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Oil prices continued to rise in the Asian session Wednesday, gaining $0.79 to trade at $101.43 a barrel by 10:36 p.m. ET. The contract for delivery rebounded Tuesday by $4.27 to settle at $100.64 a barrel on the New York Mercantile Exchange.
The U.S. dollar traded in the lower 106-yen levels in Tokyo deals, up from Tuesday's close in the upper 104-yen range in Tokyo. The South Korean won rose against the U.S. dollar, rebounding from a 64-month low, to trade at 1,189.75 a dollar in early local deals. The Australian dollar opened weaker at US$0.7924-0.7926 and the kiwi was buying US$0.6702 early Wednesday.
On Tuesday, Wall Street rebounded following its biggest sell-off in years. The Dow jumped 485 points or 4.7% to finish at 10,850 after falling nearly 7% on Monday to its lowest close in nearly three years. The S&P 500 index gained 58 points or 5.3% to finish at 1,164, and the Nasdaq composite index climbed 98, or 5.0% to end at 2,082.
The Japanese stock market was trading higher, snapping a four-day losing streak. Exporters gained on the back of a weaker yen. However, Bank of Japan's Tankan corporate survey showed that Japanese business sentiment has turned pessimistic for the first time in five years.
At 8.08 P.M. ET, the benchmark Nikkei 225 Index was advancing 166.4 points or 1.48% to 11,426.26, while the broader Topix Index of all First Section Issues was gaining 15.15 points to 1,102.56.
On the economic front, Bank of Japan's latest quarterly Tankan survey showed that Japanese business sentiment has turned pessimistic for the first time in five years. The large-scale diffusion index of corporate sentiment posted a reading of -3 in the third quarter, the lowest reading since June 2003. That came in lower than analyst expectations that predicted a score of -1, and it also was down from a score of 5 in the second quarter. The outlook survey for the fourth quarter projected a score of -4. Also, large companies see this year's fiscal year capital expenditures up just 1.7%, the lowest projection in six years.
Later in the day, Japan is also slated to announce August data for labor cash earnings and vehicle sales for the month of September. Cash earnings are called flat after a 0.3% annual increase in July. Vehicle sales were down 14.9% on year in August.
In the banking space, Mitsubishi UFJ gained 2.46%, Mizuho Financial rose 2.04%, Sumitomo Mitsui advanced 2.38% and Resona Holdings climbed 2.57%. Nomura Holdings, Japan's largest brokerage firm, jumped 5.05% and rival Daiwa Securities gained 3%.
Among automakers, Honda advanced 2.59%, Toyota gained 2.05%, Nissan added 1.00%, and Mazda improved 1.20%. Electronics giant Sony climbed 4.13% and heavy machinery maker Komatsu added 1.97%, while Nikon declined 2.04%.
Japan Airlines advanced 0.46%. The airline said that a one-day strike by its cabin crew scheduled for Wednesday has been canceled and flights will operate as normal.
In the tech sector, Advantest advanced 0.92%, Fanuc rose 2.97% and Kyocera added 1.14%. Showa Denko rose 3.23% after the company and Hoya Corp. said on Tuesday that they would merge their hard disk media businesses. Showa Denko will own 75% of the new company.
Fuji Electric Holdings slumped 5.20% after a report in the Nikkei Business Daily said that Nidec Corp would buy that company's industrial motor unit for about 10 billion yen. Nidec will also take a 60% stake in Fuji Electric Motor Co by January. Kobe Steel rose 3.86% after the company raised its forecast for annual group net profit by 10% due to lower oil and metal prices as well as continued strong demand for high-grade steel products.
Shipping companies were trading weak after the Baltic Dry Index, a measure of shipping costs for commodities, lost 8.2% to a two-year low. Nippon Yusen slid 3%, Mitsui OSK Lines tumbled 4.8% and Kawasaki Kisen lost 3.8%. Among oil-related stocks, Inpex Holdings added 0.56%, Nippon Oil rose 3.24% and Showa Shell gained 0.79%.
The South Korean stock market was trading lower, extending losses for a fourth straight trading session. The market pared early gains, as shares had recovered much of Tuesday's early 5.5% losses to end down just 0.6%. At 10:10 p.m. ET, the benchmark Korea Composite Stock Price Index or KOSPI was down 11.75 points or 0.81% at 1,436.31.
On the economic front, South Korea's trade deficit narrowed to US$1.9 billion in September from US$3.81 billion a month before, mainly due to falls in crude oil and raw material prices, according to a government report. Exports rose 28.7% from a year earlier, while imports shot up 45.8%, the Ministry of Knowledge Economy said Wednesday.
In early trade, Hana Financial Group advanced 0.7% and Woori Finance Holdings gained 0.4%. Among tech stocks, market leader Samsung Electronics dropped 0.9% and LG Electronics declined 1.4%. Kia Motors rose 2.7% after unionised workers accepted a fresh wage deal.
The Australian stock market was trading sharply higher, ending a four-day losing streak. At 8:56 p.m. ET, the benchmark S&P/ASX 200 index was up 125.0 points or 2.7% at 4,725.5 and the broader All Ordinaries index was advancing 123.4 points or 2.7% to 4,754.7.
In economic news, manufacturing activity fell for a fourth straight month in September. The Australian Industry Group-PricewaterhouseCoopers Australian performance of Manufacturing Index rose 0.2 index points to 47.2 points in September.
Later in the day, the Reserve Bank of Australia will reveal its index of commodity prices.
Index leader BHP Billiton jumped 6.1%, its takeover target Rio Tinto surged 6.3%, and Fortescue Metals soared 7.1%.
Among banks, Westpac rose 5.5%, Commonwealth Bank advanced 3.5%, NAB gained 1.8%, and ANZ added 0.6%. Investment bank Macquarie Group edged up 0.5% and St George Bank climbed 3.8%.
Gold miner Newcrest Mining slipped 0.1% and Lihir Gold fell 2.5% on lower gold prices in Sydney. Among energy stocks, Woodside Petroleum rose 3.9% and Oil Search added 2.0%, while Santos was unchanged after crude oil prices rebounded overnight.
In the retail sector, David Jones gave away 1.4% and Harvey Norman plunged 2.9%, while Woolworths advanced 3.1% and Wesfarmers jumped 4.6%.
Chemicals and explosives manufacturer Orica rose 3.1% after the company said that it has entered into a deal to form an explosives business in the south-west of the United States.
The New Zealand stock market opened higher, with the benchmark NZX 50 index gaining 59.44 points or 1.92% to 3,149.65 and the NZX All Capital Index adding 57.60 points or 1.85% to 3,172.07.
In the early trading on the New Zealand stock market on Wednesday, the country's top ranked share Telecom remained unchanged, while the second ranked Contact Energy added 3.32%. Fletcher Building, the third best stock, surged 5.41%.
In the retail sector Hallenstein Glasson jumped 4.00%, while the Warehouse inched collected 2.65%. Pumpkin Patch inched up by 0.78%, as jewelry retailer Michael Hill International collected 4.48%.
In the energy sector Vector advanced 2.39% and TrustPower added 1.91% in the day's early trading.
Among other notable stocks-Nuplex gained 1.69%, as Methven added 1.49%. Mainfreight remained unchanged, as Steel & Tube Holdings collected 0.80%. Sky City advanced 1.64%, as Sky Network Television added 3.12%. Fisher & Paykel Appliances surged 3.12%, as Fisher & Paykel Healthcare added 2.05%.
Taiwan's Weighted Index was up 32.9 points or 0.6% at 5,752.
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