Asia stocks rise amid bottom fishing; Nikkei up 0.97%
Published May 21, 2012 10:57PM ET
Hopes European leaders will find a way to ease the Greek debt crisis also fueled the buying spree, as did comments from Chinese Premier Wen Jiabao, who stated the country adhere to economic policies that spur more growth.
During Asian trading on Tuesday, Hong Kong's Hang Seng Index was up 1.01%, Australia's S&P/ASX200 was up 0.68%, while Japan’s Nikkei 225 Index was up 0.97%.
Bargain hunters brought up Asian stocks on Tuesday, mainly on residual hopes that Europe will find a way to keep Greece in the eurozone.
German Finance Minister Wolfgang Schaeuble, a vocal supporter for imposing austerity measures on Greece in exchange for bailout money, said Germany and France would do everything necessary to help Greece remain in the currency zone, which sparked demand for risk in Asia.
Meanwhile in China, Premier Wen Jiabao expressed the need to stick with a "proactive fiscal policy and a prudent monetary policy" that prioritizes growth increased appetite for stocks as well.
Expectations that the Bank of Japan will weaken the yen to boost exports also buoyed stock prices.
Meanwhile, the market shrugged off Japan's All Industries Activity Index, which fell 0.3% in March from February, worse than market expectations for a flat reading.
In Hong Kong, the top gainers included HKEx, up 2.57%, China Overseas, up 2.46%, and CHALCO, also up 2.46%.
In Australia, the top gainers included Gindalbie Metals, up 8.05%, Monadelphous Group, up 6.92%, and Graincorp, up 6.86%.
European stock futures indicated a lower opening.
France's CAC 40 futures pointed to a loss of 0.10%, while Germany's DAX 30 futures signaled a loss of 0.02%. Meanwhile, in the U.K., the FTSE 100 futures indicated a loss of 0.15%.
Dow Jones Industrial Average futures were down 0.07% while the S&P 500 futures were down 0.10%.
The Bank of Japan will move the yen when its announces it decision on interest rates and the need for stimulus later.
Elsewhere, the U.S. will unveil industry data on existing home sales, a leading indicator of economic health to the country's housing sector.
In Europe, eurozone consumer confidence figures are due out as well.
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Written By: Investing.com
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