Investing.com - Asian stocks moved marginally higher in Wednesday trade, on optimism for progress on Greece’s debt crisis as well as prospects for economic stimulus from the U.S. Federal Reserve.
During early Asian trade, Hong Kong’s Hang Seng Index gained 0.51% to 19,014.80, Japan’s Nikkei 225 Index rose 0.2% to 8,739.04, while Australia’s S&P/ASX 200 slipped 0.17% to 4,033.50.
Along with the Nikkei, the broader-based Topix Index of all issues listed on the first section of the Tokyo Stock Exchange advanced 0.18% to 756.40.
Earlier Tuesday, European Union finance officials said that Greece had made “good progress” in a second round of talks with the EU and the International Monetary Fund focused on averting Greek default.
Greek news reports outlined a time schedule for the so-called “troika”, the European Commission, the European Central Bank and the International Monetary Fund, to meet again in Athens in early October to evaluate Greece’s implementation of austerity reforms.
Separately Tuesday, the U.S. Census Bureau reported that the number of building permits issued in August registered a seven-month high, rising 3.2% and outperforming market expectations of a 1.8% decline.
New housing starts, however, fell 5% to a three-month low, far below economist’s forecast of a 2.3% drop.
Meanwhile, the U.S. Federal Reserve’s Open Market Committee began its two-day policy meeting where market watchers expect the Fed to opt for a move known as “Operation Twist,” a combination of buying and selling of shorter and longer term Treasury bonds in order the bend the yield curve.
Wall Street shares traded in negative territory for much of the Tuesday session before closing mixed. The Dow Jones Industrial Average edged up 0.07%, while the Nasdaq Composite Index gave up 0.86%, and the S&P 500 shed 0.17%.
Elsewhere, Japan’s Ministry of Finance reported Wednesday that the nation’s trade deficit widened in August with exports rising 2.8% for the month while imports surged by 19.2%.
The increase in exports, while below market expectations, was the first gain for the monthly figure since the March 11 earthquake.
Index provider FTSE Group said Tuesday it will move the status of Thailand\'s stock market to advanced emerging from a secondary market, in its annual country-classification review.
A weakening yen helped provide a boost to export shares in Tokyo, with Hitachi Ltd. adding 1% and Toshiba Corp. higher by 0.62%.
Electronic instrument manufacturer Advantest Corp. stumbled 4.1% after JP Morgan downgraded the firm’s share rating to neutral from overweight.
The outlook for European stocks was optimistic. France’s CAC 40 futures was higher by 0.02% to 2,961.70, Britain’s FTSE 100 futures rose 0.06% to 5,306.40, while Germany’s DAX futures gained 0.1% to 5,531.20.