Asia stocks rebound from three-day drop; Nikkei jumps 2%
Investing.com
Published Sep 07, 2011 02:49AM ET
During late Asian trade, Hong Kong's Hang Seng Index jumped 1.6%, Australia’s ASX/200 Index rallied 2.4%, while Japan’s Nikkei 225 Index climbed 2.04%.
Shares in Japanese exporters performed strongly in Tokyo, as a weaker yen boosted the outlook for export earnings.
Consumer electronics giant Sony saw shares climb 3.15%, semiconductor manufacturer Elpida Memory surged 7.55%, while shares in automakers Toyota and Honda rose 2.9% and 1.6% respectively.
Shares in the financial sector were higher, recouping recent losses. The nation’s largest lender Mitsubishi UFJ Financial Group advanced 1.25%, while Sumitomo Mitsui Financial Group added 1.3%.
Earlier in the day, the Bank of Japan kept its benchmark interest rate unchanged between a range of 0.0% to 0.1% and left the amount of its lending and asset-purchase programs unchanged at JPY10 trillion.
In Hong Kong, shares in the financial sector were broadly higher, boosted by a report in the China Securities Journal saying that Beijing could lower banks' reserve requirements in the near-term.
Industrial and Commercial Bank of China saw shares jump 2.85%, Bank of China Hong Kong rose 2.8%, while China Construction Bank shares advanced 2.7%.
Meanwhile, Australia’s ASX/200 Index rallied 2.4% after official data showed that the nation’s economy expanded by 1.2% in the second quarter, beating expectations for a 1.0% gain.
Elsewhere, the outlook for European stock markets was upbeat. The EURO STOXX 50 futures pointed to a gain of 2.3%, France’s CAC 40 futures rose 2.2%, the FTSE 100 futures advanced 2.25%, while Germany's DAX futures indicated a strong gain of 2.6%.
Later in the day, Germany’s constitutional court was to hand down a ruling on the legality of the latest bailout for Greece. The country was also to produce official data on industrial production.
In addition, Federal Reserve Bank of Chicago President Charles Evans was to speak. The Fed was also to publish its beige book, which looks at regional economic conditions.
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Written By: Investing.com
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