Investing.com – Asian stock markets posted sharp gains on Wednesday, as market sentiment was boosted by a flurry of upbeats earnings reports and as Japanese factories began resuming production following the March 11 earthquake.
During late Asian trade, Hong Kong's Hang Seng Index jumped 1.7%, South Korea's Kospi Composite climbed 0.93%, while Japan’s Nikkei 225 rallied 2.64%.
The Nikkei closed at the highest level since the March 11 earthquake and tsunami, as shares in Hitachi surged 8.7% after the Nikkei Newspaper reported that the electronics maker expected to resume full production at its main plant in Hitachi City next month.
Japan’s third largest automaker Nissan saw shares jump 3.85% after saying it expected production at all of its Japanese factories to return to normal by the end of June. Shares in rival Toyota gained 2.3%, while Honda saw shares add 2.1%.
Meanwhile, Japanese exporters performed strongly as the yen dropped to the lowest level since March 11 against the U.S. dollar, boosting the outlook for export earnings.
Consumer electronics giant Sony saw shares climb 1.7%, Sharp surged 4.1%, while shares in digital camera maker Canon added 1.75%.
However, Tokyo Electric Power Co., operator of the crippled Fukushima Daiichi power plant, saw shares plunge 17.6% on concerns the company could be nationalized.
Elsewhere, Hong Kong-listed shares of China’s fourth largest lender Agricultural Bank of China jumped 2.2% after it said 2010 net profit rose more-than-expected, climbing by 46% from a year earlier to CNY94.9 billion.
Hong Kong’s second largest property developer Cheung Kong saw shares gain 4% after it reported full-year profit of HKD26.5 billion, beating expectations for profit of HKD20.2 billion.
Hutchison Whampoa, the largest real estate developer rallied 5.1% after it too posted better-than-expected 2010 full-year earnings.
Meanwhile, European stock markets were higher after the open. The EURO STOXX 50 climbed 0.85%, France’s CAC 40 gained 0.9%, the FTSE 100 was up 0.5%, while Germany's DAX surged 1.15%.
Later in the day, the U.S. was to publish data on private sector payrolls compiled by payroll processing firm ADP as well as a report on crude oil stockpiles.
During late Asian trade, Hong Kong's Hang Seng Index jumped 1.7%, South Korea's Kospi Composite climbed 0.93%, while Japan’s Nikkei 225 rallied 2.64%.
The Nikkei closed at the highest level since the March 11 earthquake and tsunami, as shares in Hitachi surged 8.7% after the Nikkei Newspaper reported that the electronics maker expected to resume full production at its main plant in Hitachi City next month.
Japan’s third largest automaker Nissan saw shares jump 3.85% after saying it expected production at all of its Japanese factories to return to normal by the end of June. Shares in rival Toyota gained 2.3%, while Honda saw shares add 2.1%.
Meanwhile, Japanese exporters performed strongly as the yen dropped to the lowest level since March 11 against the U.S. dollar, boosting the outlook for export earnings.
Consumer electronics giant Sony saw shares climb 1.7%, Sharp surged 4.1%, while shares in digital camera maker Canon added 1.75%.
However, Tokyo Electric Power Co., operator of the crippled Fukushima Daiichi power plant, saw shares plunge 17.6% on concerns the company could be nationalized.
Elsewhere, Hong Kong-listed shares of China’s fourth largest lender Agricultural Bank of China jumped 2.2% after it said 2010 net profit rose more-than-expected, climbing by 46% from a year earlier to CNY94.9 billion.
Hong Kong’s second largest property developer Cheung Kong saw shares gain 4% after it reported full-year profit of HKD26.5 billion, beating expectations for profit of HKD20.2 billion.
Hutchison Whampoa, the largest real estate developer rallied 5.1% after it too posted better-than-expected 2010 full-year earnings.
Meanwhile, European stock markets were higher after the open. The EURO STOXX 50 climbed 0.85%, France’s CAC 40 gained 0.9%, the FTSE 100 was up 0.5%, while Germany's DAX surged 1.15%.
Later in the day, the U.S. was to publish data on private sector payrolls compiled by payroll processing firm ADP as well as a report on crude oil stockpiles.