Asian stocks rallied Wednesday on economically bullish comments from China’s premier, and as investors anticipated favorable outcomes in key upcoming decisions from Europe and the U.S.
Japan’s Nikkei Stock Average jumped 1.7%, South Korea’s Kospi gained 1.6%, and Australia’s S&P/ASX 200 index added 0.8%.
Hong Kong’s Hang Seng Index and Taiwan’s Taiex rose 1.1% each, while China’s Shanghai Composite gave up early gains and lost 0.4%.
The performance in Asia came after Chinese Premier Wen Jiabao vowed his nation would meet its official target of 7.5% economic growth for 2012.
Shares of several exporters sparkled in Tokyo, with Canon Inc. rising 2.6%, Nintendo Co. advancing 3.7% and Suzuki Motor Corp. climbing 1.8%.
Solid data added to positive mood in Japan, as core machinery orders beat expectations in July.
Stocks in the key shipbuilding sector outperformed in Seoul, where Hyundai Heavy Industries Co. added 3.4% and Daewoo Engineering & Construction Co. rose 1.8%.
The gains came as data showed South Korea’s jobless rate held steady at 3.1%.
Growth-tied stocks climbed across Asia following comments from China’s premier and a rise for many commodity prices overnight.
Tokyo-listed steel maker JFE Holdings Inc. put on 3.9%, while Angang Steel Co. added 2.7% in Hong Kong.
Coal miners China Coal Energy Co. and China Shenhua Energy Co. rose 2.4% each.
Shares of BHP Billiton Ltd. added 0.8% and Fortescue Metals Group Ltd. rallied 3% as raw material prices rose back above $100 U.S. a ton.
In the energy sector, Cnooc Ltd. gained 1.4% in Hong Kong and Inpex Corp. rose 2.4% in Tokyo, after crude-oil futures climbed in New York trade overnight.
Tokyo Electric Power Co. bucked the trend, sliding 1.5%, after announcing it would draft reform plans for its nuclear division by year-end, according to reports from Kyodo News and the Nikkei business daily.
Prada S.p.A was another notable decliner, with shares down 1.5% in Hong Kong, as broker CIMB downgraded the stock to neutral from outperform in the wake of a profit warning from Burberry Group PLC
