Investing.com - Asian stocks rose on Wednesday after U.S. industrial production beat expectations.
Talk Spain may be closer to requesting a bailout and ease the debt crisis sent equities climbing as well.
During Asian trading on Wednesday, Hong Kong's Hang Seng Index was up 0.85%, Australia's S&P/ASX200 was up 0.73%, while Japan’s Nikkei 225 Index was up 1.25%.
In the U.S. earlier, the Federal Reserve reported that industrial production grew 0.4% in September from August, beating out expectations for a gain of 0.2%.
Industrial production for August was revised down to a 1.4% contraction from a previously reported decline of 1.2%.
The news boosted spirits in Asian equities markets, fueling hopes for the region's exporters.
Optimism for a Spanish bailout sparked demand for stocks as well.
Reports that two senior German lawmakers indicated that they would support a Spanish application for a ‘precautionary credit line’ from the European Stability Mechanism, the eurozone's permanent bailout fund, sent Asian stocks gaining amid a risk-on session.
Spain has yet to request a bailout from its neighbors, which has strengthened the dollar in recent sessions, though the government is reportedly mulling requesting a credit line from the ESM, which would allow the European Central Bank to buy Spanish sovereign debt and lower borrowing costs.
Elsewhere, Moody's Investors Service confirmed Spain's Baa3 government bond rating as well as the country's short-term rating at (P)Prime-3, which sparked more demand for equities as did inflation data out of the U.S.
The U.S. Labor Department reported earlier that its month-on-month consumer price index rose by 0.6% in September, above expectations for a 0.5% gain basically due to higher gasoline prices.
Consumer prices rose at an annualized rate of 2.0% last month, compared to expectations for a 1.9% increase and up from 1.7% in August.
Core inflation rates, stripped of volatile food and energy prices, revealed the prices remain stable in the U.S.
Core inflation rates rose 2.0% on year, in line with expectations and up from 1.9% in August.
Month-on-month core inflation rates dropped 0.1% in September.
Hong Kong, top gainers included COSCO Pacific, up 3.36%, China Merchant Holdings, up 2.44%, and China Shenhua, up 2.00%.
In Australia, top gainers included NRW Holdings, up 6.81%, Coalspur Mines, up 6.43% as well, and Panoramic Resources, up 6.14%.
European stock futures indicated a higher opening.
France's CAC 40 futures pointed to a gain of 0.14%, while Germany's DAX 30 futures pointed to a gain of 0.13% as well. Meanwhile in the U.K., FTSE 100 futures were up 0.17%.
Dow Jones Industrial Average futures were up 0.04%, while the S&P 500 futures were up 0.06%.
Later Wednesday, the U.S. will publish government data on building permits as well as data on housing starts.
The U.S. is also to produce official data on crude oil stockpiles.
Talk Spain may be closer to requesting a bailout and ease the debt crisis sent equities climbing as well.
During Asian trading on Wednesday, Hong Kong's Hang Seng Index was up 0.85%, Australia's S&P/ASX200 was up 0.73%, while Japan’s Nikkei 225 Index was up 1.25%.
In the U.S. earlier, the Federal Reserve reported that industrial production grew 0.4% in September from August, beating out expectations for a gain of 0.2%.
Industrial production for August was revised down to a 1.4% contraction from a previously reported decline of 1.2%.
The news boosted spirits in Asian equities markets, fueling hopes for the region's exporters.
Optimism for a Spanish bailout sparked demand for stocks as well.
Reports that two senior German lawmakers indicated that they would support a Spanish application for a ‘precautionary credit line’ from the European Stability Mechanism, the eurozone's permanent bailout fund, sent Asian stocks gaining amid a risk-on session.
Spain has yet to request a bailout from its neighbors, which has strengthened the dollar in recent sessions, though the government is reportedly mulling requesting a credit line from the ESM, which would allow the European Central Bank to buy Spanish sovereign debt and lower borrowing costs.
Elsewhere, Moody's Investors Service confirmed Spain's Baa3 government bond rating as well as the country's short-term rating at (P)Prime-3, which sparked more demand for equities as did inflation data out of the U.S.
The U.S. Labor Department reported earlier that its month-on-month consumer price index rose by 0.6% in September, above expectations for a 0.5% gain basically due to higher gasoline prices.
Consumer prices rose at an annualized rate of 2.0% last month, compared to expectations for a 1.9% increase and up from 1.7% in August.
Core inflation rates, stripped of volatile food and energy prices, revealed the prices remain stable in the U.S.
Core inflation rates rose 2.0% on year, in line with expectations and up from 1.9% in August.
Month-on-month core inflation rates dropped 0.1% in September.
Hong Kong, top gainers included COSCO Pacific, up 3.36%, China Merchant Holdings, up 2.44%, and China Shenhua, up 2.00%.
In Australia, top gainers included NRW Holdings, up 6.81%, Coalspur Mines, up 6.43% as well, and Panoramic Resources, up 6.14%.
European stock futures indicated a higher opening.
France's CAC 40 futures pointed to a gain of 0.14%, while Germany's DAX 30 futures pointed to a gain of 0.13% as well. Meanwhile in the U.K., FTSE 100 futures were up 0.17%.
Dow Jones Industrial Average futures were up 0.04%, while the S&P 500 futures were up 0.06%.
Later Wednesday, the U.S. will publish government data on building permits as well as data on housing starts.
The U.S. is also to produce official data on crude oil stockpiles.