Asian Shares climb on Wall Street Momentum

Asian markets rose this morning, broadly, as investor confidence got a boost thanks to a strong finish overnight on Wall Street.

In Japan, the Asian benchmark, the Nikkei 225, was up by 1.16 percent. The broader Topix index in Tokyo was higher by 0.83 percent. Gains were broad based on the day. Shares of retailers, utilities and technology were all higher during trading.

Across the Korean Strait, another Asian benchmark, the Kospi composite index was up a solid 1.23 percent. The Korean benchmark bourse was driven by gains in manufacturing stocks and brokerages. Other plays were also higher. The technology sector was mixed. However index heavyweight Samsung Electronics jumped 2.56 percent.

Other Asian Stock Bourses also Rise this Morning

In Hong Kong, the Hang Seng Index gained back some of the previous day’s losses. This bourse was last trading up by 1.07 percent.

Mainland Chinese markets moved lower this morning. The Shanghai composite fell by 0.03 percent and the Shenzhen composite was down 0.37 percent.

Despite broader losses this morning in Chinese markets, bank stocks rose after the Peoples’ Bank of China (PBOC) said today that it was cutting the reserve requirement ratio by 100 basis points for its commercial banks.

According to a Reuters report, regional investors were digesting overnight developments on the trade front.  China said, yesterday, that they would impose deposits on U.S. sorghum imports. Several U.S. companies will be asked to deposit of up to 178.6 percent on sorghum imports. China said the move was temporary.