Forex Pros - Asian stock markets were broadly higher on
Wednesday, as market sentiment was boosted after Greek Prime
Minister George Papandreou survived a key parliamentary confidence
vote late Tuesday, easing concerns over an imminent default.
During late Asian trade, Hong Kong's Hang Seng Index rose 0.45%,
South Korea's Kospi Composite advanced 0.77%, while Japan's Nikkei
225 Index rallied 1.8%.
Greece's parliament supported Prime Minister Papandreou's new
cabinet on Tuesday, wining the support of 155 out of 300 parliament
The confidence vote fuelled hopes that Greek lawmakers would
support next week's vote on harsh austerity measures, which include
EUR28 billion in spending cuts and new taxes over the next five
Shares in Tokyo rose for the third consecutive day, as shares in
many of the big name Japanese exporters advanced, boosted by the
outlook for export earnings.
Consumer electronics giant Sony saw shares jump 3.7%, rival
Panasonic rose 2.05%, while shares in the world's largest automaker
Toyota gained 1%.
Shares in the financial sector also performed strongly, with
Mitsubishi UFJ Financial Group and Mizuho Financial Group each
climbing 2.5%, while Daiwa Securities Group saw shares rally 4.25%.
Chipmaker Elpida Memory saw shares jump 4.35% after it said it had
developed a new, ultra-thin dynamic random-access memory (
In Hong Kong, shares in retailer Li & Fung, which receives most
of its revenue from Europe, soared 7.7%.
Shares in Cosco Pacific, the Hong Kong-based operator of container
facilities in Greece climbed 2.3%, while rival China Merchants
Holdings rose 1.4%..
The outlook for European stock markets was modestly lower. The EURO
STOXX 50 futures pointed to a decline 0.35%, France's CAC 40
futures shed 0.15%, Germany's DAX futures eased down 0.05%, while
the FTSE 100 futures retreated 0.1%.
Later in the day, the euro zone was to publish official data on
industrial new orders as well as data on consumer confidence.
Also Wednesday, the Federal Reserve was to announce its federal
funds rate. The announcement will be followed with a press
conference by Fed Chairman Ben Bernanke to discuss the bank's rate