Asian Shares Mostly Higher After Gains in U.S.

Stocks in Asia were mostly higher Wednesday after positive U.S. economic news powered Wall Street shares to a record.

Stocks in Tokyo led gains, with the Nikkei 225 index NIK, +1.24% up 1.2% at 17838.89. Major exporters traded higher after data showed the U.S. economy in the third quarter grew at its strongest pace in over a decade. Consumer spending in the world’s largest economy also accelerated.

Tokyo-listed shares of vehicle maker Fuji Heavy Industries 7270, +2.45% rose 2.1% and Honda Motor 7267, +2.08% gained 2%.

The gains followed a breathless session on Wall Street, where the Dow Jones Industrial Average DJIA, +0.36% closed above 18000 for the first time after gaining nearly 1,000 points in five trading days.

Stocks elsewhere in Asia edged higher, with the Hang Seng Index HSI, +0.07% up 0.3% at 23410.28 and Korea’s Kospi Composite SEU, +0.39% up 0.2% at 1943.68. Light trading was expected in the region ahead of the Christmas holiday. The Hong Kong market will have a half-session of trade, closing midday.

Chinese stocks were the lone decliner in the region. The Shanghai Composite SHCOMP, -1.98% was down 0.5% at 3017.91 after sliding 3% on Tuesday. Hao Hong, managing director for Bank of Communications International, said the index had stalled above the 3000 mark after a surge of foreign buying that followed China’s interest-rate cut last month. The Shanghai Composite remains up 43% this year.

Source: Market Watch