Asian stocks ended mostly higher after a choppy session Wednesday, as a fall in the U.S. dollar against several major currencies helped improve investors’ appetite for risk, while commodity shares pushed higher.
The Nikkei 225 Index regained 51.01 points, or 0.5%, to close December’s first session at 9,988.05.
Hong Kong’s Hang Seng Index leaped 241.81 points, or 1.1%, to 23,249.80
In Sydney, resource-sector shares advanced, with BHP Billiton Ltd. and Rio Tinto PLC rising 1.1% each.
Japanese stocks got a lift from auto makers and other exporters, with Honda Motor Co. rising 2.3%, Toyota Motor Corp. gaining 2.8% and Sony Corp. climbing 1.5%.
South Korean auto makers rose on hopes for solid earnings growth next year, with Hyundai Motors up 3.8% and Kia Motors rising 3.2%.
The gains in Australia came even as some financial stocks dropped in the wake of a weaker-than-expected reading for third-quarter gross domestic product. The economy expanded 0.2% from the second quarter, compared with an expected rise of 0.4%, and rose 2.7% on-year, undershooting expectations of a 3.4% rise.
Experts said the data showed that the economy is responding to higher interest rates, with consumer spending starting to slow, and that this means that the central bank "will be content with the current level of interest rates and won’t need to adjust policy settings for some time."
In foreign-exchange markets, the euro recovered after a sharp fall Tuesday. Standard & Poor’s said it is mulling a downgrade of Portugal’s investment-grade ratings, citing economic pressures and increased risks to the government’s creditworthiness.
CHINA
Shanghai- and Hong Kong-listed shares declined early in the day, before rebounding, after official Chinese data showed a higher-than-expected increase in manufacturing activity in November, leading to worries that Beijing may further increase interest rates.
Shanghai’s CSI 300 Index skidded 0.96 points to 3,136.02
Figures released during the day by the China Federation of Logistics and Purchasing showed the country’s PMI rose to 55.2 in November from 54.7 in October, marking the 21st consecutive expansion in manufacturing activity. The strong result was reinforced by the HSBC China PMI, which rose to 55.3 in November from 54.8 in October.
In other markets
Singapore’s Straits Times Index hiked 37.24 points, or 1.2%, to 3,181.94
Korea’s Kospi Index progressed 24.69 points, or 1.3%, to 1,929.32
Taiwan’s Taiex Index bolted ahead 147.63 points, or 1.8%, to 8,520.11
New Zealand’s NZX 50 Index moved higher 0.59 points to 3,265.10
Australia’s S&P/ASX 200 Index moved up 2.20 points to 4,586.60
