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Asian stocks rise amid bargain-hunting; Nikkei up 1.23%

Published 05/27/2010, 03:57 AM
UK100
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Investing.com – Asian stocks rose on Thursday, amid bargain-hunting in the wake of recent sharp losses and ahead of key U.S. data on employment and economic growth.

Hong Kong's Hang Seng Index was up 1.53%; South Korea's Kospi Composite rose 1.6%; Japan’s Nikkei 225 Index climbed 1.23%; and Australia's S&P/ASX 200 Index advanced 1.67%.

The Shanghai Composite Index gained 1.1% after a Chinese official was quoted as saying China is still committed to its goal of diversifying its foreign exchange reserves, assuaging fears over the euro zone debt crisis.

Reuters quoted the Chinese official as saying the direction of China's forex diversification "will not change," in response to a question about a report that the State Administration of Foreign Exchange (SAFE) was worried over its exposure to Europe's debt problems.

Miners were among the top performers, with BHP Billiton Ltd. gaining 3.25% and Rio Tinto Group advancing 3.97% in Sydney.

The outlook for European markets, meanwhile, was rosy: France’s CAC 40 futures indicated a rise of 0.63%; Germany's DAX futures pointed to a gain of 0.67%; EURO STOXX 50 futures indicated an increase of 0.99%; and Britain's FTSE 100 futures pointed to a gain of 0.42%.

Also Wednesday, official data showed that New Zealand’s trade surplus widened in April as imports of crude oil and machinery declined.

Later in the day, the U.S. was due to release data on initial jobless claims, a key indicator of overall economic health. The country was also scheduled to publish a report on its gross domestic product, the broadest measure of economic activity.

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