Asia stocks higher with earnings, U.S. reopen in focus; Nikkei up 1%

Investing.com - Asian stock markets were broadly higher during late Asian trade on Wednesday, as investors digested a batch of mostly upbeat earnings from some of the region’s biggest companies.

During late Asian trade, Hong Kong's Hang Seng Index rose 0.55%, Australia’s ASX/200 Index ended up 0.7%, while Japan’s Nikkei 225 Index climbed 1%.

In Tokyo, the Nikkei bounced off a two-week low on the back of upbeat corporate earnings results.

Mining equipment maker Komatsu saw shares jump 3.2% after it kept its full-year earnings outlook unchanged, removing concerns over its outlook. The company posted a decline of more than 30% in profit for the first half of the fiscal year.

Shares in Fuji Heavy Industries rallied 6.7% after the maker of Subaru cars raised its fiscal-year profit outlook by 40% to JPY67 billion, citing stronger-than-expected sales in the U.S.

In deal news, Hitachi shares climbed 3.2% after announcing its purchase of the U.K.’s Horizon nuclear-power venture. The firm also retained its full-year earnings outlook after its first-half results.

The Nikkei came under pressure on Tuesday after the Bank of Japan boosted the size of its asset purchase program by JPY11 trillion to a total of JPY66 trillion, disappointing market expectations for more aggressive easing.

Elsewhere, in Hong Kong, Industrial & Commercial Bank of China saw shares gain 1.8% after earnings at the world’s largest bank by market value beat analyst estimates.

The lender reported a stronger-than-expected 15% increase in third-quarter net income to CNY62.4 billion.

The upbeat results boosted shares in the other "Big Four" Chinese banks, with China Construction Bank rising 2.1% and Bank of China trading up 1.6%.

China Railway Group saw shares rally 7.9% after reporting a 65% increase in third-quarter net profit.

On the downside, oil giant PetroChina saw shares decline 3.15% after reporting a worse-than-expected 33% drop in quarterly profit.

Meanwhile, in Australia, the benchmark ASX/200 Index advanced on the back of gains in miners, which were boosted by firm metal prices.

Gold miner Newcrest Mining rose 1% and BHP Billiton added 0.8%.

Looking ahead, European stock market futures pointed to a mostly flat open, as U.S. markets prepared to reopen after Hurricane Sandy and investors awaited developments in the euro zone crisis.

Euro zone finance ministers were to hold a conference call later in the day to discuss Greece’s progress on meeting austerity targets, but no decision on when the country will receive the next tranche of its bailout was expected.

The EURO STOXX 50 futures pointed to a modest gain of 0.15% at the open, France’s CAC 40 futures added 0.1%, London’s FTSE 100 futures eased down 0.1%, while Germany's DAX futures pointed to a rise of 0.1% at the open.

Also Wednesday, the U.S. was to produce official data on manufacturing activity in Chicago.