Investing.com – Asian stock markets were broadly higher on Wednesday, after data showed that China’s inflation rate rose at the slowest pace since May and after Italian Prime Minister Silvio Berlusconi announced that he would resign.
During late Asian trade, Hong Kong's Hang Seng Index rallied 1.8%, Australia’s ASX/200 Index climbed 1.2%, while Japan’s Nikkei 225 Index rose 1.1%.
Earlier in the day, official data showed that China’s consumer price index rose by 5.5% in October, moderating from 6.1% in September. Producer price inflation eased to 5.0% in October from 6.5% in September.
The data added to speculation that Beijing will ease monetary policy in the near-term, boosting shares in lenders and property developers.
China’s largest lender Industrial and Commercial Bank of China saw shares rally 3.6%, Chinese Construction Bank shares rose 2.2%, while Hong Kong-listed shares of Bank of China surged 3.65%.
Meanwhile, Hong Kong’s third largest property developer Hang Lung Properties rose 1.45%, while rivals Sino Land Company saw shares jump 1.85%.
Oil producers also contributed to gains, as crude prices traded at a three-month high on the New York Mercantile Exchange. Oil giant PetroChina saw shares climb 3.2%, while CNOOC shares rallied 4.45%.
Elsewhere, in Japan, shares in exporters rebounded from the previous day’s losses after Berlusconi announced late Tuesday that he would resign after parliament approves next year’s budget.
Consumer electronics giant Sony saw shares jump 3.1%, digital camera maker Canon rose 1.1%, while automaker Nissan saw shares climb 1.95%.
Toyota shares rose 1.55% despite reporting a first-half operating loss. The automaker declined to give a full fiscal-year forecast due to uncertainty surrounding the impact of the Thailand floods.
On the downside, shares in Olympus tumbled 20.4% after plunging 29% during the previous session, amid growing fears the company could be delisted from the Tokyo Stock Exchange after admitting that its senior management had covered up investment losses.
Meanwhile, the outlook for European stock markets was upbeat. The EURO STOXX 50 futures pointed to a gain of 1%, France’s CAC 40 futures added 0.9%, the FTSE 100 futures rose 0.7%, while Germany's DAX futures jumped 1.4%.
Later in the day, Federal Reserve Chairman Ben Bernanke was to speak at a public engagement.
During late Asian trade, Hong Kong's Hang Seng Index rallied 1.8%, Australia’s ASX/200 Index climbed 1.2%, while Japan’s Nikkei 225 Index rose 1.1%.
Earlier in the day, official data showed that China’s consumer price index rose by 5.5% in October, moderating from 6.1% in September. Producer price inflation eased to 5.0% in October from 6.5% in September.
The data added to speculation that Beijing will ease monetary policy in the near-term, boosting shares in lenders and property developers.
China’s largest lender Industrial and Commercial Bank of China saw shares rally 3.6%, Chinese Construction Bank shares rose 2.2%, while Hong Kong-listed shares of Bank of China surged 3.65%.
Meanwhile, Hong Kong’s third largest property developer Hang Lung Properties rose 1.45%, while rivals Sino Land Company saw shares jump 1.85%.
Oil producers also contributed to gains, as crude prices traded at a three-month high on the New York Mercantile Exchange. Oil giant PetroChina saw shares climb 3.2%, while CNOOC shares rallied 4.45%.
Elsewhere, in Japan, shares in exporters rebounded from the previous day’s losses after Berlusconi announced late Tuesday that he would resign after parliament approves next year’s budget.
Consumer electronics giant Sony saw shares jump 3.1%, digital camera maker Canon rose 1.1%, while automaker Nissan saw shares climb 1.95%.
Toyota shares rose 1.55% despite reporting a first-half operating loss. The automaker declined to give a full fiscal-year forecast due to uncertainty surrounding the impact of the Thailand floods.
On the downside, shares in Olympus tumbled 20.4% after plunging 29% during the previous session, amid growing fears the company could be delisted from the Tokyo Stock Exchange after admitting that its senior management had covered up investment losses.
Meanwhile, the outlook for European stock markets was upbeat. The EURO STOXX 50 futures pointed to a gain of 1%, France’s CAC 40 futures added 0.9%, the FTSE 100 futures rose 0.7%, while Germany's DAX futures jumped 1.4%.
Later in the day, Federal Reserve Chairman Ben Bernanke was to speak at a public engagement.