Asia markets rose Wednesday on sustained optimism U.S. lawmakers will act in time to avoid tax hikes and spending cuts from automatically kicking in next year, with Australian and Hong Kong stocks ending at 16-month highs.
The Nikkei 225 Index in Japan gained back 56.14 points, or 0.6%, to 9,581.46
In Hong Kong, the Hang Seng index advanced 179.41 points, or 0.8%, to 22,503.35, ending at a level it hasn’t seen since August 2011.
In Hong Kong, property firms attracted buyers, with China Overseas Land & Investment Ltd. climbing 2.8% and Cheung Kong Holdings Ltd. advancing 1.8%.
Technology stocks were generally strong in Japan, as the dollar extended an advance that took the greenback to around the ¥82.50 mark on Tuesday. The dollar was trading at ¥82.84 late in Asia on Wednesday.
Toshiba Corp. advanced 2.2% and Sony Corp. climbed 3.1%.
Canon Inc. shares climbed 2.6% after a Nikkei report that the firm will cut costs by between ¥70 billion to ¥80 billion next year.
Panasonic Corp. shares jumped 7.2% after a separate Nikkei report that the firm is planning to sell the digital camera operations of subsidiary Sanyo Electric Co.
Mitsubishi Motors Corp. soared 10.1% after the Nikkei reported that the firm will end production in Europe.
The South Korean market was supported by gains for heavyweight Samsung Electronics Co., which moved higher by 1%.
STX Pan Ocean Co. surged 14.9%, extending a similar-sized gain made Tuesday on expectations that it could make an operating profit next year.
In Sydney, BHP Billiton Ltd. climbed 1% on news the mining giant has sold its 8.33% interest in the East Browse Joint Venture and 20% interest in the West Browse Joint Venture, with both gas projects located offshore Western Australia.
CHINA .
The Shanghai CSI 300 Composite Index added 9.27 points, or 0.4%, to 2,267.77
Steel makers gained on news that China’s Baoshan Iron & Steel Co., or Baosteel, will raise prices in January. Angang Steel Co. jumped 3.4% and Maanshan Iron & Steel Co. rallied 4.1%. Baosteel shares rose 0.4% in Shanghai.
The stakes were sold for $1.63 billion U.S. cash to a unit of PetroChina Co. The Chinese energy giant gained 1.1% in Hong Kong.
Rival Rio Tinto Ltd climbed 0.7% after announcing that it will sell its 57.7% stake in the Palabora Mining Company Ltd. for $373 million U.S. to a consortium comprising South African and Chinese entities led by the Industrial Development Corporation of South Africa Ltd. and Hebei Iron & Steel Co.. Shares of Hebei were up 0.8% in Shenzhen.
In other markets
In Singapore, the Straits Times Index gained 23.24 points, or 0.8%, to 3,141.57
Korea’s Kospi index added 10.82 points, or 0.6%, to 1,975.44, overcoming news of North Korea’s launch of a long-range rocket that
briefly weighed on local stocks.
Taiwan’s Taiex Index gained 76.50 points, or 1%, to 7,690.19
New Zealand’s NZX 50 fell 30.92 points, or 0.8%, to 3,995.26
Australia’s ASX Index improved 7.81 points, or 0.2%, to 4,583.81, for its highest finish since July 2011
