Investing.com - Asian stocks traded higher on Thursday after better-than-expected housing data hit the wire in the U.S.
Solid demand for durable goods in the U.S. sparked the risk-on trading session in Asia as well, though fears an upcoming European Union summit will fail to produce policies that will contain and extinguish the European debt crisis tempered the rally somewhat.
During Asian trading on Thursday, Hong Kong's Hang Seng Index was up 0.13%, Australia's S&P/ASX200 was up 0.20%, while Japan’s Nikkei 225 Index was up 0.95%.
The U.S. housing sector helped throw the U.S. into its worst downturn since the Great Depression and continues to drag on its recovery.
Fresh data, however, bolstered hopes that the sector is recovering or at worst, bumping along a bottom.
The National Association of Realtors reported that pending home sales jumped 5.9% in May, far above market calls for a 1% increase and matching a two-year high hit in March.
Earlier this week in the U.S., the Standard & Poor’s/Case-Shiller home price index fell at an annualized rate of 1.9% in April, better than expectations for a 2.5% drop.
Also in the U.S. orders for durable goods rose by a seasonally adjusted 1.1% in May, outpacing expectations for a 0.4% gain.
However, core durable goods orders, which are stripped of transportation items, rose by a seasonally adjusted 0.4% in May, below market forecasts for a 0.7% gain.
Meanwhile in Japan, retail sales rose 3.6% in May, well above expectations for a gain of 3.0%.
A European Union summit opens on Thursday, where the continent's leaders will work to hammer out a plan to tackle the debt crisis.
Past gatherings, however, have often ended up producing symbolic gestures to deal with the crisis as opposed to more concrete policy tools and game plans, and worries that this week's summit will produce watered-down agreements and a photo-op capped gains in Asian equities markets.
In Hong Kong, top gainers included COSCO Pacific, up 2.13%, CNOOC, up 1.71%, and Hengan INTL, up 1.14%.
In Australia, top gainers included art Energy, up 10.34%, Mcmahon Holdings, up 5.77%, and Intrepid Mines, up 4.88%.
European stock futures indicated a mixed opening.
France's CAC 40 futures pointed to a gain of 0.08%, while Germany's DAX 30 futures signaled a loss of 0.03%. Meanwhile, in the U.K., the FTSE 100 futures indicated a gain of 0.05%.
Dow Jones Industrial Average futures were down 0.02% while the S&P 500 futures were flat.
Markets will move on comments out of the European Union summit on Thursday and on Friday.
Solid demand for durable goods in the U.S. sparked the risk-on trading session in Asia as well, though fears an upcoming European Union summit will fail to produce policies that will contain and extinguish the European debt crisis tempered the rally somewhat.
During Asian trading on Thursday, Hong Kong's Hang Seng Index was up 0.13%, Australia's S&P/ASX200 was up 0.20%, while Japan’s Nikkei 225 Index was up 0.95%.
The U.S. housing sector helped throw the U.S. into its worst downturn since the Great Depression and continues to drag on its recovery.
Fresh data, however, bolstered hopes that the sector is recovering or at worst, bumping along a bottom.
The National Association of Realtors reported that pending home sales jumped 5.9% in May, far above market calls for a 1% increase and matching a two-year high hit in March.
Earlier this week in the U.S., the Standard & Poor’s/Case-Shiller home price index fell at an annualized rate of 1.9% in April, better than expectations for a 2.5% drop.
Also in the U.S. orders for durable goods rose by a seasonally adjusted 1.1% in May, outpacing expectations for a 0.4% gain.
However, core durable goods orders, which are stripped of transportation items, rose by a seasonally adjusted 0.4% in May, below market forecasts for a 0.7% gain.
Meanwhile in Japan, retail sales rose 3.6% in May, well above expectations for a gain of 3.0%.
A European Union summit opens on Thursday, where the continent's leaders will work to hammer out a plan to tackle the debt crisis.
Past gatherings, however, have often ended up producing symbolic gestures to deal with the crisis as opposed to more concrete policy tools and game plans, and worries that this week's summit will produce watered-down agreements and a photo-op capped gains in Asian equities markets.
In Hong Kong, top gainers included COSCO Pacific, up 2.13%, CNOOC, up 1.71%, and Hengan INTL, up 1.14%.
In Australia, top gainers included art Energy, up 10.34%, Mcmahon Holdings, up 5.77%, and Intrepid Mines, up 4.88%.
European stock futures indicated a mixed opening.
France's CAC 40 futures pointed to a gain of 0.08%, while Germany's DAX 30 futures signaled a loss of 0.03%. Meanwhile, in the U.K., the FTSE 100 futures indicated a gain of 0.05%.
Dow Jones Industrial Average futures were down 0.02% while the S&P 500 futures were flat.
Markets will move on comments out of the European Union summit on Thursday and on Friday.