Japan, Hong Kong lead Asian market gains
Asian stock markets were mostly higher in early trading Wednesday. The gains followed solid advances in Europe overnight as well as for the Dow and S&P. But S&P 500 futures ESU8, -0.19% were down 0.2% in Asia, perhaps signaling things may not be bright again in the U.S. for Wednesdayâs trading.
Japanâs Nikkei NIK, +0.47% edged up 0.4%, as steel makers JFE Holdings 5411, +3.66% and Nisshin Steel 5413, +2.67% rallied. While most automakers gained, Mitsubishi Motors 7211, -3.55% sank despite beating earnings expectations Tuesday.
After falling early, Chinese stocks rallied into positive territory. The Shanghai Composite SHCOMP, +0.09% , after notching its best three-day streak in more than two years, and the Shenzhen Composite 399106, +0.16% each were up about 0.1%. Bank and infrastructure stocks, Tuesdayâs big gainers, remained active while Facebook-related plays logged gains as the company announced a China unit.
Meanwhile, vaccine maker Kangtai 300601, -8.74% was down 9%, and shares in medical peer Changsheng 002680, -9.96% were halted after seven straight days of steep losses amid the a rabies vaccine scandal.
Hong Kong stocks continued their run of strong gains, as the Hang Seng HSI, +0.80% climbed 0.7%. Financials were again solid, with China Construction Bank 0939, +0.84% rising 1%. Elsewhere, Tencent 0700, +0.64% was up similarly and Sinopec 0386, +2.77% jumped 2.6%.
South Koreaâs Kospi SEU, -0.21% dipped slightly, as did indexes in Taiwan Y9999, -0.30% and Australia XJO, -0.35% , while indexes in Singapo re STI, +0.82% and New Zealand NZ50GR, +0.28% posted modest gains.