Asian markets rose Wednesday as the financial, shipping and resource sectors got a lift after a set of upbeat results boosted stocks on Wall Street overnight, with Japanese shares rallying into a third straight session.
Japan’s Nikkei 225 Index screamed higher by 105.24 points, or 1.2%, to close at 8,806.55
In Hong Kong, the Hang Seng Index improved 209.57 points, or 1%, to 21,416.64
Regional equities briefly retreated from the day’s highs, and U.S. stock futures turned mildly lower, amid some early indications that President Barack Obama had won the second presidential debate with Republican nominee Mitt Romney, held late Tuesday.
The Nikkei reported that Japanese Prime Minister Yoshihiko Noda will likely call an emergency cabinet meeting Wednesday to discuss stimulus measures for the Japanese economy.
The euro rose to a one-month high against the yen, after reports Tuesday that Spain was considering applying for a credit line from the European Union’s bailout fund, and after Moody’s Investors Service affirmed Spain’s sovereign rating at Baa3.
Japanese exporters advanced on the euro’s strength, with Sony Corp. climbing 2%, Panasonic Corp. gaining 2.2% and Toyota Motor Corp. rising 1%.
Suzuki Motor Corp. rose 1.8% after its Indian joint venture Maruti Suzuki India Ltd. introduced an upgraded model of its popular Alto car.
As concerns about Europe eased a bit, financials also gained in Tokyo. Nomura Holdings Inc. advanced 3.3%, and Matsui Securities Co. climbed 1.8%.
In Hong Kong, banking heavyweight HSBC Holdings PLC up 1.8%.
Port operators, tied to global trade, were also higher in Hong Kong, with Cosco Pacific Ltd. soaring 5.8% and China Merchants Holdings International Co. advancing 5.5%.
Many South Korean shipping firms also saw strong gains, with STX Pan Ocean Co. jumping 5.8% and Hanjin Shipping Co. improving by 0.6%.
In Australia, growth-sensitive resource firms performed strongly, with Rio Tinto Ltd. up 1.7% and Fortescue Metals Group Ltd. jumped 5.7%. Each had released their production report a day earlier.
In Hong Kong, Aluminum Corp. of China Ltd., or Chalco, gained 3.5%, while Jiangxi Copper Co. rose 3.4%.
In Tokyo, Softbank Corp. rose another 5.6%, adding to a 9.6% surge a day earlier and paring month-to-date losses to 16.9%, as investors reassessed its planned purchase of a controlling stake in Sprint Nextel Corp.
CHINA
The Shanghai CSI 300 index eked ahead 2.64 points, or 0.1%, to 2,300.80
The advance was also supported by some Chinese banking names, with Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp. also adding 1.8% apiece.
In other markets
The Singapore Straits Times Index lost 1.14 points to 3,045.67
Korea’s Kospi index gained 13.61 points, or 0.7%, to 1,955.15
Taiwan’s Taiex Index slid 6.62 points, or 0.1%, to 3,965.18
New Zealand’s NZX 50 tacked on 24.48 points, or 0.6%, to 3,965.18
Australia’s ASX Index rose 36.71 points, or 0.8%, to 4,528.21
