Asia report: Markets higher on positive regional data
Markets in Asia finished in the green on Wednesday, with positive data from South Korea and Japan giving investors reason to smile, alongside a record session for US markets overnight as the S&P 500 hit an all-time high.
In Japan, the Nikkei 225 was 1.43% firmer at 19,057.50, with most sectors on the benchmark flying higher.
Fresh data showed the country’s annual exports grew for the first time in 15 months in December, egged on by higher shipments of electronics and car parts.
The data showed exports in December were 5.4% higher than the prior year, well ahead of the Reuters-polled forecast for a 1.2% rise.
Embattled airbag maker Takata saw its shares surge 18.22% to crash into their daily price limit, after its one-week 40% fall over concerns the courts would become entangled in the firm’s turnaround plans.
The yen was stronger against the greenback, and was last ahead 0.14% at JPY 113.63 per $1.
On the mainland, the Shanghai Composite was up 0.22% to 3,149.43, while the Shenzhen Composite was 0.4% firmer at 1,904.4.
Overnight on Tuesday, during US trading hours, online marketplace operator Alibaba reported a 54% surge in third-quarter revenue as a result of higher sales during its ‘Singles Day’ promotion.
Revenue was CNY 53.25bn for the quarter to 31 December, and its shares rallied up 3.07% in US trading.
In South Korea, the Kospi was almost flat yet again, rising 0.06% to 2,066.94 after the Bank of Korea released figures showing a 0.4% rise in GDP quarter-on-quarter, and a 2.3% increase year-on-year.
Economists polled by Reuters had picked a 0.3% rise on the quarter.
Hong Kong’s Hang Seng Index finished the day 0.43% higher at 23,049.12.
Oil prices were down during Asian trading, with Brent crude last off 0.89% at $54.95 per barrel and West Texas Intermediate losing 0.93% at $52.69.
Australia’s S&P/ASX 200 was 0.38% higher at 5,671.51, with the materials subindex giving the benchmark a 2% boost.
The major miners were up in Sydney with BHP Billiton up 3.26%, Fortescue Metals adding 0.76%, and Rio Tinto 3.81% higher after it confirmed the disposal of Coal & Allied Industries to Yancoal on Tuesday.
Inflation grew slower than expected in the sunburnt country in the final quarter of 2016, according to official data.
Prices were up 0.5% in the fourth quarter, and 1.5% year-on-year - missing the Reserve Bank of Australia’s targets of 2-3%.
Across the Tasman Sea, the S&P/NZX 50 rose 0.4% to 7,090.92, with local analysts in New Zealand calling it a “sea of green”.
It was led once again by honey and health food producer Comvita, which was up 4.4%, while casino operator SkyCity Entertainment was the worst performer of the day, losing 0.8%.
The down under dollars were mixed, with the Kiwi last 0.09% stronger against the greenback at NZD 1.3784, but the Ausse weakening 0.39% to AUD 1.3241 per $1.