Stocks rallied strongly in Asia on Wednesday, as investors jumped into stocks tied to global economic growth, while a recent drop in the yen worked to aid Japanese exporters.
In Japan, the Nikkei 225 average came off the floor to gain 172.84 points, or 2%, to finish at 8,763.41, after hitting a trough for the year on Tuesday.
Hong Kong’s Hang Seng Index zoomed higher by 337.50 points, or 1.7%, to 20,048.
U.S stocks ended Tuesday’s session down but off lows of the day after a gauge of the country’s services sector unexpectedly improved.
Following the data, investors picked up shares in South Korean tech major Samsung Electronics Co., up 6.3%, LG Electronics Inc., surged 9.1%, and auto giant Hyundai Motor Co., jumped 3.7%.
Japanese exporters, including autos and tech firms, were trading against the backdrop of a weaker yen, which generally helps profit expectations for these companies.
Notable gainers included Mazda Motor Co., up 3.4%, and Sony Corp., up 3.2%.
The U.S. dollar bought ¥77.15 yen on Wednesday morning, down from an overnight high but above its recent sub-¥77 levels.
The dollar gained about 1% against the yen Tuesday after the Swiss National Bank set a floor for the euro of 1.20 francs and said that it would do what it takes to defend that level.
The Swiss currency had been attracting investors, as it’s regarded as a relative safe haven in asset markets -- as is the yen, prompting some to express surprise that the Japanese currency didn’t fall by a larger amount.
Yahoo Inc.’s major corporate partners in Asia traded higher following the U.S. firm’s announcement that its board has removed Carol Bartz as its chief executive officer and is conducting a "comprehensive strategic review" of the company.
Stock in Yahoo Japan Corp. -- controlled by Yahoo and Japanese wireless major Softbank Corp. -- rose 1.9%. Shares of Softbank gained 3.9%.
In Hong Kong, Alibaba.com Ltd. rose 3.1%. Alibaba’s corporate parent is a strategic partner of the U.S. company, and the firms were recently engaged in a dispute over the spinoff of Alibaba’s Alipay unit, which had previously been part-owned by Yahoo and Softbank.
Commodity-sector stocks were also advancing, as copper and oil futures ticked higher in Asian electronic trading hours Wednesday after the better economic data from the U.S.
Energy companies gaining in Hong Kong included Cnooc Ltd., up 2.3%, PetroChina Co. up 3.2%, and China Coal Energy Co. ahead by 1.8%.
Mining firms gained in Sydney trading, with Rio Tinto Ltd. up 3.2%, and peer BHP Billiton Ltd. rising 3.7%.
Still, Macquarie Group Ltd. underperformed, trading up 1.6%, after the Australian investment bank said Wednesday that it should report an improved result in fiscal 2012 provided conditions don’t deteriorate further.
In other markets:
Shanghai’s CSI 300 Index recovered 55.79 points, or 2.1%, to 2,779.09
Korea’s Kospi Index picked up 66.75 points, or 3.8%, to 1,833.46
Taiwan’s Taiex Index raced ahead 161.82 points, or 2.2%, to 7,529.01
Singapore’s Straits Times Index spiked 57.80 points, or 2.1%, to 2,832.13
New Zealand’s NZX 50 Index gained 30.39 points, or 0.9%, to 3,300.95
Australia’s S&P/ASX 200 Index prospered 107.90 points, or 2.7%, to 4,183.40
