Asian markets jumped on Tuesday, with commodity-linked stocks particularly upbeat after Chinese economic expansion beat estimates in the fourth quarter, belying fears of a sharper slowdown in growth.
In Japan, the Nikkei 225 Index regained 88.04 points, or 1.1%, to 8,466.40
In Hong Kong, the Hang Seng Index rocketed 615.55 points, or 3.2%, higher, to 19,627.80
In Sydney, OneSteel Ltd. shares jumped 7.8%, while Fortescue Metals Group Ltd. added 3.9% after reporting a 19% rise in iron ore shipments in the December quarter.
Rio Tinto Ltd. added 1.3% after global iron ore operations hit record production levels.
The region’s shipping firms also added to recent gains. Daewoo Shipbuilding & Marine Engineering Co. climbed 5.4% in Seoul and Mitsui O.S.K. Lines Ltd. rose 2% in Tokyo. China Cosco Holdings Co. surged 10% in Shanghai as well as Hong Kong.
Exporters were among notable gainers in Japan, as the euro appreciated against the yen. Pioneer Corp. rose 2.4%, while Nissan Motor Co. and NEC Corp. each firmed up 1.9%.
U.S. markets were closed Monday for Martin Luther King Jr. day.
Financial stocks also rose across the region, despite Standard & Poor’s downgrade Monday of the European Financial Stability Facility (EFSF) -- the euro-zone bailout fund -- by one notch to double-A-plus
Hong Kong-listed banks also pushed higher. Index heavyweight HSBC Holdings PLC added 3.3% and Agricultural Bank of China Ltd. climbed 4.7% and, KB Financial Group Inc. rose 5.3% in Seoul.
In Tokyo, Sumitomo Mitsui Financial Group Inc. put on 1.2% in Tokyo amid reports the firm will buy Royal Bank of Scotland Group PLC’s aviation unit for as much as $7.2 billion U.S.
European stocks gained on Monday after a well-received French debt auction, shrugging off Friday’s downgrade by Standard & Poor’s of nine euro-region nations and heightened concerns of a Greek default
CHINA
Mainland Chinese stocks were the best performers after dropping in the last four trading days.
In Shanghai, the CSI 300 Index picked up 114.95 points, or 4.9%, to 2,460.60
Their performance, combined with an advance for European stocks after a successful French debt auction Monday, also inspired gains in other regional markets.
Data out Tuesday showed the world’s second largest economy grew at a faster pace than expected 8.9% during the last quarter of 2011 from the year-ago period.
The growth was weaker than in the July to September quarter, but better than economists’ expectations, and helped soothe fears Europe’s debt-related problems would slow the Chinese economy. Other key China reports including retail sales and industrial output figures also beat estimates
The gains on Chinese bourses came even as the growth data tempered expectations of an imminent reduction by Beijing in banks’ reserve requirement ratios.
Commodity-linked stocks were notable gainers across Asia, with Aluminum Corp. of China Ltd. and Jiangxi Copper Co. jumping by the day’s limit of about 10% in Shanghai. In Hong Kong, the stocks rose 8.1% and 9.3%, respectively.
In other markets;
Taiwan’s Taiex Index grew 117.46 points, or 1.7%, to 7,221.08
Korea’s Kospi Index improved 33.47 points, or 1.8%, to 1,892.74
Singapore’s Straits Times Index vaulted 59.36 points, or 2.2%, to 2,815.85
New Zealand’s NZX 50 Index added 24.17 points, or 0.8%, to 3,234.80
Australia’s S&P/ASX 200 Index ticked 68.39 points, or 1.7%, higher, to 4,215.39
