Investing.com - Most Asian stocks rose on Wednesday as Australian’s shares got a lift from constructive earnings reports, but Japanese shares fell as the yen gained steam.
In Asian trading Wednesday, Japan’s Nikkei 225 fell 0.74% as USD/JPY fell 0.62%. A report on Japan’s December Tertiary Index rose 1.4%, well above the consensus estimate calling for an increase of 0.8%. The November reading showed a decline of 0.4%. The survey highlights monthly changes in output by Japanese service firms.
In a separate report, Japan’s corporate goods price index for January showed reading of -0.2%, topping the consensus estimate of -0.3%. That is also well above the December reading of -0.7%. The Bank of Japan meets on Thursday.
Hong Kong’s Hang Seng and the Shanghai Composite remained close due to Chinese New Year festivities.
Australia’s S&P/ASX 200 advanced 1% thanks to strong earnings reports from the likes Commonwealth Bank of Australia. Aussie stocks also climbed Westpac and the Melbourne Institute said Australian consumer sentiment rose by 7.7% last month to 108.3 points, the best level since December 2010. On an annualized basis, the increase was 7.2%.
New Zealand’s NZSE 50 added 0.20%. Earlier today, the Real Estate Institute said climbed by nearly 20% last month in New Zealand to 5,000, good for the biggest monthly increase in five years. Electronic card spending advanced almost 6% to NZD4.6 billion.
Risk-taking with Asian equities may have also gotten a boost from bullish oil demand estimates. OPEC raised its 2013 demand forecast to 29.8 million barrels per day, 100,000 a day more than it estimated in January. In January, the cartel pumped 30.3 million barrels per day. OPEC said China is seen as the primary driver of demand growth. China is the world’s second-largest oil consumer behind the U.S.
Elsewhere, South Korea’s Kospi Index surged 1.37% while Singapore’s Straits Times Index added 0.87%. S&P 500 futures fell 0.02%.
In Asian trading Wednesday, Japan’s Nikkei 225 fell 0.74% as USD/JPY fell 0.62%. A report on Japan’s December Tertiary Index rose 1.4%, well above the consensus estimate calling for an increase of 0.8%. The November reading showed a decline of 0.4%. The survey highlights monthly changes in output by Japanese service firms.
In a separate report, Japan’s corporate goods price index for January showed reading of -0.2%, topping the consensus estimate of -0.3%. That is also well above the December reading of -0.7%. The Bank of Japan meets on Thursday.
Hong Kong’s Hang Seng and the Shanghai Composite remained close due to Chinese New Year festivities.
Australia’s S&P/ASX 200 advanced 1% thanks to strong earnings reports from the likes Commonwealth Bank of Australia. Aussie stocks also climbed Westpac and the Melbourne Institute said Australian consumer sentiment rose by 7.7% last month to 108.3 points, the best level since December 2010. On an annualized basis, the increase was 7.2%.
New Zealand’s NZSE 50 added 0.20%. Earlier today, the Real Estate Institute said climbed by nearly 20% last month in New Zealand to 5,000, good for the biggest monthly increase in five years. Electronic card spending advanced almost 6% to NZD4.6 billion.
Risk-taking with Asian equities may have also gotten a boost from bullish oil demand estimates. OPEC raised its 2013 demand forecast to 29.8 million barrels per day, 100,000 a day more than it estimated in January. In January, the cartel pumped 30.3 million barrels per day. OPEC said China is seen as the primary driver of demand growth. China is the world’s second-largest oil consumer behind the U.S.
Elsewhere, South Korea’s Kospi Index surged 1.37% while Singapore’s Straits Times Index added 0.87%. S&P 500 futures fell 0.02%.