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Asia stocks advance on financials; Nikkei up 0.31%

12 Nov 2010 - {{hitsCtrl.values.hits}}

Forex Pros: Asian stocks advanced on Thursday, as shares in the financial sector led markets higher, while shares in Japanese exporters were boosted as the yen weakened against the U.S. dollar.During late Asian trade, Hong Kong's Hang Seng Index jumped 1.25%, Australia's S&P/ASX 200 gained 0.61%, while Japan's Nikkei 225 Index gained 0.31%.
In Japan, shares in the financial sector led gains after global financial service provider Deutsche Bank upgraded Japan's banking industry to "overweight" from "market-weight," citing possible exemptions of Japanese banks from stricter global banking regulations.
Shares in Japan's largest lender Mitsubishi UFJ Financial Group jumped 1.53%, Japan's third-largest lender Mizuho Financial Group surged 2.36%, while rivals Sumitomo Mitsui Financial Group saw shares rise 1.75%.
Meanwhile, shares in many of the big name Japanese exporters gained as the yen weakened against the U.S. dollar.
Shares in the world's largest automaker Toyota leaped 1.96%, rivals Mazda Motor saw shares jump 2.35%, while shares in the world's largest camera maker Canon added 0.63%.

Elsewhere, in Australia, gains came as shares in the commodity sector performed strongly. Shares in the world's largest mining group BHP Billiton climbed 1.02%, rivals Rio Tinto saw shares jump 1.35%, while shares in gold producer Newcrest Mining soared 1.80%.
Meanwhile, the outlook for European equity markets was mixed. The EURO STOXX 50 futures pointed to a drop of 0.10%, France's CAC 40 futures indicated a decrease of 0.15%, the FTSE 100 futures pointed to a gain of 0.15% and Germany's DAX futures were up 0.13%.
Later in the day, the European Central Bank was to release its monthly bulletin, which gives detailed analysis of current and future economic conditions from the bank's point of view.
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Asia stocks advance on financials; Nikkei up 0.31%

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