Investing.com - Asian stocks rose on Wednesday, buoyed by better-than-expected service-sector data out of the U.S., while commitments from Group of Seven policymakers to find ways to firewall and extinguish the European debt crisis sent shares climbing as well.
During Asian trading on Wednesday, Hong Kong's Hang Seng Index was up 0.99%, Australia's S&P/ASX200 was up 0.24%, while Japan’s Nikkei 225 Index was up 1.08%.
In the U.S., the Institute of Supply Management reported that its non-manufacturing purchasing managers' index rose to 53.7 last month from 53.5 in April.
Analysts were expecting the index to remain unchanged.
The news sent Asian shares rising on the notion the U.S. economy isn't slowing down as much as previously feared.
Meanwhile, a Group of Seven conference call involving policymakers addressing how to firewall the European debt crisis produced no major announcements, though the Japanese Finance Minister Jun Azumi did tell reporters afterwards the call did not involve discussing ways to handle a Greek exit from the eurozone, which boosted stock prices via relief buying.
World leaders did pledge to cooperate to find a solution, which was further bullish for Asian stocks.
In Hong Kong, top gainers included Henderson Land, up 3.57%, Wharf Holdings, up 2.96%, and Ping An, up 2.74%.
In Australia, top gainers included Ramelius Resources, up 13.51%, Intrepid Mines Limited, up 9.09%, and Grypon Minerals, also up 9.09%.
European stock futures indicated a higher opening.
France's CAC 40 futures pointed to a gain of 0.43%, while Germany's DAX 30 futures signaled a gain of 0.46%. Meanwhile, in the U.K., the FTSE 100 futures indicated a gain of 0.47%.
Dow Jones Industrial Average futures were up 0.34% while the S&P 500 futures were up 0.42%.
Later Wednesday, the European Central Bank will announce its decision on where benchmark interest rates will stand followed by a press conference with ECB head Mario Draghi.
Germany will release data on industrial production, a leading indicator of economic health.
Also Wednesday, the U.S. will publish revised data on nonfarm productivity followed by data on crude oil stockpiles.
The Federal Reserve is to release its Beige Book.
During Asian trading on Wednesday, Hong Kong's Hang Seng Index was up 0.99%, Australia's S&P/ASX200 was up 0.24%, while Japan’s Nikkei 225 Index was up 1.08%.
In the U.S., the Institute of Supply Management reported that its non-manufacturing purchasing managers' index rose to 53.7 last month from 53.5 in April.
Analysts were expecting the index to remain unchanged.
The news sent Asian shares rising on the notion the U.S. economy isn't slowing down as much as previously feared.
Meanwhile, a Group of Seven conference call involving policymakers addressing how to firewall the European debt crisis produced no major announcements, though the Japanese Finance Minister Jun Azumi did tell reporters afterwards the call did not involve discussing ways to handle a Greek exit from the eurozone, which boosted stock prices via relief buying.
World leaders did pledge to cooperate to find a solution, which was further bullish for Asian stocks.
In Hong Kong, top gainers included Henderson Land, up 3.57%, Wharf Holdings, up 2.96%, and Ping An, up 2.74%.
In Australia, top gainers included Ramelius Resources, up 13.51%, Intrepid Mines Limited, up 9.09%, and Grypon Minerals, also up 9.09%.
European stock futures indicated a higher opening.
France's CAC 40 futures pointed to a gain of 0.43%, while Germany's DAX 30 futures signaled a gain of 0.46%. Meanwhile, in the U.K., the FTSE 100 futures indicated a gain of 0.47%.
Dow Jones Industrial Average futures were up 0.34% while the S&P 500 futures were up 0.42%.
Later Wednesday, the European Central Bank will announce its decision on where benchmark interest rates will stand followed by a press conference with ECB head Mario Draghi.
Germany will release data on industrial production, a leading indicator of economic health.
Also Wednesday, the U.S. will publish revised data on nonfarm productivity followed by data on crude oil stockpiles.
The Federal Reserve is to release its Beige Book.