Asian Stocks Up on Data from U.S., Asia
Asian stocks were up modestly Wednesday as encouraging economic reports and gains in U.S. markets buoyed investor confidence.
The euro, meanwhile, continued its slide against the dollar amid uncertainty over a resolution to Greece’s debt crisis. Oil prices hovered above $81 a barrel.
Economic news from Asia helped sentiment.
Driven by rising world demand for cars and gadgets, exports from Japan surged 45 percent last month from a year earlier. And Taiwan reported a steep rise in industrial production. Together, the reports added to signs of recovery in global trade.
In Japan, the Nikkei 225 stock average rose 40.88 points, or 0.4 percent, to 10,815.03.
Elsewhere, Hong Kong’s main index added 0.4 percent to 21,080.21 and Shanghai’s market climbed 0.3 percent to 3,060.65.
Markets in Australia and Taiwan also advanced moderately, while South Korea’s Kospi was little changed. India’s market was closed for a public holiday.
Oil prices drifted lower, with benchmark crude for May delivery down 67 cents at $81.24.
In currencies, the euro fell to $1.3421 from $1.3495, or nearly 0.6 percent. The dollar strengthened to 90.56 yen from 90.42 yen.
Among stocks, Nintendo Co. helped lead the broader market higher. Its shares jumping 10 percent after the company, which makes the popular Wii, said Tuesday it plans to release a 3-D version of its popular handheld gaming system, the Nintendo DS, by March 2011.
In Australia, mining shares were among the country’s top gainers. BHP Billiton Ltd. rose percent, while rival Rio Tinto jumped almost 2 percent.
Wall Street had a strong showing overnight.
Hopes for a big U.S. stock rally sent the Dow up 102.94, or 1 percent, to 10,888.83. The index hit a new high for 2010 and is at its highest level since Sept. 26, 2008.
HONG KONG (AP)