Stocks in Japan finished at a 15-year high on Wednesday after data showed that in the first three months of 2015 Japan’s economy grew at its fastest pace in a year, while one of Hong Kong’s hottest stocks of 2015, Hanergy Thin Film Power Group Ltd., plunged nearly 50%.
In Europe, stocks saw a decline, after an official said the European Central Bank will step up bond buying in May and June.
The Nikkei Stock Average finished at 20,196.56, 0.9% up, its highest closing mark since April 2000, extending further past the 20,000 level, which it closed above Tuesday for the first time since late April.
The gains came after data showed Japan’s gross domestic product expanded an annualized 2.4% during the first quarter, surpassing a 1.5% gain forecast by economists. That followed in the wake of strong U.S. housing data overnight.
The Shanghai Composite Index was up 0.9%, with the prospect of further
stimulus and investment from Beijing still on investors’ minds. The
Shanghai benchmark had advanced 3.1% Tuesday, marking its largest
percentage gain since late January. Elsewhere in the region, shares have been flat.
Meanwhile in Europe, stocks slipped Wednesday, trimming gains notched up in an ECB-inspired rally the previous session.
The Stoxx Europe 600 dropped 0.2% to 404.00, with only the
telecommunications sector being in the green. Shares of Vodafone PLC rose 3.3% after Liberty Global PLC Chairman John Malone said
Vodafone would be a “great fit” for his company, according to a Bloomberg interview.
The Stoxx 600 yesterday surged 1.7% after a European Central Bank official said the bank will increase asset purchases this month and in June, to take account of low liquidity in the summer holiday period.
The U.K.’s FTSE 100 was 0.4% lower at 6,968.36, weighed in part by Burberry Group. Shares fell 3.9% after the luxury fashion company said it expects 2016 wholesale and retail profit to be £40 million less than it had previously anticipated, reflecting foreign-exchange movements.
Investors now await minutes from the U.S. Federal Reserve’s meeting in April later in the day, after the close of European trade.
In the currencies market, the euro on Wednesday was trading at $1.1118, versus $1.1150 in the
previous session. The common currency slipped yesterday on the ECB’s plan for bond
purchases, then faced additional pressure from upbeat U.S. economic
data.
The pound climbed to $1.5524, after hitting $1.5509 late Tuesday, as minutes from the Bank of England’s meeting earlier this month showed a 9-0 vote on keeping the U.K. benchmark interest rate steady at 0.5%.
