Asian equity markets powered ahead Tuesday, with financial stocks buoyed by strong overnight gains on Wall Street while energy shares gained as crude-oil prices took another shot at the $60-a-barrel-U.S. level.
The Nikkei 225 Stock Average tacked on 251.60 points, or 2.8%, to 9,290.29
The Hang Seng Index in Hong Kong strengthened 521.12 points, or 3.1%, to 17,544.03.
In currency markets, improved risk appetite meant the yen was sold against the euro and the U.S. dollar, while the Australian and New Zealand currencies were extending overnight gains.
Earlier in the day, Japanese stocks climbed as exporters rebounded on the back of the yen's retreat against major currencies.
The regionwide advance was sparked by sharp gains on Wall Street overnight, though some analysts remained skeptical about the durability of the rally.
Oil-related stocks gained on higher crude-oil prices amid uncertainty over supply as the Nigerian army battled militants.
June Nymex futures were recently up 89 cents at $59.92 U.S. a barrel on Globex, after climbing as high as $60.48 a barrel earlier.
Inpex Corp. gained 5.4% in Tokyo and Cnooc advanced in Hong Kong. Stocks in both companies were boosted by a rating upgrade by Goldman Sachs to buy from hold.
PetroChina climbed 5% in Hong Kong, helped by news it planned to buy stakes in eight domestic natural-gas providers from its parent for 1.09 billion yuan.
Shares in export-focused companies were higher in Tokyo as the yen fell, with Sony Corp. up 3.3% and Toyota Motor Corp. up 3.4%. Suzuki Motor added 2%.
Financials were stronger across the region, with Mitsubishi UFJ Financial Group ending up 4.2% in Tokyo, while South Korea's KB Financial Group gained 6.2%.
DBS Group Holdings gained 6.3% by afternoon, while Hang Seng Index heavyweight HSBC Holdings rallied 6.3%.
Hong Kong shares were bolstered by strong liquidity. In recent weeks, the Hong Kong Monetary Authority has been selling Hong Kong dollars to defend the currency's peg to the U.S. dollar.
Taiwan shares were still helped by hopes for more cross-strait investment from China, including in the financial sector, with Cathay Financial Holding Co. up 5.2%. Memory-chip makers gained after Nanya Technology Corp. said Monday it would raise contract prices, with Nanya up 4.1% and Inotera Memories up 6.8%.
The U.S. dollar was recently at 96.59 yen, compared with 96.39 yen late in New York. The euro was at 131.59 yen against 130.65 yen in New York. The euro also gained against the dollar and was recently buying $1.3618 U.S..
Spot gold was up $5.20 from New York levels, at $922.60 U.S. per troy ounce after slipping $13.50 overnight.
CHINA
The Shanghai Composite Index was up, despite Xinhua News Agency quoting an official at the economic-planning agency as saying the country would be able to reach its target of 8% growth in gross domestic product this year.
Elsewhere:
China’s Shanghai 300 Composite Index grew by 29.51 points, or 1.1%, to 2,840.08
Singapore’s Straits Times Index advanced 83.38 points, or 3.8% to 2,260.36
South Korea’s Kospi index gained 41.53 points, or 3% to 1,428.21
Taiwan’s Taiex index improved 77.78 points, or 1.2% to 6,655.59
New Zealand’s NZX 50 Index moved 12.95, or 0.5%, higher, to 2,790.80.
Australia’s S&P/ASX 200 was up 81.70 points, or 2.2% to 3,817.30.
