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Asia: Japanese and Chinese post record gains, Australia falls on BHP's project delays
LONDON (ShareCast) - Most Asian stocks were higher on Wednesday except in Australia, where stocks declined despite the release of inflation data in line with forecasts. Australia's ASX was down 0.59% after mining giant BHP Billiton (NYSE: BBL - news) announced it would postpone some plans to increase iron ore output. Analysts said the decision signals the first admission by a major producer of the need to curtail excessive supply growth.
However, the company revealed record levels of iron ore and coal production for the nine months of its financial year.
The decline in Aussie stocks was despite the release of consumer price index (CPI (Other OTC: CPICQ - news) ) data in line with expectations. CPI stayed at 0.2% during the first quarter and 1.3% year-on-year.
Core inflation rose to 2.3% year-on-year during the first quarter, which was in line of forecasts of 2.2%.
The Reserve Bank of Australia kept its interest rates steady against economists and market expectations.
"Many observers were expecting a further cut to bolster non-mining investment as the country tries to move away from its raw materials dependent economy," said Augustin Eden from Accendo Markets. Elsewhere in Japan, the Nikkei 225 gained 1.13% above 20,000 for the first time in 15 years, driven by a jump in trade balance to ¥229.3bn (£1.3bn) in March from a decline of ¥424.6bn the month before.
"This is the first trade balance surplus for 12 years, showing strength has returned to the Japanese export market after the onset of a weaker Yen leading up to March," said TradeNext trader Rocky Muddar.
Still in economic data, imports in Japan declined 14.5% in March against expectations of 12.8% and -3.6% the month before.
In China, the Shanghai composite index jumped 2.44% hitting its highest level since 2008 after a website run by the official People's Daily newspaper published an article saying the bull market "has just begun". The comment boosted investor's confidence.
