The WSJ reports,Asian stocks edged higher on Wednesday, taking a positive lead from the U.S., whileMitsui Fudosan sank in Tokyo after announcing a share offering.
The region moved higher after stocks in the U.S. hit a new high overnight, with the S&P 500 closing at its second straight record as the market came back online following Monday's public holiday.
The gains in Asia however were modest, as markets waited for bigger catalysts. The next major data point for the region will be China's official manufacturing purchasing managers' index, due over the weekend, where investors will be looking to see if it can match the pickup seen in HSBC's preliminary measure last week.
Australia's S&P ASX 200 was up 0.2% as Sydney hit a four-week high, South Korea's Kospi added 0.4%, and Singapore's Straits Times Index was up less than 0.1%.
"From an equity strategy perspective ultralow volatility and ultralow trading volumes concern me tactically," said Bell Potter's managing director Charlie Aitken in Sydney. "That suggests to me the foundation of equity markets at these index levels are not as sturdy as prices would suggest."
In China, Hong Kong's Hang Seng Index rose by 0.1% and the Shanghai Composite was also 0.1% higher.
In Japan, the Nikkei Share Average was 0.3% higher, on track for its fifth consecutive gain, as the yen was steady against the dollar--last trading at Yen101.94 to the dollar.
