated a flat open.