New York, March 30: Asian stocks were higher early Wednesday, boosted by a display of confidence on Wall Street.
Japan’s benchmark Nikkei 225 index was up 1.2 percent to 9,574.68 following the release of data showing the country’s industrial production climbed for the fourth straight month in February. Factory output rose 0.4 percent from January on the back of strong demand for cars and machinery.
But the government warned that Japanese industrial production would fall sharply in the coming months due to the March 11 earthquake and tsunami, which decimated much of northern Japan, crippling production and supply chains.
Hong Kong’s Hang Seng index rose 1.2 percent to 23,340.23, and South Korea’s Kospi was up 0.7 percent to 2,086.72. Shares in Singapore, Taiwan, Malaysia, Australia and New Zealand were also higher.
Benchmark crude for May delivery was down 55 cents to $104.24 on the New York Mercantile Exchange. The contract had gained 81 cents to settle at $104.79 per barrel on Tuesday as concerns about ongoing violence in the Middle East and North Africa sent oil prices slightly higher.
In New York on Tuesday, stocks finished broadly higher after consumer confidence fell less than some analysts had feared. All 10 company groups that make up the S&P 500 index rose by more than 0.3 percent.
The S&P 500 rose 9.25 points, or 0.7 percent, to 1,319.44. The Dow Jones industrial average gained 81.13 points, or 0.7 percent, to 12,279.01. The Nasdaq composite rose 26.21, or 1 percent, to 2,756.89.
——–Agencies