Asia stocks advance before Greek vote; Nikkei up 1.5%

Investing.com – Asian stock markets were broadly higher on Wednesday, amid expectations Greek lawmakers will vote in favor of harsh austerity measures and avoid a sovereign debt default.

During late Asian trade, Hong Kong's Hang Seng Index edged 0.3% higher, Australia’s ASX/200 Index climbed 1.2%, while Japan’s Nikkei 225 Index gained 1.54%.  

Later in the day, Greece's Parliament was to vote on a EUR28.4 billion, five-year austerity package needed to secure a second tranche of bailout loans and avoid defaulting on its debt.

Meanwhile, the Nikkei rose to a seven-week high after data showed that Japanese industrial production rose 5.7% in May, the biggest monthly gain since 1953, as factories and automakers resumed operations following the March earthquake and tsunami.

Shares in industrial robot maker Fanuc surged 3.65%, while automakers Nissan and Toyota climbed 2.7% and 1.7% respectively.

Power plant operator Tokyo Electric Power Company saw shares gain 2.85% after the company’s shareholders on Tuesday rejected a motion to abandon nuclear power.

Meanwhile, Japanese exporters with exposure to Europe traded higher, with Canon climbing 2.15%, while Panasonic shares advanced 2.6%. 

In Hong Kong, shares in raw material producers led gains after oil and metal prices advanced, boosting earnings prospects for miners and energy explorers.

China’s largest offshore oil producer CNOOC saw shares jump 2.2%, China Shenhua Energy rose 1.1%, while Jiangxi Copper Company shares added 0.9%.

The outlook for European stock markets was mixed. The EURO STOXX 50 futures pointed to a modest gain of 0.1%, France’s CAC 40 futures shed 0.15%, the FTSE 100 futures eased down 0.08%, while Germany's DAX futures were flat.

Later in the day, the U.S. was to publish industry data on pending home sales.