Investing.com - Asian stock markets rose during late Asian trade on Friday, after German Chancellor Angela Merkel voiced support for the European Central Bank's efforts to contain the debt crisis in the euro zone, boosting demand for riskier assets.
During late Asian trade, Hong Kong's Hang Seng Index advanced 0.52%, Australia’s ASX/200 Index rallied 0.92%, Japan’s Nikkei 225 Index climbed 0.76%.
Market sentiment strengthened after German Chancellor Merkel said ECB President Mario Draghi's declarations last month to do whatever it takes to save the euro and raising the prospect of buying the bonds of debt-ridden countries, such as Spain and Italy, were "completely in line" with the approach taken by European leaders.
She also called for Europe's swift fiscal policy integration, saying time was running short.
Stocks also found support after data showed on Thursday that U.S. building permits issued in July rose 6.8% to 0.812 million, compared to expectations for an increase of 1.2% to 0.770 million.
Investors remained cautious however, after official data showed that manufacturing activity in the Philadelphia-region remained in contraction territory for the fourth straight month in August and the Department of Labor said unemployment claims in the U.S. last week rose to a four-week high.
In Tokyo, the Nikkei advanced, boosted by strong gains in tech stocks, as risk sentiment strengthened.
Sharp rallied 3.43% amid reports the company may sell its copier and air-conditioner business, as shrinking piles of cash prompt the company to consider restructuring its non-core assets. Rival company Sony climbed 1.94%.
Separately, Honda Motor surged 2.52% and Nissan saw shares jump 1.79%, while industrial robot maker Fanuc also added to gains, with shares soaring 2.36%.
Meanwhile, shares in Hong Kong gained ground following Merkel's comments, led by Internet giant Tencent, up 2.04%, as investors continued to reward the encouraging interim results it posted earlier this week.
On the downside, China Mobile plunged 3.51%, following a 5% drop on Thursday, after saying its first-half net profit rose only 1.5%, due to rising costs and intense competition.
Elsewhere, shares in Australia were boosted by gains in energy and financial stocks.
Art Energy led gains, with shares skyrocketing 22.22%, while coal producer Bathurst Resources soared 10.26%. Mining giants Rio Tinto and BHP Billiton also added to gains with shares advancing 0.89% and 0.21%.
In the financial sector, ANZ Banking Group surged 2.76% after it posted a 9% rise in its third-quarter profits, and Westpac Banking rallied 1.33%, while National Australia Bank and Commonwealth Bank Australia climbed 0.82% and 0.54% respectively.
Looking ahead, European stock futures pointed to a higher open.
The EURO STOXX 50 futures pointed to a 0.16% rise, France’s CAC 40 futures added 0.09%, London’s FTSE 100 futures inched up 0.06%, while Germany's DAX futures pointed to a 0.19% gain.
Later in the day, the ECB was to release data on the current account, while Germany was to publish official data on producer price inflation.
The U.S. was to release a preliminary report by the University of Michigan on consumer sentiment and inflation expectations.
During late Asian trade, Hong Kong's Hang Seng Index advanced 0.52%, Australia’s ASX/200 Index rallied 0.92%, Japan’s Nikkei 225 Index climbed 0.76%.
Market sentiment strengthened after German Chancellor Merkel said ECB President Mario Draghi's declarations last month to do whatever it takes to save the euro and raising the prospect of buying the bonds of debt-ridden countries, such as Spain and Italy, were "completely in line" with the approach taken by European leaders.
She also called for Europe's swift fiscal policy integration, saying time was running short.
Stocks also found support after data showed on Thursday that U.S. building permits issued in July rose 6.8% to 0.812 million, compared to expectations for an increase of 1.2% to 0.770 million.
Investors remained cautious however, after official data showed that manufacturing activity in the Philadelphia-region remained in contraction territory for the fourth straight month in August and the Department of Labor said unemployment claims in the U.S. last week rose to a four-week high.
In Tokyo, the Nikkei advanced, boosted by strong gains in tech stocks, as risk sentiment strengthened.
Sharp rallied 3.43% amid reports the company may sell its copier and air-conditioner business, as shrinking piles of cash prompt the company to consider restructuring its non-core assets. Rival company Sony climbed 1.94%.
Separately, Honda Motor surged 2.52% and Nissan saw shares jump 1.79%, while industrial robot maker Fanuc also added to gains, with shares soaring 2.36%.
Meanwhile, shares in Hong Kong gained ground following Merkel's comments, led by Internet giant Tencent, up 2.04%, as investors continued to reward the encouraging interim results it posted earlier this week.
On the downside, China Mobile plunged 3.51%, following a 5% drop on Thursday, after saying its first-half net profit rose only 1.5%, due to rising costs and intense competition.
Elsewhere, shares in Australia were boosted by gains in energy and financial stocks.
Art Energy led gains, with shares skyrocketing 22.22%, while coal producer Bathurst Resources soared 10.26%. Mining giants Rio Tinto and BHP Billiton also added to gains with shares advancing 0.89% and 0.21%.
In the financial sector, ANZ Banking Group surged 2.76% after it posted a 9% rise in its third-quarter profits, and Westpac Banking rallied 1.33%, while National Australia Bank and Commonwealth Bank Australia climbed 0.82% and 0.54% respectively.
Looking ahead, European stock futures pointed to a higher open.
The EURO STOXX 50 futures pointed to a 0.16% rise, France’s CAC 40 futures added 0.09%, London’s FTSE 100 futures inched up 0.06%, while Germany's DAX futures pointed to a 0.19% gain.
Later in the day, the ECB was to release data on the current account, while Germany was to publish official data on producer price inflation.
The U.S. was to release a preliminary report by the University of Michigan on consumer sentiment and inflation expectations.