Asia Stocks Up on Strong Corporate Earnings

Asian stock markets rose in early trading Wednesday as sentiment turned upbeat on a batch of strong corporate earnings results.

Japan’s benchmark Nikkei 225 stock average advanced 155.66 points, or 1.6 percent, to 9,652.51. The Japanese index was supported by gains in exporters as the yen softened against the dollar. A weak yen helps Japanese exporters because it boosts the value of their repatriated profits, and makes their goods more competitive by price abroad.

South Korea’s Kospi added 0.2 percent to 1,771.90. Australia’s S&P/ASX 200 edged up 0.3 percent to 4,527.50.

In New York overnight, the Dow Jones industrial average added 12 points to 10,537.69 Tuesday for its fourth straight advance. The gain was largely to due a jump in DuPont Co. after the chemical maker reported strong earnings.

In Europe, Swiss bank UBS AG and Deutsche Bank AG, Germany’s biggest, also delivered forecast-busting earnings in the wake of last week’s bank stress test results.

In Japan, major electronics maker Canon Inc. said Tuesday its net profit in the April-June quarter more than quadrupled from the previous year on strong demand for office equipment and digital cameras.

TOKYO (AP)