Investing.com - Asian stocks moved higher in Wednesday trade, bolstered by apparent progress on European debt and a mild overnight upturn for Wall Street shares.
During early Asian trade, Hong Kong’s Hang Seng Index gained 1.04 to 19,248.64, Japan’s Nikkei 225 Index rose 0.42% to 8,652.97, and Australia’s S&P/ASX 200 added 0.5% to 4,093.20.
Along with the Nikkei, the broader-based Topix Index of all issues listed on the first section of the Tokyo Stock Exchange climbed 0.18% to 751.16.
Dealers in Hong Kong had their first opportunity to react to Monday’s Financial Times report that China was in talks with Italian officials regarding a possible purchase of bonds.
Earlier Tuesday, German Chancellor Angela Merkel expressed confidence that rescue measures to address Greek debt were progressing, and rejected the notion that Greek bankruptcy would provide a quick solution to the euro-zone’s debt crisis.
Stock markets in the U.S. and Europe closed higher on hopes that Greece would take the steps needed to win approval from the ECB, the International Monetary Fund and the European Commission to receive its next batch of funding.
Wall Street posted its second consecutive day of gains, as the Dow Jones Industrial Average gained 0.4%, the Nasdaq Composite Index rose 1.5%, and the S&P 500 climbed 0.9%.
European bourses also gained, with France’s CAC 40 adding 1.4%, Britain’s FTSE 100 rose 0.87%, and Germany’s DAX advanced 1.85%.
Merkel was due to speak later Wednesday with French President Nicolas Sarkozy and Greek Prime Minister George Papandreou, while U.S. Treasury Secretary Timothy Geithner was scheduled to meet with European Union finance ministers later this week.
In Tokyo, technology shares following their Wall Street counterparts, with Sharp Corp. surging 5.38%, Sony Corp. up 3.54% and Panasonic Corp. higher by 1.35%.
Resource issues led the way in Sydney, with Rio Tinto Ltd. gaining 1.1%, and Fortescue Metals Group Ltd. adding 1.49%.
South Korean car makers slipped following a holiday break. Kia Motors Corp. declined 1% and Hyundai Motor Co. Ltd. fell 1.5%.
The outlook for European stocks was mixed. France’s CAC 40 futures was lower by 0.12% to 2,900.70, Britain’s FTSE 100 futures edged down 0.01% to 5,183.10, while Germany’s DAX futures was up 0.03% to 5,204.30.