TOKYO, Japan (Reuters) — Asian stocks posted their biggest rise in two weeks on Tuesday (December 6) as investors judged the selloff after Italy’s referendum was overdone, with robust U.S. economic data also helping sentiment.
Japan’s benchmark Nikkei average opened up 1.00 percent at 18,457.20 on Tuesday, while the broader Topix gained 0.98 percent to 1,481.35.
Hong Kong Hang Seng index opened up 0.8 percent, standing at 22694.27 points.
South Korea climbed 1 percent in opening trades, with its the Korea Composite Stock Price Index (KOSPI) rising 19.81 points to 1,983.17.
The referendum outcome was anticipated but the crushing margin of Renzi’s defeat – 59 percent to 41 percent – caused the initial alarm.
It also deals a blow to the European Union, which is already reeling from multiple crises and rising anti-establishment sentiment of the kind that led to Britain’s shock vote to quit the bloc in June.
Markets had earlier taken some encouragement from the sound defeat in Austria’s presidential election of a far-right candidate by a pro-European, which confounding forecasts of a tight race.
The European Central Bank meets on Thursday (December 8) amid much speculation it will announce a six-month extension of its asset buying programme and widen the type of bonds it can purchase.
