Asian stocks ended higher Wednesday as robust economic growth and industrial production data from China helped shift investor focus away from European debt troubles.
In Japan, the Nikkei 225 average recovered 37.22 points, or 0.4%, to 9,963.14
Hong Kong’s Hang Seng Index regained 263.72 points, or 1.2%, to 21,926.90.
Many regional markets opened on a subdued note in the wake of a weak finish on Wall Street, after Moody’s lowered Ireland’s credit ratings to junk status.
But Asian markets moved off lows after data showed China’s gross domestic product expanded at a faster-than-expected rate of 9.5% in the April-June quarter from the year-ago period. June industrial production jumped 15.1% from the year-earlier month, trouncing expectations.
The Chinese data also boosted shares of Australian and Japanese companies with business ties to China.
Fortescue Metals Group Ltd. rose 1.6% and BlueScope Steel Ltd. bounced 4.9% in Sydney, while Fanuc Corp. climbed 1.3% and Sony Corp. rose 0.6% in Tokyo.
Still, some Japanese exporters were held back by a stronger yen -- with the dollar remaining below the ¥80 level. Canon Inc. lost 0.7%. and Mazda Motor Corp. fell 1%.
BHP Billiton Ltd. added 0.4% despite reports that coking coal mines in northeastern Australia that BHP owns jointly with Mitsubishi Corp. would be affected by rolling strikes this week over a wage dispute. Mitsubishi also rose, gaining 1.8%.
Shares of Mitsui & Co. rose 2.1% after the company announced a takeover bid for Singapore’s Portek International Ltd.
Agricultural Bank of China Ltd. shares jumped 3.9% in Hong Kong after the lender announced its January-June profit would rise by more than 45%.
Some Australian retailers sagged, meanwhile, after an index of consumer sentiment fell to its lowest level in two years.
Shares in Harvey Norman Holdings Ltd. dropped 2.4%, and department-store retailer David Jones Ltd. fell 1.8%
CHINA
Shanghai’s CSI 300 Index added 49.34 points, or 1.6%, to 3,106.25
Chinese property stocks gained following the data, with China Overseas Land & Investment Ltd. surging 5.7% and China Resources Land Ltd. adding 3.2% in Hong Kong. On mainland bourses, China Vanke Co. rose 1.3% in Shenzhen and Gemdale Corp. added 0.3% in Shanghai.
The news also lifted other Chinese banks, with Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp. each adding 2.2%. In Shanghai, AgBank shares climbed 1.9%, while ICBC and CCB rose 1.2% and 1.5%, respectively.
In other markets;
Korea’s Kospi Index picked up 19.91 points, or 0.9%, to 2,129.64
Taiwan’s Taiex Index shaved off 2.95 points to 8,488.06
Singapore’s Straits Times Index tacked on 11.06 points, or 0.4%, to 3,088.42
New Zealand’s NZX 50 Index dipped 6.02 points, or 0.2%, to 3,424.35
Australia’s S&P/ASX 200 Index accumulated 19.40 points, or 0.4%, to 4,514.80
