Asia markets traded mostly higher on Wednesday, as cooling inflation in China gave some banking and property shares a boost, and investors cheered plans by Italian Prime Minister Silvio Berlusconi to resign as a step toward resolving crippling debt problems in Europe.
Japan’s Nikkei 225 Index regained 99.93 points, or 1.2%, to 8,755.44
In Hong Kong, the Hang Seng Index barreled ahead 335.96 points, or 1.7%, to 20,014.40
Wednesday’s performance in Asia followed a positive finish for U.S. stocks after reports that Italy’s Berlusconi had agreed to resign once parliament approves austerity measures in a vote expected next week.
Pressure had been mounting on the leader of the euro-zone’s third-largest economy to step down, as Italy’s surging borrowing costs added to market concerns about Europe.
Tokyo-listed financial firms and exporters rose, with the latter shrugging off a rising yen, as the dollar fell back below the ¥78 level overnight.
Shares of Nomura Holdings Inc. rose 4.1%, Daiwa Securities advanced 4%, and Aozora Bank Ltd. rose 4.3%.
Sony Corp. put on 3.1%, and Panasonic Corp. added 1.9%.
Isuzu Motors Ltd. gained 4.5% after posting a 16% rise in first-half earnings, while Toyota Motor Corp. finished 1.6% higher, overcoming the company’s swing to a first-half operating loss, announced late Tuesday.
Shares in Olympus Corp. extended their dive, plunging 20.4%, after the company admitted a day earlier that its management had covered up investments losses.
Gains came through for some Korean exporters, with Samsung Electronics Co. ending with a 1.6% gain, though rival Hynix Semiconductor Inc. fell 4.1% as a Thursday deadline approached for bids on a 20% stake in the chip maker.
In Australia, Myer Holdings Ltd. rose 6.4% after it reaffirmed full-year guidance in its quarterly sales report, while fellow retailer David Jones Ltd. gained 4.8%, and Harvey Norman Holdings Ltd. advanced 3.3%.
Many energy stocks also improved, with Oil Search Ltd. up 2.7% in Sydney, and Cnooc Ltd. adding 4% in Hong Kong, as benchmark Nymex crude-oil futures rose back toward the $97-U.S.-a-barrel mark.
CHINA
Chinese data Wednesday showed inflation rates cooling significantly, which helped send Hong Kong-listed banking and property shares higher on the hopes of possible policy easing from Beijing.
Shanghai’s CSI 300 index took on 23.94 points, or 0.9%, to 2,751.65
Bank of China Ltd. and Bank of Communications Co. each rose by 4%, China Merchants Bank Co. put on 3.5%, and Industrial & Commercial Bank of China Ltd. closed 3.6% higher.
Agile Property Holdings Ltd. added 3.5%, while China Overseas Land & Investment Ltd. rose 3%, and China Resources Land Ltd. gained 3.4%.
In other markets;
Taiwan’s Taiex Index gave up 38.93 points, or 0.5%, to 7,561.86
Korea’s Kospi Index inched up 4.39 points, or 0.2%, to 1,907.53
Singapore’s Straits Times Index dipped 7.86 points, or 0.3%, to 2,858.66
New Zealand’s NZX 50 Index tacked on 2.33 points to 3,353.56
Australia’s S&P/ASX 200 Index gained 52.30 points, or 1.2%, to 4,346.10
