Asian Stocks
Stocks in Asia were seen trading mostly higher on Wednesday, rising for a third day, boosted by the gains seen overnight on Wall Street. In Australia, traders digest the inflation data for the second quarter.
The Japanese benchmark Nikkei 225 index fell 0.1%, closing at 15,328.56 points, while Tokyo’s Topix gauge slid 0.07% to 1,272.33 points.
The Japanese steel company Nisshin Steel advanced 3.61%, while Japan’s leading brewery and Soft Drink Company Asahi Group Holdings added 0.4% to 3,163 yen. On a downside, the electronic and semiconductor company Tokyo Electron saw that most losses during the session, with shares sliding 2.74% lower.
Hong Kong’s Hang Seng index rose 0.54% to 23,840.58 points at the time of writing, while the Chinese benchmark Shanghai Composite added 0.18% to 2,075.29 points.
Property developers China Resources Land and China Overseas saw major gains on the Hang Seng Index, with shares rising 5.23% and 4.43% respectively. While AAC Technologies edged 1.9% higher to HK$48.95 and rice-cake maker Want Want China lost 2.72%.
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The South Korean benchmark Kospi index fell 0.03%, ending at 2,028.32 points.
Australia
In Sydney, the benchmark S&P/ASX 200 index rose 0.46%, closing at 5,568.90 points.
Mining company Lynas saw shares rising 14.71%, while the oil and gas company Buru Energy dropped 1.73%. BHP Billiton advanced 1.8%, after the leading mining company said that iron-ore output jumped 19% in the three months ending June.
Australia’s consumer prices was seen rising above the Reserve Bank of Australia’s (RBA) policy threshold in the second quarter as inflation jumped to 3% year-on-year in the second quarter from the previous reading of 2.9%, the Australian Bureau of statistics confirmed.
The reading came in-line with analysts’ estimates, reaching the upper-limit of RBA’s 2-3% target inflation rate for the first time since the December through 2011 quarter.
Meanwhile on a monthly basis, the Consumer Price Index rose 0.5% in the June quarter, falling slightly from the previous reading of 0.6% seen in the previous quarter.
US Economy
The US consumer prices index climbed 0.3% in June, compared to the 0.4% seen in the previous month, a report from the US Labour Department showed on Tuesday. Purchases of existing homes climbed 2.6% to a 5.04 million annual rate, according to a data from the National Association of Realtors.
European Stocks
European stocks climbed on Wednesday amid earnings report before the release of the Bank of England meeting minutes.
The European Euro Stoxx added 0.19% to 3,195.17 at the time of writing, while the German DAX gained 0.45% to 9,7777.32. At the same time the French CAC 40 rose 0.22%, trading at 4,379.15 and the UK’s benchmark FTSE 100 was up 0.13% to 6,804.51.
Earnings Reports
German multinational automotive company Daimler posted figures for its net income for the June quarter, with its net income jumping 52.2%, lifted by the record sales in its Mercedes Benz division.
The Swiss power grid maker ABB said its second-quarter net profit dropped by a 17% to $636 million, while revenue came in lower than estimated.
In Norway, the telecom company Telenor posted revenue for the second-quarter as it climbed $4.3 billion, rising by 4% from the same period in the previous year, while the company’s profit fell 28%.
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