Stocks in Asia were mostly higher Wednesday, with markets in Japan rebounding to lead the way as Chinese inflation data gave investors hope for fresh stimulus for the world’s second-largest economy.
In Tokyo, the Nikkei 225 revived 137.01 points, or 0.9%, to 15,073.52, rising from a two-month low and breaking a five-session losing streak as investors bought exporters benefiting from dollar strength. The U.S. dollar traded at ¥107.21, versus ¥107.06 late Tuesday in New York.
In Hong Kong, the Hang Seng index recovered 92.08 points, or 0.4%, to 23,140.05
Investors appeared to hunt for bargains after the market suffered heavy losses earlier this week, fueled by worries over the pace of global economic growth and anticipated tightening of U.S. monetary policy.
In Australia, investors picked up banking and mining shares, the latter helped by recent strength in the iron-ore market. The spot price for the steel making commodity was last unchanged from Tuesday at $83.10 U.S. a ton, although it jumped 4% on Monday. BHP Billiton was up 1.1% while Rio Tinto was up 0.4%.
A number of Taiwan-traded tech heavyweights fell. Hon Hai Precision Industry lost 2.6% and Pegatron fell 1.7%.
CHINA
Shanghai’s CSI 300 index reacquired 17.31 points, or 0.7%, to 2,463.87, after the latest read on inflation left ample room for potential stimulus to help a slowing domestic economy.
China’s consumer prices rose 1.6% on year in September, the smallest increase since January 2010.
In other markets;
The Taiex index in Taiwan dropped 112.88 points, or 1.3%, to 8,655.51
Korea’s Kospi index fell 3.34 points, or 0.2%, to 1,925.91.
In Singapore, the Straits Times STI index regained 4.32 points, or 0.1%, to 3,198.72
In New Zealand, the NZX 50 improved 16.98 points, or 0.3%, to 5,162.87
Australia’s S&P/ASX 200 moved ahead 38.18 points, or 0.7%, to 5,245.61
