Investing.com - Asian stocks rose on Wednesday on growing expectations that the European Central Bank and the U.S. Federal Reserve will announce monetary stimulus measures to boost their respective recoveries.
During Asian trading on Wednesday, Hong Kong's Hang Seng Index was up 0.24%, Australia's S&P/ASX200 was up 0.70%, while Japan’s Nikkei 225 Index was up 1.69%.
Sluggish recoveries in the U.S. and Europe will likely prompt action from central banks there.
Building expectations that the European Central Bank will buy debt from distressed countries like Spain and Greece sparked a risk-on trading session that fueled strong demand for stocks.
Similar expectations that the Federal Reserve will stimulate the U.S. economy via buying Treasury bonds and mortgage-backed securities from banks added to the buying spree in Asian equities markets as well.
Fed bond purchases, known as quantitative easing, weaken the dollar and keep interest rates low to boost recovery, a combination that makes stocks an attractive investment.
In Hong Kong, top gainers include PetroChina, up 1.97%, China Shenhua, up 1.94%, and China Resources, up 1.89%.
In Australia, top gainers included Beadell Resources, up 8.70%, Bathhurst Resources, up 8.47%, and art Energy, up 7.14%.
European stock futures indicated a mixed opening.
France's CAC 40 futures pointed to a loss of 0.17%, while Germany's DAX 30 futures were unchanged. Meanwhile, in the U.K., the FTSE 100 futures indicated a loss of 0.14%.
Dow Jones Industrial Average futures were down 0.10% while the S&P 500 futures were down 0.10% as well.
Later Wednesday, Japan will release official data on the current account, while the U.S. will release government data on labor costs and productivity levels, leading indicators of consumer inflation.
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