Asian shares rise on global outlook Asian stocks rose for a third day on an improving global economic outlook as German investor confidence brightened and the Japanese yen resumed its decline. Sentiment improved after the German ZEW survey's economic-expectations index came out well above expectations, hitting the highest level since April 2010. Japan's Nikkei 225 Stock Average gained 0.9 per cent as the yen weakened to Y93.69 per US dollar from 93.57 in New York late Tuesday, after Japan reported a record monthly deficit of Y1.6tn ($17bn) in January. But exports showed their first rise in eight months. "Markets continued to consolidate while reallocation trades helped risky assets to outperform and the US dollar to come under some pressure," said Sebastien Galy, strategist at Société Générale, in a note to clients. Sony, Japan's biggest exporter of consumer electronics, gained 1 per cent as the weaker yen boosted the earnings outlook for the country's exporters in general. Investors are awaiting the appointment of the next governor of the Bank of Japan amid alleged friction between the prime minister and the finance minister over who should run a central bank charged with fighting decades-old deflation. Australia's S&P/ASX 200 index added 0.4 per cent to a multiyear high with corporate earnings in focus. BHP Billiton lost 0.8 per cent after posting a 58 per cent drop in first-half profit and appointing a new chief executive. Woodside Petroleum, Australia's second-largest oil and gas producer by sales, surged 3.2 per cent after full-year profit doubled on the back of the Pluto liquefied natural gas project. South Korea's Kospi Composite index rose 1 per cent to a one-month high, breaking above the 2,000 level. Technology firms and automakers led, with LG Display surging 3.1 per cent and Hyundai Motor firming 1.7 per cent. Chinese shares were steady after the Shanghai Composite index fell 2 per cent over the last two sessions. Hong Kong's Hang Seng index added 0.5 per cent, rising for the first time in three days. In commodities markets, spot gold was steady at $1,604.41 an ounce after falling to near a six-month low in the previous session. US crude was little changed at $96.68 a barrel. Earlier, on Wall Street the S&P 500 returned to the trading fold after Monday's Presidents" Day holiday. It added 10 points to 1,530, shrugging off easing housebuilder confidence in February and feeding off more merger talk that left the index on at a fresh 5-year high by closing time. The tech-heavy Nasdaq also rose to near its highest level since November 2000.