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Australian stocks lead Asia on healthy earnings

FILE - This July 15, 2013 file photo shows a sign for Wall Street outside the New York Stock Exchange, in New York. Global stock markets overcame a contraction in Japan's economy and jitters about Ukraine and Iraq to mostly rise Wednesday, but analysts said new geopolitical developments would likely make for volatile trading. (AP Photo/Mark Lennihan, File)
FILE - This July 15, 2013 file photo shows a sign for Wall Street outside the New York Stock Exchange, in New York. Global stock markets overcame a contraction in Japan's economy and jitters about Ukraine and Iraq to mostly rise Wednesday, but analysts said new geopolitical developments would likely make for volatile trading. (AP Photo/Mark Lennihan, File) FILE - This July 15, 2013 file photo shows a sign for Wall Street outside the New York Stock Exchange, in New York. Global stock markets overcame a contraction in Japan's economy and jitters about Ukraine and Iraq to mostly rise Wednesday, but analysts said new geopolitical developments would likely make for volatile trading. (AP Photo/Mark Lennihan, File)

By Associated Press 2 min read

HONG KONG (AP) – Asian stock markets were mostly higher Thursday, with Australia’s benchmark leading gains on a crop of healthy earnings reports.

KEEPING SCORE: Japan’s benchmark Nikkei 225 rose 0.7 percent to 15,317.46 while South Korea’s Kospi was practically unchanged at 2,061.89. Australia’s S&P/ASX 200 rose 0.7 percent to 5,552.30. But Hong Kong’s Hang Seng edged 0.1 percent lower to 24,871.55 and the Shanghai Composite in mainland China fell less than 0.1 percent to 2,221.80. Markets in Taiwan, India and the Philippines rose but in Indonesia and Thailand they fell.

AUSTRALIAN BONANZA: A batch of upbeat earnings reports are pleasing investors in Australia. Fairfax Media Ltd. jumped 7 percent after the company returned to an annual profit after years of losses. Mobile phone company Telstra Corp. added 2 percent after posting higher profit. Gambling operator Crown Resorts Ltd. surged 5.6 percent after reporting profit increased by two thirds thanks to its joint venture casino operations in Macau.

PC PROFITS: No. 1 personal computer maker Lenovo Group climbed 0.5 percent after it reported quarterly profit rose 23 percent on stronger sales of smartphones and other mobile devices. State-owned China Mobile, the world’s biggest wireless carrier by subscribers, is among the dozens of other Hong Kong-listed companies expected to report earnings later in the day.

CHINA ECONOMY: Benchmarks in Hong Kong and Shanghai were lagging indexes elsewhere in the region a day after disappointing data on the Chinese economy. Fixed investment and industrial production for July slowed, though the big surprise was the sharp drop in loan growth, which Rabobank analyst Michael Every called “shockingly low.” But the declines limited on hopes that policymakers in Beijing would offer more support to the No. 2 economy.