Asian markets ended higher as investors turned optimistic ahead of a two-day meeting of European Union leaders beginning Thursday.
The Nikkei gained 1.7% to close at its highest level in a month. The Shanghai Composite was up 0.3% while the Hang Seng closed 1.6% higher. The Sensex edged up 0.1% while in Sydney, the S&P/ASX All Ordinaries rose 0.7%.
The ECB is set to meet Thursday where it is expected to cut interest rates.
A Financial Times report late Tuesday supported global markets after it cited senior European officials saying negotiations are underway to form another bailout fund that would come into effect sometime in the middle of next year.
Stocks on the Move
Shares in shipping company Mitsui O.S.K. Lines ended up 11.2% after it said late Tuesday it would jointly operate large tankers with four other firms, including firms from Singapore and Denmark. Rival Nippon Yusen was up 7.9% while Kawasaki Kisen gained 7.3%.
Overall trading volumes picked up with 1.81 billion shares changing hands.
Index heavyweight Sony gained 5.9% while Panasonic was up 2.7%. But Sharp Corp. fell 0.9%. Camera-maker Nikon reversed direction to close0.5% higher.
Auto-makers were on positive turf with Toyota up 2.5% while Nissan and Honda Motor revved 1.3% each.
In Hong Kong, resources were higher with Jiangxi Copper gaining 3.7% and Aluminum Corporation of China up 3.3%. CNOOC climbed 1.2% while PetroChina was up 0.6%.
The Sensex also moved up in Mumbai, in line with a firming trend across other regional bourses. The top gainer on the Sensex was Wipro, up 3.3%, followed by Infosys, up 2%, and Jaiprakash, up 1.9%.
Other gainers were HDFC, ONGC, Sterlite, SBI, Bajaj Auto, L&T, Tata Steel and DLF, all up in a range between 1.2% and 1.8%.
Miners were higher in Sydney with index leader BHP Billiton up 0.8%. Rio Tinto was up 1.1% while Fortescue Metals gained 1.2%. Mining shares were given a boost by Indian iron ore producer National Mineral Development Corporation’s Chairman Rana Som who said he expects India to stop shipping iron ore to China within five years, opening the door for another 100 million tonnes a year to be sent from Australia instead.
Aussie shares maintained a higher ground after data showed the economy grew in line with expectations in the September quarter.
The construction industry continued to decline in November but at a slower pace, according to a private sector survey.
Energy stocks climbed higher with Woodside up 0.5% and Santos 1.2% higher. Oil Search was up 0.3%.
Financials were also stronger with all four of the big retail banks in the black. Investment bank Macquarie Group advanced 1.5%.
