Asia stocks up following surge on Wall Street
In a report released Tuesday, the United States Energy Information Administration forecast that worldwide fuel demand is set to accelerate over the next two years.
Asian stock markets followed Wall Street higher on Wednesday as Greece appeared close to a deal with creditors to cut its massive debts and avoid a chaotic bankruptcy.
Japan's Nikkei 225 index rose 0.6 percent to 8,975.65. South Korea's Kospi rose 1 percent to 2,000.24 and Hong Kong's Hang Seng gained 0.6 percent to 20,821.06. Australia's S&P/ASX 200 added 0.2 percent to 4,281.40.
Benchmarks in Singapore, Taiwan and mainland China rose, while Indonesia's fell.
Greece has been kept solvent for the last two years by euro110 billion ($145 billion) in international rescue loans. But the money was not enough and a second loan is urgently needed to avert bankruptcy.
International lenders, however, have refused to approve more aid unless Greece learns to live within its means and implements a strict austerity program. Without an injection of emergency money — some euro130 billion ($170 billion) is on the line — Greece will likely default on bond repayments due next month.
"Optimism about finalizing the prolonged Greek debts deal boosted sentiment overnight as Greek officials said that the final draft of agreement between the Greek government and international creditors is in progress," analysts at Credit Agricole CIB in Hong Kong said in an email.
Meanwhile, Toyota Motor Corp. jumped 3.5 percent, a day after Japan's top automaker raised its annual earnings forecast, saying a recovery is on track. Yamaha Motor Co. surged 4.3 percent and Mazda Motor Corp. soared 5.1 percent.
On Tuesday, the Dow Jones industrial average rose 0.3 percent to close at 12,878.20. The Standard & Poor's 500 gained 0.2 percent to 1,347.05. The Nasdaq composite rose marginally to 2,904.08 — about a point shy of its best close since December 2000.
A report that job openings soared to the highest level in almost three years in December also helped the U.S. market. The government reported Friday that the U.S. unemployment rate fell to 8.3 percent in January, the lowest in almost three years.
Benchmark oil for March delivery was up 43 cents to $98.84 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.50 to $98.41 per barrel on the Nymex on Tuesday.
In currency trading, the euro slipped to $1.3246 from $1.3248 late Tuesday in New York. But the dollar rose to 76.93 yen from 76.78 yen.