Asian stocks rose after Lawrence Summers withdrew from consideration to be the next Federal Reserve chairman, paving the way for Janet Yellen, who some investors say may favor a slower reduction in U.S. stimulus.

Nikkei 225 14,404.67 +17.40 +0.12%

Hang Seng 23,219.19 +303.91 +1.33%

S&P/ASX 200 5,247.99 +28.36 +0.54%

Shanghai Composite 2,231.4 -4.82 -0.22%

The MSCI Asia Pacific excluding Japan Index increased 1.6 percent to 464.04 as of 2:32 p.m. in Hong Kong, heading for its highest close since May 30.

Newcrest Mining Ltd. , Australia’s biggest gold producer, jumped 5.1 percent in Sydney as the bullion’s price rose.

Tencent Holdings Ltd., China’s biggest Internet company, rose 1.6 percent in Hong Kong, on course for a record close.

SK Hynix Inc., the world’s No. 2 maker of computer-memory chips, gained 2.8 percent in Seoul after a report that U.S. rival Micron Technology Inc. is cutting its production by about 30 percent.