Japanese stocks climbed Wednesday on a weakened yen and a positive lead from Wall Street, while Australian shares were weighed as heavyweight Commonwealth Bank of Australia fell after posting results. The Nikkei Stock Average JP:NIK +1.32% ended 1.3% higher in Tokyo, helped by strong buying activity in late afternoon trade after the benchmark dipped into losses earlier in the day. South Korea's Kospi KR:SEU +0.57% gained 0.6% and Australia's S&P/ASX 200 AU:XJO -0.0058% ended fractionally lower. China's Shanghai Composite CN:SHCOMP -0.29% fell 0.3%. Trading in Hong Kong was canceled because of a storm. Steel and automobile shares advanced in Tokyo as the U.S. dollar USDJPY +0.07% rose above the ¥98-level. "After a long period of underperformance, [the dollar's rate against the yen] seems to be back in its stride and rallied through ¥98," said IG Markets strategist Stan Shamu. "Perhaps reports that Prime Minister [Shinzo] Abe is considering lowering corporate-tax rates to counter the sales-tax hike will continue to gain momentum and underpin the Nikkei [Stock Average's] rally," Shamu said. JFE Holdings Inc. JP:5411 +2.98% JFEEF +7.76% rose 3%, and Kobe Steel Ltd. JP:5406 +3.68% KBSTY +1.98% added 3.7%, while Mazda Motor Corp. JP:7261 +2.13% MZDAY +3.21% advanced 2.1%. The stock performance in Asia followed a higher finish on Wall Street Tuesday, where U.S. markets got support from billionaire investor Carl Icahn's disclosure that he held a sizeable stake in Apple Inc. AAPL +4.75% , as well as data showing U.S. retail sales grew for a third straight month in July. In Sydney, shares of Commonwealth Bank AU:CBA -1.10% CBAUF +2.30% fell 1.2%, even as the lender reported a record profit for the year ended June 30 and increased its dividend payout. "A solid result by Commonwealth Bank and a firm lead from U.S. markets will set the early tone in this morning's market. However, investors will be keen to assess whether CBA's result and dividend payment will be good enough to prevent some short-term profit-taking," said CMC Markets chief market analyst Ric Spooner. Other banks gained, however, after the strong results. National Australia Bank Ltd. AU:NAB +0.84% NABZY +1.57% rose 0.8%, while Westpac Banking Corp. AU:WBC +1.06% WBK +0.18% advanced 1.1%. Mining major Rio Tinto Ltd. AU:RIO -1.10% RIO +0.80% fell 1.1% as the stock traded without rights to a dividend. Financials and construction-related stocks were among decliners in Shanghai, giving back some recent gains. Anhui Conch Cement Co. CN:600585 -1.69% fell 1.7%, developer Gemdale Corp. CN:600383 -0.68% lost 0.7% and Citic Securities Co. CN:600030 -0.88% CIIHF -0.28% lost 0.9%. But gains in automobile shares helped support the market. SAIC Motor Corp. CN:600104 +1.68% jumped 2.9%, and Anhui Jianghuai Automobile Co. CN:600418 +1.57% climbed 1.8% in Shanghai afternoon trading. The rise in SAIC shares came after news that Huayu Automotive Systems Co., of which the automobile major owns 60%, had agreed to buy Visteon Corp.'s VC +6.65% 50% stake in their joint venture for $1.25 billion in cash. Source: Marketwatch
