WASHINGTON: Asia markets were trading mostly higher, after better than expected Japanese exports data and South Korean GDP figures. Markets in the region also took a positive lead from Wall Street after S&P 500 hit an all-time high over President Donald Trump’s executive orders to make it easier for TransCanada to build the Keystone XL pipeline and for Energy Transfer Partners to build the final potion of the Dakota Access pipeline. The two pipelines have been fiercely disputed and had been delayed under the former President. Shares of Energy Transfer Partners andTransCanada both jumped more than 3.5 percent on Tuesday in the U.S.. Japan’s Nikkei 225 advanced 1.36 percent in early trade, with a broad-based rally across all sectors. Japan’s annual exports grew in December for the first time in 15 months, led by shipments of car parts and electronics, Reuters reported. Exports in December were up 5.4 percent from the previous year, significantly better than the Reuters poll of economist forecasting a 1.2 percent increase. Shares of Takata advanced 18.22 percent to hit its daily price limit of 80 yen (0.70 U.S. cents) per share. The Japanese airbag maker stock had fallen 40 percent since a week ago, over concerns of court involvement in its Japanese business plans.
In Australia, the benchmark ASX 200 was up 0.34 percent, led by its materials sub-index, which was up 1.25 percent. “The story in Australia is clearly around the moves in commodities and the materials sector,” said Chris Weston, chief market strategist at IG, in a note on Wednesday. Weston expects the ASX 200 materials sub-index will break out to the highest levels since August 2014. Major miner Rio Tinto was up 2.22 percent, after it announced Tuesday that it has agreed to sell its Australian unit Coal & Allied Industries to China’s Yancoal Australia for up to $2.45 billion, Reuters reported. Other major Australian miners were also positive, with Fortescue Metals up 0.38 percent and BHP Billiton gaining 2.3 percent. Meanwhile, Australia’s inflation rose less than expected in the last quarter of 2016, up 0.5 percent in the fourth-quarter and 1.5 percent from the previous year. The Reserve Bank of Australia targets an annual inflation rate in the range between 2 to 3 percent.
