Asian shares followed Wall Street higher this morning. Investors were eyeing the stronger than expected U.S. inflation data released on Wednesday.
The Asian benchmark bourse, the Japanese Nikkei 225 was up 1.5 percent, or 317.26 points. Most sectors were higher despite the stronger yen. Technology and financials showed solid gains in the morning. Sony was up 2.03 percent and Mitsubishi UFJ Financial Group rose by 2.49 percent.
The manufacturing sector was also higher, with Fanuc Manufacturing and Komatsu each rising 1.83 percent and 4.18 percent, respectively.
The Nikkei was under selling pressure in its last session. This was after the dollar fell to a 15 month low against the yen on Wednesday.
Asian Investors watch Regional Economic Data
Looking at the Asian economic calendar, for today, Japan’s December core machinery orders were down 11.9 percent. This was a much larger loss than the 2.3 percent fall economists had expected.
In Australia, the S&P ASX 200 was up 0.89 percent. Energy, materials and gold plays were among the best performing sectors. Major miners were also up. Rio Tinto gained 2.93 percent and BHP was up 3.48 percent.
Australian insurer Suncorp shed 2.89 percent. This comes after the company reported that half year net profit was down 15.8 percent to $452 million. All numbers are in Australian dollar terms. This missed the expected forecast of $486 million. The company said that higher than expected natural hazard claims as a reason behind its poor earnings.
In Hong Kong, the Hang Seng Index jumped 1.29 percent. Finance, commerce and industry sectors were all higher this morning. Financials were also higher as China Construction Bank gained 2.35 percent and HSBC jumped 1.37 percent.