Asian stocks rose Wednesday after U.S. consumer confidence jumped the most in six years and commodity prices climbed.
The Nikkei 225 Stock Average added 127.96 points, or 1.4%, to end the day at 9,438,77, as the government reported a smaller-than-expected decline in exports. The Hang Seng Index in Hong Kong flew 893.71 points higher, or 5.3%, to 17,885.27, the biggest jump since May 4.
Li & Fung Ltd., the biggest supplier of clothes and toys to Wal-Mart Stores Inc. and Target Corp., surged 11% in Hong Kong. Toyota Motor Corp., which gets 31% of its revenue in North America, rose 2.8% in Tokyo. PetroChina Co., the country’s largest oil producer, jumped 5.8% after crude-oil rose to a six-month high yesterday.
Hang Lung Properties Ltd. surged 5.8% after Hong Kong’s government announced a $2.2-billion U.S. stimulus package.
Shares rose even as stock sales and capital raising efforts dragged some companies lower.
Genting Singapore Plc, which is building a casino and theme park in the city, tumbled 18% after shareholders sold shares at a discount.
Futures on the U.S. Standard & Poor’s 500 Index added 0.4%. The gauge climbed 2.6% yesterday after the Conference Board’s index of U.S. consumer confidence surged to 54.9, the biggest gain since April 2003. Consumer confidence was projected to rise to 42.6, according to a Bloomberg News survey of economists. A reading above 50 indicates optimists outnumbered pessimists.
Japan’s exports fell 39% in April from a year earlier, the Finance Ministry said today, less than the 42% decline economists had estimated.
Olympus Corp., a digital-camera maker that gets 65% of its sales outside Japan, gained 2.8%. Nikon Corp., which said it will cut 1,000 jobs by consolidating four units, climbed 3.5%.
Henderson Land Development Co., a developer controlled by billionaire Lee Shau-kee, surged 7.7% as Hong Kong unveiled HK$16.8 billion ($2.2 billion U.S.) of tax cuts, fee waivers and spending to spur growth.
Eastern & Oriental slumped 5.2%, after saying it’s planning a rights offer as it reported a fourth-quarter loss.
CHINA
Cnooc Ltd., China’s largest offshore oil producer, climbed 4.9%. BHP Billiton Ltd., the world’s biggest mining company, added 1.1%.
Crude for July delivery added 1.3% to a six-month high of $62.45 a barrel in New York. Copper futures for July delivery gained 1.9%. The Baltic Dry Index, a gauge of shipping costs for commodities, rose for a 17th day in London on signs China is stockpiling materials including iron ore.
Elsewhere:
Shanghai’s CSI 300 Composite Index gained 39.95, or 1.5%, to 2,759.71
Singapore’s Straits Times Index jumped 67.29 points, or 3% to 2,306.08
South Korea’s Kospi index eased off 10.02 points, or 0.7% to 1,362,02
Taiwan’s Taiex index galloped ahead 207.33 points, or 3.1% to 6,890.44
New Zealand’s NZX 50 Index moved 35.71 or 1.3%, higher, to 2,769.78
Australia’s S&P/ASX 200 was up 12.7 points, or 0.3% to 3,801.10
