Asian Stocks Higher on US Data

Japanese and Hong Kong stock futures rose after data showed U.S. consumer confidence climbed to the highest level since 2008 and home values jumped the most in seven years, boosting the outlook for exporters.

American Depositary Receipts of Toyota Motor Corp., the world’s largest carmaker, gained 1.4 percent after the yen weakened from the close of equity markets in Japan. ADRs of Nissan Motor Co. (7201), a carmaker that gets 79 percent of its revenue abroad, added 1.7 percent. Those of Sony Corp. advanced 1.7 percent as Citigroup Inc. increased by 29 percent its price estimate on shares of Japan’s biggest TV maker.

Futures on Japan’s Nikkei 225 Stock Average (NKY) expiring next month traded at 14,410 in Chicago yesterday, up from 14,360 at the close in Osaka, Japan. They were bid in the pre-market at 14,420 in Osaka at 8:05 a.m. local time before Bank of Japan governor Haruhiko Kuroda addresses a conference this morning. Futures on Australia’s S&P/ASX 200 Index were little changed and New Zealand’s NZX 50 Index rose 0.4 percent.


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Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu