By Marketwatch and Associated Press
Asian markets advanced Wednesday following strong gains on Wall Street.
The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.23% , S&P 500 /zigman2/quotes/210599714/realtime SPX +0.15% and Nasdaq Composite /zigman2/quotes/210598365/realtime COMP -0.15% all rose more than 2% on Tuesday, spurred by comments by Federal Reserve Chairman Jerome Powell that left the door open to an interest-rate cut.
While there was no major news on the U.S.-China trade front, Reuters reported U.S. Treasury Secretary Steve Mnuchin will meet with Yi Gang, governor of the People’s Bank of China, on the sidelines of the G-20 summit in Japan this weekend. It will be the first face-to-face meeting between high-level members of the two countries’ trade-negotiation teams since talks stalled in early May.
Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.25% closed up 1.8%, while Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.23% gained 0.5%. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.50% was flat, along with the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +1.01% . South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.16% advanced 0.1%, and Taiwan’s Taiex /zigman2/quotes/210597977/delayed TW:Y9999 +0.78% gained 0.3%.
Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.30% closed up 0.4%. Data showed growth in Australia cooled to its slowest annual pace in almost a decade.
Among individual stocks, robotics maker Fanuc /zigman2/quotes/202054799/delayed JP:6954 -0.71% surged in Tokyo trading, along with SoftBank /zigman2/quotes/207303954/delayed JP:9984 -0.02% and Nintendo /zigman2/quotes/208063194/delayed JP:7974 -0.16% . In Hong Kong, Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 -0.09% , CNOOC /zigman2/quotes/203421416/delayed HK:883 -0.50% and AIA /zigman2/quotes/203565558/delayed HK:1299 +0.07% posted strong gains. Samsung /zigman2/quotes/209800866/delayed KR:005930 +1.79% and SK Hynix /zigman2/quotes/206420319/delayed KR:000660 +2.06% advanced in South Korea and Taiwan Semiconductor /zigman2/quotes/207385621/delayed TW:2330 +1.38% rose in Taipei trading. Beach Energy /zigman2/quotes/200513631/delayed AU:BPT +1.73% and Westpac /zigman2/quotes/203084975/delayed AU:WBC +0.31% gained in Australia.