Asian shares jumped on Monday, as investors reacted to the latest reports of measures designed to get a grip on Europe’s debt crisis.
Japan’s Nikkei 225 Index broke its losing streak by gaining 127.48 points to 8,287.49, after hitting a near 2 ½-year low on Friday.
In Hong Kong, the Hang Seng Index, sprang to life 348.33 points, or 2%, to 18,037.80
Europe remained the focus for Asian markets, with a variety of reports over the weekend suggesting progress on addressing the euro-zone debt crisis.
European officials had agreed on how to leverage the key European Financial Stability Facility rescue fund, Reuters said, while other reports said Germany and France were studying new ways to deepen euro-zone fiscal integration.
Banks and commodity-sector firms were among the notable gainers Monday in Asia.
In Japan, Nomura Holdings Inc. jumped 4.4%, while in Australia, Macquarie Group Ltd. climbed 5.6%, and Commonwealth Bank of Australia gained 3.3%.
Industrial & Commercial Bank of China Ltd. rose 3.4%, and Agricultural Bank of China Ltd. gained 3.6% in Hong Kong.
Strength in many commodities amid the reported progress in Europe also helped boost many Asia resource stocks.
Japanese energy major JX Holdings Inc. climbed 3.1%, while Sumitomo Metal Industries Inc. advanced 4.1%.
Hong-Kong-listed Jiangxi Copper Co. climbed 3.6%, and shares of Angang Steel Co. rallied 6.1%.
In the Australian mining sector, BHP Billiton Ltd. gained 2.4% as it announced that Graham Kerr, the head of its diamonds unit, will take over as chief financial officer in February.
Rio Tinto Ltd. rose 2.1%. The miner said it was selling all the minerals it can produce, but also warned that customer sentiment was increasingly cautious in the face of global economic uncertainty.
Exporters got a lift in Tokyo, with Sony Corp. climbing 2.3%, Nintendo Co. adding 2.7%,
Panasonic Corp. improving by 3.1%, and Toshiba Corp. up 4.6%.
Many of these firms count the U.S. as an important market, and early data suggested that Thanksgiving weekend retail sales were strong.
Honda Motor Co. gained 4.1%, with the Yomiuri Shimbun reporting the company would move some of its Japan-based motorcycle production to Thailand in order to avoid the ill effects of the strong Japanese yen.
Shares of Qantas Airways Ltd. rose 3.4% in Australia, even as the carrier warned of a major drop in fiscal first-half profit, in part due to recent labour strikes
In other markets;
Shanghai’s CSI 300 index edged up 3.35 points, or 0.1%, to 2,573.32
Taiwan’s Taiex Index jumped 114.26 points, or 1.7%, to 6,898.78
Korea’s Kospi Index advanced 38.88 points, or 2.2%, to 1,815.28
Singapore’s Straits Times Index picked up 50.50 points, or 1.9%, to 2,694.43
New Zealand’s NZX 50 Index gained 6.17 points, or 0.2%, to 3,218.44
Australia’s S&P/ASX 200 Index tacked on 73.90 points, or 1.9%, to 4,058.20
