Asian markets jumped Thursday, with Japanese stocks getting a boost from a flurry of solid earnings reports, while Hong Kong and Chinese shares gained as investors snapped up Chinese banks after a recent correction.
Tokyo’s Nikkei 225 leaped 226.52 points, or 2.2%, to 10,620.55
In Hong Kong, the Hang Seng index picked up 209.97 points, or 1%, to 20,422.46
The region-wide gains also reflected buoyant sentiment after Spain and the U.K. announced plans to cut their budgets and as stocks on Wall Street posted strong gains overnight.
Japanese stocks were rising across the board. NEC Corp. added 1.4% after it swung back to a net profit in the year ended March 2010 from a loss in the previous year. Tokyo Electron jumped 7% and Elpida Memory rose 2.5% as both tech firms also reported solid earnings after the market's close Wednesday.
But Nissan Motor Co. declined 1.3% as its operating profit forecast for this year fell below some expectations.
Sentiment in Sydney was also aided by data showing that an additional 33,700 jobs were created in April, compared with March and expectations of 20,000 new jobs added. Macquarie Group rose 4.4%, BHP Billiton added 1.8% and Woodside Petroleum gained 3.1%.
In Taiwan, electronic firms with exposure to Europe rose as better-than expected gross domestic product data from the euro zone on Wednesday raised investor sentiment.
Acer rose 4.2%, while HTC Corp. climbed 3.9% on news that it had filed a lawsuit with the U.S. International Trade Commission alleging that Apple had violated five patents and asked the trade court to stop Apple from selling the iPhone, the iPad and iPod in the U.S. The lawsuit was in response to an intellectual-property suit that the iPhone maker filed weeks ago.
In Seoul, chipmakers rose on an upbeat outlook from U.S. tech giants Cisco Systems and Intel Corp. Hynix Semiconductor gained 4.5% and heavyweight Samsung Electronics gained 3%.
In foreign exchange markets, the euro was at $1.2636 U.S., compared with $1.2629 U.S. in late New York trade on Wednesday, and at ¥117.83 from ¥117.69. The dollar was at ¥93.42 from ¥93.17.
CHINA
Chinese banks and property shares advanced in Hong Kong as well as Shanghai on continued bargain-hunting after recent declines.
Shanghai’s CSI 300 tacked on 68.75 points, or 2.4%, to 2,886.91
Industrial & Commercial Bank of China added 1.6% and China Merchant Bank rose 2.4% in Hong Kong; in Shanghai, they advanced 0.4% and 2.9%.
Metals and construction material stocks, which were hit by worries over the property market recently, also rose. Baoshan Iron & Steel climbed 2.3% and Anhui Conch Cement Co. added 2.4% in Shanghai, while Yunnan Copper Co. advanced 3.1% in Shenzhen.
Elsewhere;
Singapore’s Straits Times Index stumbled 12.41 points, or 0.4%, to 2,867.92
Korea’s Kospi index improved 31.55 points, or 1.9%, to 1,694.58
Taiwan’s Taiex index grew 167.87 points, or 2.2%, to 7,770.57
New Zealand’s NZX 50 Index gained 39.72 points, or 1.3%, to 3,195.80
Australia’s S&P/ASX 200 advanced 79.80 points, or 1.8%, to 4,652.80
