Asian Shares Advance After Weak U.S. Retail Data Weakens Wall St.

Shares were moderately higher in Asia on Wednesday after US stocks drifted to a mixed finish following a discouraging report on how much money US retailers made during the holidays.

The Hang Seng in Hong Kong was up 0.3% at 27,265.52. (Photo: Wu Xiaochu, Xinhua)

US futures edged higher, and prices of gold, silver and oil also advanced, Elaine Kurtenbach reported for the Associated Press (AP).

Markets were closed in Japan for a holiday. Chinese markets crept higher, with the Hang Seng in Hong Kong up 0.3% at 27,265.52.

The Shanghai Composite Index added 0.3% to 4,139.56. In South Korea, the Kospi extended its gains, rising to 5,346.34. Australia’s S&P/ASX 200 climbed 1.5% to 8,999.20, while Taiwan’s Taiex jumped 1.7%.

On Tuesday, stocks drifted on Wall Street following a mixed set of profit reports from big US companies.

Hopes rose that the Federal Reserve will cut interest rates later this year to boost the economy following a discouraging report on US shoppers’ appetite for spending.