Asia stocks higher on Apple results, weak yen; Nikkei jumps 1.1%

Investing.com - Asian stock markets were broadly higher on Wednesday, as market sentiment was boosted by blowout earnings at U.S. tech giant Apple, while strong gains in Japanese exporters boosted the Nikkei to a three-month high.

During late Asian trade, Australia’s S&P/ASX200 jumped 1.11%, while Japan’s Nikkei 225 Index rallied 1.12%.

Trading in the region was subdued due to the Chinese Lunar New Year holiday. Markets in Hong Kong, mainland China and Taiwan remained closed.

Market sentiment was boosted after Apple reported that fiscal first quarter earnings more than doubled, largely on a huge jump in sales of the iPhone. Revenue surged 73% to USD46.3 billion, blowing past expectations for revenue of USD38.85 billion.

The upbeat results boosted Japanese technology stocks. Toshiba, a supplier of chips for Apple’s iPad, climbed 1.8%, while Murata Manufacturing, an electronic parts maker that supplies capacitors for the iPhone, jumped 3.1%.   

Many of the big name Japanese exporters performed strongly as the yen weakened to an almost four-week low against the U.S. dollar, boosting the outlook for export earnings.

Consumer electronics giant Sony rallied 4.75%, digital camera maker Canon gained 2.95%, while automakers Toyota and Honda saw shares climb 3% and 3.8% respectively.

Elsewhere, financial sector stocks led gains in Australia after official data showed that consumer price inflation was unexpectedly flat in the fourth quarter, raising expectations that the Reserve Bank of Australia would likely cut interest rates

Westpac Banking Corp. jumped 3.5%, Commonwealth Bank of Australia saw shares rise 2.4% and Australia & New Zealand Banking Group gained 2.25%.

Also adding to the upward pressure, rare-earth mineral miner Lynas Corporation rallied 5.1% after the company sold USD225 million in convertible bonds to help fund construction and start-up at its rare-earths processing plant in Malaysia.

Looking ahead, the outlook for European stock markets was upbeat as markets eyed the Federal Reserve’s rate statement later in the day, shrugging off negative developments surrounding Greece’s sovereign debt crisis.

The EURO STOXX 50 futures pointed to a gain of 0.4%, France’s CAC 40 futures rose 0.7%, London’s FTSE 100 futures added 0.3%, while Germany's DAX futures pointed to 0.5% increase.

Later in the day, the Ifo Institute was to publish a report on German business climate, while European Central Bank President Mario Draghi was due to speak.

In the U.S., industry data was to be released on pending home sales, as well as official data on crude oil stockpiles.

Meanwhile, the World Economic Forum was to begin its five-day annual meeting in Davos in Switzerland.