BANGKOK -World stock markets rose Wednesday on hopes a government debt crisis in Europe can be quarantined to smaller economies.
Investors turned optimistic amid expectations plans are being developed in the European Union to rescue Greece. That raised hopes that policymakers will take bigger steps to contain debt troubles in other weak European economies including Portugal and Spain.
Japan's Nikkei stock benchmark gained nearly 1 percent at one point while benchmarks in Britain, Germany and France opened higher by 0.5 percent or more. Futures pointed to modest losses Wednesday on Wall Street. S&P futures were off 2.3 points, or 0.2 percent, at 1,064.10.
Oil prices fell after surging to near $74 a barrel on Tuesday while the dollar rose against the euro and the yen.
Greece's government has vowed wage and pension reform in an effort to gain credibility in its plan to drive down its debt load. However, nationwide strikes were planned for Wednesday, possibly undercutting any confidence in the country's plan.
Some experts believe the European Central Bank may come up with a form of support which would not require a bailout, such as guarantees for debt. Alternatively, big economies like Germany and France could offer support.
Only South Korea bucked the regional trend with the Kospi index slipping 0.37 point, less than 0.1 percent, to 1,570.12.
Gains in Asia were moderate with Japan's Nikkei 225 stock average up 31.09, or 0.3 percent, at 9,963.99 after earlier surmounting the 10,000-mark.
Australia's benchmark gained 0.2 percent to 4,513.40 and Hong Kong's Hang Seng advanced 131.94, or 0.7 percent, to 19,922.22.
China's Shanghai index advanced 1.1 percent to 2,982.50, helped by strong trade figures for January — indicating a recovery in both global demand and Chinese consumption is on track.
"We can see China's trade has entered a stable stage," said Shanghai Securities economist Hu Xiaoyue. "Unless there's another round of the financial crisis, China's export recovery is well on track and won't see a double dip."
Markets in India, Taiwan, Malaysia and Indonesia also gained. Singapore was lower.
In the U.S. on Tuesday, the Dow rose 150.25, or 1.5 percent, to 10,058.64, its steepest percentage gain since Nov. 9. The broader Standard & Poor's 500 index rose 13.78, or 1.3 percent, to 1,070.52, while the Nasdaq composite index rose 24.82, or 1.2 percent, to 2,150.87.
Oil prices fell in Asia with benchmark crude for March delivery down 30 cents at $73.45 a barrel after U.S. crude supplies rose last week.
In currencies, the dollar rose to 89.67 yen from 89.63 yen. The euro fell to $1.3766 from $1.3791.
