Investing.com - Asian stock markets were broadly higher during late Asian trade on Wednesday, with shares in Japan and Australia touching four-year highs amid indications the global economic recovery was gathering pace.
During late Asian trade, Hong Kong's Hang Seng Index rose 0.5%, Australia’s ASX/200 Index settled 0.35% higher, while Japan’s Nikkei 225 Index ended up 0.8%.
Shares in Asia were inspired by strong overnight gains on Wall Street, where the S&P 500 index closed at a five-year. European equities also rallied, following a report which showed that the ZEW index of German economic sentiment hit a 34-month high in February.
In Tokyo, the Nikkei rose to the highest level since September 2008 after data showed that Japanese exports grew faster-than-expected in January, with shipments to China swinging back to growth, although the country’s trade deficit hit a record.
In company news, Toyota saw shares climb 1.7% after the Nikkei newspaper reported that the automaker planned to raise its domestic production by more than originally planned.
Investor attention remained on the upcoming announcement of the next governor of the Bank of Japan after current chief Masaaki Shirakawa said earlier this month that he plans to step down on March 19, three weeks earlier than expected.
The Nikkei has rallied nearly 31% since mid-November, as expectations for more aggressive monetary stimulus from the BoJ under new Prime Minister Shinzo Abe underpinned sentiment.
Japanese exporters have been amongst the most notable gainers in recent weeks, as ongoing weakness in the yen boosted the outlook for export earnings.
Meanwhile, in Australia, the benchmark ASX/200 Index inched up to close at a fresh four-and-a-half year high as strong earnings reports continued to boost sentiment.
Oil driller Woodside Petroleum saw shares climb 3.1% after the company reported its annual net profit nearly doubled to AUD2.06 billion. The company also hiked its final dividend payout.
On the downside, global miner BHP Billiton saw shares slip 0.9% after posting a 43% drop in first-half net profit excluding special items to AUD5.68 billion. The company also announced that Chief Executive Officer Marius Kloppers will retire. Non-ferrous chief Andrew McKenzie will be appointed to the role.
Fortescue Metals Group saw shares tumble 5% after the iron ore maker reported a 40% drop in first-half net profit to AUD478 million and advised that it won’t pay an interim dividend.
Elsewhere, in Hong Kong, the Hang Seng edged higher amid indications the global economy was improving.
Shares which are sensitive to the global growth outlook were stronger, with China Cosco Holdings up 1%, China Shipping Container Lines, the nation’s second-largest carrier of sea-cargo boxes, advanced 1.7%, while ports operator China Merchants Holdings rose 1.6%.
Hong Kong’s blue-chip exporters also contributed to gains, with Li & Fung rising 1.35%, while footwear major Belle International Holdings tacked on 2%.
Looking ahead, European stock market futures pointed to a steady open, as investors remained wary ahead of the upcoming Italian general elections next week, amid concerns that a hung parliament could hamper ongoing efforts at economic reforms.
The EURO STOXX 50 futures pointed to a flat open, France’s CAC 40 futures were little changed, London’s FTSE 100 futures eased up 0.1%, while Germany's DAX futures pointed to a flat open.
The Federal Reserve was to release the minutes of its most recent policy meeting later in the trading day, while the U.S. was also to release official data on building permits and housing starts.
During late Asian trade, Hong Kong's Hang Seng Index rose 0.5%, Australia’s ASX/200 Index settled 0.35% higher, while Japan’s Nikkei 225 Index ended up 0.8%.
Shares in Asia were inspired by strong overnight gains on Wall Street, where the S&P 500 index closed at a five-year. European equities also rallied, following a report which showed that the ZEW index of German economic sentiment hit a 34-month high in February.
In Tokyo, the Nikkei rose to the highest level since September 2008 after data showed that Japanese exports grew faster-than-expected in January, with shipments to China swinging back to growth, although the country’s trade deficit hit a record.
In company news, Toyota saw shares climb 1.7% after the Nikkei newspaper reported that the automaker planned to raise its domestic production by more than originally planned.
Investor attention remained on the upcoming announcement of the next governor of the Bank of Japan after current chief Masaaki Shirakawa said earlier this month that he plans to step down on March 19, three weeks earlier than expected.
The Nikkei has rallied nearly 31% since mid-November, as expectations for more aggressive monetary stimulus from the BoJ under new Prime Minister Shinzo Abe underpinned sentiment.
Japanese exporters have been amongst the most notable gainers in recent weeks, as ongoing weakness in the yen boosted the outlook for export earnings.
Meanwhile, in Australia, the benchmark ASX/200 Index inched up to close at a fresh four-and-a-half year high as strong earnings reports continued to boost sentiment.
Oil driller Woodside Petroleum saw shares climb 3.1% after the company reported its annual net profit nearly doubled to AUD2.06 billion. The company also hiked its final dividend payout.
On the downside, global miner BHP Billiton saw shares slip 0.9% after posting a 43% drop in first-half net profit excluding special items to AUD5.68 billion. The company also announced that Chief Executive Officer Marius Kloppers will retire. Non-ferrous chief Andrew McKenzie will be appointed to the role.
Fortescue Metals Group saw shares tumble 5% after the iron ore maker reported a 40% drop in first-half net profit to AUD478 million and advised that it won’t pay an interim dividend.
Elsewhere, in Hong Kong, the Hang Seng edged higher amid indications the global economy was improving.
Shares which are sensitive to the global growth outlook were stronger, with China Cosco Holdings up 1%, China Shipping Container Lines, the nation’s second-largest carrier of sea-cargo boxes, advanced 1.7%, while ports operator China Merchants Holdings rose 1.6%.
Hong Kong’s blue-chip exporters also contributed to gains, with Li & Fung rising 1.35%, while footwear major Belle International Holdings tacked on 2%.
Looking ahead, European stock market futures pointed to a steady open, as investors remained wary ahead of the upcoming Italian general elections next week, amid concerns that a hung parliament could hamper ongoing efforts at economic reforms.
The EURO STOXX 50 futures pointed to a flat open, France’s CAC 40 futures were little changed, London’s FTSE 100 futures eased up 0.1%, while Germany's DAX futures pointed to a flat open.
The Federal Reserve was to release the minutes of its most recent policy meeting later in the trading day, while the U.S. was also to release official data on building permits and housing starts.