Investing.com – Asian stock markets were higher on Wednesday, lifted by optimism over the U.S. earnings season and amid speculation of near-term monetary easing in China, but gains were limited as worries over the sovereign debt crisis in the single currency bloc continued to weigh on market sentiment.
During late Asian trade, Hong Kong's Hang Seng Index climbed 0.7% Australia’s S&P/ASX200 rose 0.85%, while Japan’s Nikkei 225 Index edged 0.3% higher.
Financial sector shares led gains in Hong Kong amid ongoing expectations that China will ease its monetary policy and provide further stimulus measures to encourage growth.
The nation’s largest lender Industrial and Commercial Bank of China saw shares gain 1.6%, China Construction Bank shares added 0.9%, while insurer China Life saw shares advance 1.3%.
Commodity-linked shares outperformed after oil and metal prices advanced on the New York Mercantile Exchange, boosting earnings prospects for miners and energy explorers.
Oil giant PetroChina saw shares jump 1.6%, gold producer Zijin Mining Group rose 3%, while Aluminum Corporation of China shares rallied 3.4%.
Meanwhile, in Japan, shares in exporters performed strongly, boosted by an upbeat outlook for export earnings amid signs of a strengthening U.S. economy.
Chip maker Elpida Memory gained 1.3%, Fujitsu shares rose 2.15%, while Funai Electric, which gets nearly 50% of its revenue in the U.S., climbed 2.5%.
Shares in the financial sector advanced, tracking sharp gains in their U.S. counterparts. The nation’s largest lender Mitsubishi UFJ Financial Group climbed 1.2%, while shares in rival Sumitomo Mitsui Financial Group added 1.9%.
Japanese investment bank heavyweight Nomura Holdings saw shares jump 3.2% after the Wall Street Journal reported that the firm’s joint deputy president Jasjit Bhattal was leaving.
His departure comes after overseas operations posted their biggest loss in at least six quarters and ratings agency Moody’s said it was considering downgrading the brokerage.
Looking ahead, the outlook for European stock markets was downbeat as concerns over euro zone sovereign funding continued to weigh on sentiment ahead of Thursday’s European Central Bank policy meeting and a Spanish and Italian government debt auctions later in the week.
The EURO STOXX 50 futures pointed to a loss of 0.3%, France’s CAC 40 futures shed 0.35%, London’s FTSE 100 futures dipped 0.2%, while Germany's DAX futures pointed to a 0.3% decline.
Later in the day, German Chancellor Angela Merkel was to meet with Italian Prime Minister Mario Monti, to discuss plans to shore up Italy’s finances.
During late Asian trade, Hong Kong's Hang Seng Index climbed 0.7% Australia’s S&P/ASX200 rose 0.85%, while Japan’s Nikkei 225 Index edged 0.3% higher.
Financial sector shares led gains in Hong Kong amid ongoing expectations that China will ease its monetary policy and provide further stimulus measures to encourage growth.
The nation’s largest lender Industrial and Commercial Bank of China saw shares gain 1.6%, China Construction Bank shares added 0.9%, while insurer China Life saw shares advance 1.3%.
Commodity-linked shares outperformed after oil and metal prices advanced on the New York Mercantile Exchange, boosting earnings prospects for miners and energy explorers.
Oil giant PetroChina saw shares jump 1.6%, gold producer Zijin Mining Group rose 3%, while Aluminum Corporation of China shares rallied 3.4%.
Meanwhile, in Japan, shares in exporters performed strongly, boosted by an upbeat outlook for export earnings amid signs of a strengthening U.S. economy.
Chip maker Elpida Memory gained 1.3%, Fujitsu shares rose 2.15%, while Funai Electric, which gets nearly 50% of its revenue in the U.S., climbed 2.5%.
Shares in the financial sector advanced, tracking sharp gains in their U.S. counterparts. The nation’s largest lender Mitsubishi UFJ Financial Group climbed 1.2%, while shares in rival Sumitomo Mitsui Financial Group added 1.9%.
Japanese investment bank heavyweight Nomura Holdings saw shares jump 3.2% after the Wall Street Journal reported that the firm’s joint deputy president Jasjit Bhattal was leaving.
His departure comes after overseas operations posted their biggest loss in at least six quarters and ratings agency Moody’s said it was considering downgrading the brokerage.
Looking ahead, the outlook for European stock markets was downbeat as concerns over euro zone sovereign funding continued to weigh on sentiment ahead of Thursday’s European Central Bank policy meeting and a Spanish and Italian government debt auctions later in the week.
The EURO STOXX 50 futures pointed to a loss of 0.3%, France’s CAC 40 futures shed 0.35%, London’s FTSE 100 futures dipped 0.2%, while Germany's DAX futures pointed to a 0.3% decline.
Later in the day, German Chancellor Angela Merkel was to meet with Italian Prime Minister Mario Monti, to discuss plans to shore up Italy’s finances.