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Australian stocks snatched solid gains in early Wednesday trading, as investors awaited key Chinese economic data that could significantly influence the market’s direction. The S&P/ASX 200 sat 0.8% higher about 45 minutes into the day, with many blue-chip retailers outperforming (Harvey Norman Holdings Ltd. up 2.2%, Wesfarmers Ltd. up 1.2%) despite a more-than-3% drop in July’s reading of the Westpac-Melbourne Institute consumer-sentiment survey. Bank stocks helped support the market as well, with National Australia Bank Ltd. and Westpac Banking Corp. up 1% each. On the downside, a 1% drop for benchmark iron-ore prices Tuesday helped push BHP Billiton Ltd. down 0.7% and Fortescue Metals Group Ltd. down 2.1%, though Mt. Gibson Iron Ltd. rallied more than 10% after the company reported a sharp drop in cash reserves and lower June output but also detailed its cost-cutting efforts. Later in the morning, China was due to announce its quarterly economic growth, along with June retail sales and industrial output. China is the top market for Australia’s exports.

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Japanese stocks wandered broadly higher in early Wednesday trading, but the top blue chips were mixed ahead of key Chinese data and a Bank of Japan policy decision due later in the day. The Nikkei Average was up 0.4%, with a 0.5% advance for the Topix , as the dollar bought ¥123.30, down from ¥123.60 a day earlier. The moves came less than two hours before China was set to report quarterly economic growth and closely watched retail sales and industrial output for June. Later in the day, the Bank of Japan was slated to hand down its latest policy decision, with no change to its monetary easing expected, but with some analysts predicting the central bank might downgrade its growth forecast. Against that backdrop, Sony Corp. lost 0.5%, Panasonic Corp. eased 0.3%, and Sharp Corp. fell 0.6%, but Honda Motor Co. rose 0.5%, and Canon Inc. added 1.1%. Financials were likewise mixed, with Mizuho Financial Group Inc. up 0.3% and Sumitomo Mitsui Financial Group Inc. adding 0.5%, but Nomura Holdings Inc. losing 0.4% and Credit Saison Co. down 1.2%. Shares of Capcom Co. outperformed with a 5.1% climb as the company announced details on its upcoming videogame releases, including its “Street Fighter 5” title, while stock in Toshiba Corp. retreated 0.1% amid rising concern about its accounting scandal, expected to result in the resignation of the company’s president Hisao Tanaka.

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Mead Johnson Nutrition Co. shares fell in the extended session Tuesday after the baby-formula maker cut its earnings outlook on slowing sales growth in China and emerging markets. Mead Johnson shares dropped 4.7% to $84 on moderate volume. The company now sees adjusted full-year earnings of $3.63 to $3.78 a share, down from its previous estimate of $3.90 to $4 a share. Analysts surveyed by FactSet had forecast $3.93 a share.

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PayPal will join S&P indexes when it becomes a separate company at the end of the week, replacing parent company eBay inc. in one case. S&P Dow Jones Indices announced Wednesday that the payments company will be included in the S&P 500, replacing offshore drilling company Noble Corp. , and will take the place of eBay in the S&P 100. EBay, which announces earnings Thursday morning, plans to spin off PayPal after trading ends Friday.

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Guess Inc. co-founder and Chief Executive Officer Paul Marciano appointed former Inditex Group executive Victor Herrero the apparel maker’s new chief executive starting in August, the company said in a statement late Tuesday. Paul Marciano will replace Maurice Marciano as executive chairman of the board and will continue serving as chief creative officer, the company said. Maurice Marciano will remain a director, and has been named chairman emeritus by the Board of Directors. Herrero most recently was responsible for building Inditex’s multi-billion dollar business in Asia, Guess said. Shares of Guess rose 0.2% in after hours Tuesday after ending the day also up 0.2%.

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Celgene Corp. on Tuesday said it signed a deal to buy Receptos Inc. for $7.2 billion. That will further diversify the company’s revenue beginning in 2019 and beyond, and build upon Celgene’s growing expertise in treating inflammatory bowel disease, the company said in a statement. The deal adds Ozanimod, a drug under trial to treat ulcerative colitis and relapsing multiple sclerosis. Annual sales of the drug are expected to peak between $4 billion and $6 billion. Celgene also upped its 2015 EPS guidance to $4.75 to $4.85 a share from a previous range of $4.60 to $4.75 a share, and increased its 2020 net product sales to exceed $21 billion, up from a previous target of more than $20 billion. Shares of Celgene rose 4.8% in after hours Tuesday after ending the regular session up 1.6%. Shares of Receptos, which ended Tuesday up 5.1%, were halted late Tuesday.

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The American Petroleum Institute late Tuesday reported that crude supplies dropped 7.3 million barrels for the week ended July 10, according to sources. Analysts surveyed by Platts forecast a 1.8 million-barrel decline. August crude was at $53.32 a barrel on Globex, up from the $53.04 settlement. The more closely watched Energy Information Administration report is due Wednesday.

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Yum Brands Inc. on Tuesday reported second-quarter earnings of $235 million, or 53 cents a share, compared with 73 cents a share, a year earlier. Excluding one-time items, the fast-food operator reported earnings of 69 cents a share. Sales reached $3.1 billion, down from $3.2 billion a year ago. Analysts polled by FactSet had expected the parent company of Pizza Hut, KFC, and Taco Bell to report adjusted earnings of 63 cents a share on sales of $3.2 billion. Worldwide sales rose 3%, the company said. The China division’s restaurant margin in the second quarter was “an encouraging 14.6%,” but same-store sales there declined 10%, the company said. “We expect substantial same-store sales and profit growth in the second half given overall trends in sales and brand perceptions. Furthermore, the China Division remains on track to open at least 700 new restaurants this year, laying the groundwork for future growth,” it said. Shares fell 1.1% in after hours after gaining 1% in the regular session.

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Railroad operator CSX Corp. reported late Tuesday its second-quarter profit rose to $533 million, or 56 cents a share, from $529 million, or 53 cents a share, a year ago. Revenue for the three months ended June 26 fell 6% to $3.06 billion from $3.24 billion, reflecting lower fuel recovery and a 1% drop in freight volume. Operating income rose to $1.02 billion from $997 million a year ago. Analysts surveyed by FactSet had expected the Jacksonville, Fla.-based company to earn 53 cents a share on $3.12 billion in revenue. “CSX expects to deliver mid-to-high single digit earnings per share growth for 2015, although the upper end of that range has become more challenging given the current energy environment,” the company said in a statement. CSX shares rose as much as 3.2% on the report in after-hours trade, extending a 3.4% advance over the previous 12 months.

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WASHINGTON (MarketWatch) — The White House cut its estimate of the 2015 fiscal year budget deficit to $455 billion. The new estimate is $128 billion lower than the $583 billion deficit projected in February. As a percentage of gross domestic product, the 2015 deficit is projected to equal 2.6%, down from the 3.2% projected in February. The deficit for fiscal 2014 was $483 billion. The government’s fiscal year runs from October to September.

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