Investing.com - Asian stock markets advanced Wednesday grabbing firmly to the coattails of a rally in U.S. and European markets fueled by German optimism, strong U.S. housing data and refreshingly heavier than expected turnout at a Spanish government bond auction.
During morning Asian trading, Hong Kong's Hang Seng Index was up 1.77%, Australia's S&P/ASX200 was up 2.11%, while Japan’s Nikkei 225 Index was up 1.44%.
Earlier in the day, the U.S. government reported housing starts grew 9.3% in November, far outpacing expectations and fueling hope that recovery in the world's largest economy was gaining ground.
In Germany, the Ifo Business Climate Index came in at 107.2 for December from 106.6 in November, which brought out the bulls in Europe's largest economy.
Markets really enjoyed a surprise in Spain when the government sold EUR5.6 billion at auction, beating a target of EUR4.5 billion, thus fueling hopes that previous European Central Bank moves will lead to lower borrowing costs.
While European Central Bank officials say they cannot step in and buy government bonds directly to alleviate the debt crisis since doing so would threaten inflation, they have made financing for banks more available via short-term loans.
Money from those loans is finding its way back to government debt and is lowering yields, much to the relief of markets everywhere.
Hong Kong's leading gainers included China Overseas, up 3.97%, China Shenhua, up 3.44%, and CHALCO, up 3.35%.
In Australia, the top gainers included Beadell Resources, up 11.29%, Kingsgate Consolidated, up 8.79%, and St Barbara Limited, up 8.72%.
European stock futures indicated gains would continue.
France ’s CAC 40 futures pointed to a gain of 0.16%, while Germany ’s DAX 30 futures signaled an increase of 0.12%. Meanwhile, in the U.K., the FTSE 100 futures indicated a 0.06% rise.
Dow Jones Industrial Average futures were up 0.03% while the broader S&P 500 futures were up 0.01%.
Later on Wednesday, Bank of Japan officials were tentatively set to speak on the health of the Japanese economy while the Bank of England will release the minutes of its most recent monetary policy meeting.
Canada will report on core retail sales figures while the U.S. National Association of Realtors will release existing home sales data.
New Zealand, meanwhile, will report on its latest gross domestic product figures.
During morning Asian trading, Hong Kong's Hang Seng Index was up 1.77%, Australia's S&P/ASX200 was up 2.11%, while Japan’s Nikkei 225 Index was up 1.44%.
Earlier in the day, the U.S. government reported housing starts grew 9.3% in November, far outpacing expectations and fueling hope that recovery in the world's largest economy was gaining ground.
In Germany, the Ifo Business Climate Index came in at 107.2 for December from 106.6 in November, which brought out the bulls in Europe's largest economy.
Markets really enjoyed a surprise in Spain when the government sold EUR5.6 billion at auction, beating a target of EUR4.5 billion, thus fueling hopes that previous European Central Bank moves will lead to lower borrowing costs.
While European Central Bank officials say they cannot step in and buy government bonds directly to alleviate the debt crisis since doing so would threaten inflation, they have made financing for banks more available via short-term loans.
Money from those loans is finding its way back to government debt and is lowering yields, much to the relief of markets everywhere.
Hong Kong's leading gainers included China Overseas, up 3.97%, China Shenhua, up 3.44%, and CHALCO, up 3.35%.
In Australia, the top gainers included Beadell Resources, up 11.29%, Kingsgate Consolidated, up 8.79%, and St Barbara Limited, up 8.72%.
European stock futures indicated gains would continue.
France ’s CAC 40 futures pointed to a gain of 0.16%, while Germany ’s DAX 30 futures signaled an increase of 0.12%. Meanwhile, in the U.K., the FTSE 100 futures indicated a 0.06% rise.
Dow Jones Industrial Average futures were up 0.03% while the broader S&P 500 futures were up 0.01%.
Later on Wednesday, Bank of Japan officials were tentatively set to speak on the health of the Japanese economy while the Bank of England will release the minutes of its most recent monetary policy meeting.
Canada will report on core retail sales figures while the U.S. National Association of Realtors will release existing home sales data.
New Zealand, meanwhile, will report on its latest gross domestic product figures.