By Chikako Mogi
TOKYO (Reuters) – Asian shares rose on Wednesday, underpinned by strong earnings from U.S. technology giant Apple, stabilizing European money markets and falling euro zone debt yields, with investors shifting their focus from Europe to the U.S. Federal Reserve.
The MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.8 percent and hit an 11-week high, led by the financial sector and a rally in Australia.
Australian shares rose 1.1 percent to a near seven-week high and its currency ticked higher after the nation’s tame consumer price index in the fourth-quarter lifted hopes for a rate cut.
Japan’s Nikkei average (Osaka:^N225 – News) reached a three-month high and closed up 1.1 percent, boosted by a jump in Apple (NasdaqGS:AAPL – News), which reported quarterly results far exceeding analysts’ expectations, and a weaker yen which bolstered exporters.(:.T)
Financial spreadbetters expected Britain’s FTSE 100 (FTSE:^FTSE – News),
Germany’s DAX (XETRA:^GDAXI – News) and France’s CAC-40 (Paris:^FCHI – News) to open up around 0.3-0.5 percent.
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Japan’s trade deficit: http://link.reuters.com/ryz26s
Euro Zone PMI and GDP http://link.reuters.com/rap94s
Euro Zone Crisis page: http://link.reuters.com/jyr68r
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Some Asian markets reopened on Wednesday but China and Hong Kong remained closed for the Lunar New Year holiday.
Generally lower valuations in Asia relative to the United States — with
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