Asian stocks climbed on Wednesday after reports revealed that China’s services industries and the US manufacturing expanded faster than expected. While the Japanese benchmark index climbed on the weaker yen.
The Japanese Nikkei 225 index jumped 0.38% to trade at 15,728.35, the highest since January 23, while Tokyo’s Topix index edged 0.335 higher to 1,301.30 points.
The Japanese yen weakened against the greenback, trading around 105.23 yen at the time of writing, lifting shares for the region’s exporters. Honda Motor added 0.9% to 3,552 yen, while Sony rose 2.7% to 2,073 yen. Meanwhile Yokogawa Electric advanced 10.38%, the highest since February 2010, after JP Morgan raised its ratings to neutral from underweight and increased its share-prices estimated to 1,380 yen from 1,160 yen.
Hong Kong’s Hang Seng index rose 2.03% higher to trade 25,097.25 points, while the Chinese benchmark Shanghai Composite added 0.95% to 2,288.33 points.
China Mobile climbed 3.45 to HK$01.30 as it heads for its highest close since august 2008. While the Chinese property developers China Resources and Land Development saw the most gains, with shares rising 4.30% and 4.92% respectively.
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According to official reports released, China’s non-manufacturing purchasing managers’ index came in at 54.4 for August, compared to the six-month low of 54.2 in July. A separate reading from HSBC Holdings and Markit Economics showed that the services PMI climbed to 54.1, the highest since March. Readings above 50 indicate expansion, while readings below 50 show contraction.
In South Korean, the benchmark Kospi index slid 0.05% to 2,050.98 points. Australia’s S&P/ASX 200 index fell 0.04% lower to 5,656.10 points.
A report from the Australian Bureau of statistics showed that the Australian economy grew 0.5% in the second quarter, compared to the 1.1% expansion seen the previous quarter, while it rose 3.1% on an yearly basis.
The Institute for Supply Management’s index was seen rising to 59, the highest level since March 2011 and compared to the previous forecast of 57.1 seen in July.
Stocks market in Europe opened higher on Wednesday as the market await services PMI reports from the euro-block and focuses on the ECB meeting which takes place on Thursday.
The European Euro Stoxx 50 added 0.45% to open at 3,194.57, while the German DAX opened 0.34% to 9,539.31 at the time of writing. At the same time the French CAC 40 edged 0.43% to begin at 4,397.05 and UK’s benchmark FTSE 100 was up 0.26% to 6,847.22.
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