Asian shares rose Wednesday, with optimism returning ahead of this week’s crucial European meetings on expectations the region’s leadership might agree to boost funds available to fight the debt crisis.
Japan’s Nikkei 225 Index recovered 147.01 points, or 1.7%, to 8,722.17
In Hong Kong, the Hang Seng Index grew 298.35 points, or 1.6%, to 19.240.60.
The region’s gains came after the Dow industrials ended higher Tuesday, with stocks supported by a Financial Times report that negotiations are underway to operate two separate rescue funds to support the region.
The report emerged ahead of this week’s interest-rate setting meeting at the European Central Bank and a European Union summit to discuss the crisis and possible treaty changes to coordinate fiscal policy.
Asian stocks had lost ground Tuesday after ratings agency Standard & Poor’s placed 15 euro-zone countries on watch for possible downgrades.
However, some strategists said the threat from Standard & Poor’s to downgrade much of the euro zone may make it more likely that European leaders will present a credible rescue plan at the upcoming European Union summit.
Exporters advanced in Japan, with TDK Corp. rising 3.1%, and Toyota Motor Corp. up 2.5%.
Sony Corp. and Elpida Memory Inc. climbed 5.9% each.
Shipping firm Mitsui O.S.K. Lines Ltd. soared 11.2% after it announced plans late Tuesday to jointly operate large tankers with four other firms. Rival shipper Nippon Yusen K.K. rose 7.9%.
Miners were among the outperformers in Australia, as gold and copper futures advanced in electronic trading. BHP Billiton Ltd. ended up 0.8%, and Fortescue Metals Group rose 1.2%.
Resource-sector shares also rose in Hong Kong, with Aluminum Corp. of China Ltd. up 3.5% and Jiangxi Copper Co. adding 3.7%.
Shares of Casino operator Melco Crown Entertainment Ltd. made its Hong Kong debut, with the stock finishing at 26 Hong Kong dollars ($3.33 U.S.), compared to about HK$25.34 based on the
Tuesday close for Melco Crown’s American Depositary Shares on the Nasdaq.
CHINA
Chinese property shares moved broadly higher, taking back some losses made in the previous session
Shanghai’s CSI 300 index picked up 11.89 points, or 0.5%, to 2,528.23
China Resources Land Ltd. was up 3.4% and China Overseas Land & Investment Ltd. rose 2.1%.
In other markets;
Taiwan’s Taiex Index progressed 76.72 points, or 1.1%, to 7,033
Korea’s Kospi Index tacked on 16.60 points, or 0.9%, to 1,919.42
Singapore’s Straits Times Index added 33.31 points, or 1.2%, to 2,782.55
New Zealand’s NZX 50 Index slid 8.44 points, or 0.3%, to 3,283.04
Australia’s S&P/ASX 200 Index perked 30.50 points, or 0.7%, to 4,292.50
