Market Update
Asian equities rose Wednesday, following a bounce-back in commodity prices, but gains were capped amid some disappointing data in the United States overnight.
At close, Japan's Nikkei gained 1% while Hong Kong's Hang Seng and China's Shanghai Composite added 0.5% and 0.7%, respectively. India's Sensex, however, bucked the largely positive trend to close 0.3% lower. Across the region, Australia's ASX added 0.3%.
The U.S. dollar was broadly lower against peers, signaling increasing risk appetite following recent debt concerns in the Euro-Zone.
Stocks on the Move
In Tokyo, financials, which recently corrected on concerns of exposure to troubled Tokyo Electric Power Company, bounced back, boosting the index: Sumitomo Mitsui, Mizuho and Mitsubishi UFJ added 2.4% to 3.5%.
But some exporters traded pressured, thanks to a weak yen: Automaker Honda was off 1% while electronics giant Sony lost 1.3%.
In Hong Kong and China, resource stocks climbed on strength in commodities: Aluminum Corporation of China advanced 0.5% while oil firm CNOOC gained 1.5%.
But rising crude prices hurt equities in India, which is a major importer of oil.
Interest rate-sensitive sectors such as automakers and property were down, amid domestic inflationary pressures that could lead to the country's central bank tightening monetary policy.
Tata Motors dropped 3.6% while realtor Unitech declined 0.4%.
In Sydney, financials shrugged off a debt rating downgrade by Moody's to move broadly higher: Australia and New Zealand Bank rose 0.9%. Among miners, BHP Billiton rose 0.3% while Rio Tinto fell 0.2%.