Asian stocks rose Thursday after data showing the U.S. economy grew faster than expected and as the Federal Reserve refrained from providing guidance on the scale of its bond purchases.
Japan’s Nikkei 225 surged 337.45 points, or 2.5%, to finish August’s first session at 14,005.77
Hong Kong’s Hang Seng Index regained 205.13 points, or 0.9%, to 22,088.79
Japanese equities were aided by a string of strong earnings reports, including from two of the nation’s largest banks, as well as from Panasonic Corp. and Tokyo Electric Power Co.
In Hong Kong, logistics firm Li & Fung Ltd. climbed 3.1%, Internet major Tencent Holdings Ltd. gained 2.5%, and Hang Lung Properties Ltd. added 1.8%.
In its statement following a two-day policy meeting, the Federal Reserve gave no hint of plans to pare the U.S. central bank’s $85 billion-a-month in asset purchases.
Meanwhile, data released Wednesday by the Commerce Department showed the U.S. economy grew at an annual rate of 1.7% in the second-quarter, beating expectations for a 1% expansion.
Australian energy and retail groups advanced, with Woodside Petroleum Ltd. climbing 1.8%, and Wesfarmers Ltd. rising 0.4%.
But banks were mostly lower, as the high-dividend-yield sector felt the weight of the Australian dollar’s drop to a nearly three-year low Wednesday.
Among them, Commonwealth Bank of Australia fell 1.5% and National Australia Bank Ltd. retreated 1.6%.
In Tokyo, a slew of earnings reports released late on Wednesday influenced stock moves.
Panasonic jumped 6.8% after its operating results beat estimates, and Tokyo Electric soared 8% after the company swung back to a quarterly profit.
Mazda Motor Corp. rose 3.4% after also reporting its results.
Mitsubishi UFJ Financial Group Inc. rose 4% after its quarterly profit rose 40%, while Mizuho Financial Group Inc. gained 4.9% following a 35% improvement in net profit.
On the downside, shares of Honda Motor Co. fell 0.7% after a drop in profits.
CHINA
Chinese shares rallied after an official gauge signaled an improvement in the manufacturing sector
The Shanghai Shenzhen CSI 300 gained 52.34 points, or 2.4%, to 2,245.36, after after China’s official manufacturing Purchasing Managers’ Index unexpectedly rose to 50.3 in July, from 50.1 in June.
A reading above 50 indicates an improvement, while one below 50 shows a deterioration in conditions for the sector.
The official data differed from the final reading of a separate survey by HSBC, which put China’s PMI for last month at 47.7, an 11-month low.
Shares of China Oilfield Services Ltd. jumped 5.1%, Haitong Securities Co. rose 6.5%, and property developer Gemdale Corp. climbed 3.5% in Shanghai.
In other markets;
Taiwan’s Taiex dropped 51.72 points, or 0.6%, to 8,056.22
In Singapore, the Straits Times Index added 21.36 points, or 0.7%, to 3,243.29
Korea’s Kospi Index reacquired 6.71 points, or 0.4%, to 1,920.74
In New Zealand, the Exchange 50 Gross Index gained 7.78 points, or 0.2%, to 4,545.77
In Australia, the S&P/ASX 200 added 9.51 points, or 0.2%, to 5,061.49
