Asia’s stock markets edged higher in relatively subdued trade on Wednesday after upbeat U.S. economic data bolstered sentiment and provided temporary relief to on-going euro zone worries.
Encouraging economic reports in the U.S pointed to an improving economy and boosted Wall Street overnight. The S&P/Case Shiller home price index logged its biggest year-over-year increase since 2006, while durable goods orders rose over 5 percent in February from a month earlier.
The news put risk back on the table for Asia as Japan’s Nikkei recouped previous losses, Seoul’s Kospi pushed above the 1,980 mark and Australia’s S&P ASX 200 added 0.3 percent thanks to a rebound in resource stocks. Meanwhile, greater Chinese shares outperformed on strong earnings.