Investing.com - Asian shares gained on Tuesday with regional markets upbeat as earnings season approaches and economic fundamentals appears solid in leading economies, China and Japan.
Japan's Nikkei 225 rose 0.16%, while the S&P/ASX 200 gained 0.79%. The RBA meeting minutes noted household debt levels remain elevated and need to be watched closely, according to the minutes of it September policy review released on Tuesday. The RBA held at a record low 1.5% at the meeting.
Falsification of product data at Japan's Kobe Steel took place for longer than the 10-year period indicated by the steelmaker, Nikkei Asian Review said. The practice had actually occurred for decades at the company, Nikkei said, citing a source. Kobe Steel shares were last up 5.8% after trading near their lowest levels in five years on Monday.
In Greater China, the Shanghai Composite edged up 0.06%, while the Hang Seng index climed 0.18% a day ahead of the opening of the 19th Communist Party Conference. Tencent Holdings Chairman Ma Huateng has sold part of his stake in the internet company, according to the Wall Street Journal. Ma raised approximately 2.1 billion Hong Kong dollars ($269 million) after he lowered his stake in Tencent to 8.63% from 8.69%, the WSJ reported. Tencent stock was off 0.34%.
Overnight, U.S. stocks closed higher on Monday as bullish optimism over third quarter earnings continued to push indices to record highs.
The Dow Jones Industrial Average closed higher at 22,956. The S&P 500 closed 0.17% higher while the Nasdaq Composite closed at 6624, up 0.28%.
The rally in the U.S. stocks continued as investors piled into equities ahead of earnings from Netflix (NASDAQ:NASDAQ:NFLX). Shares of Netflix hit record highs, before paring gains, amid expectations that the company will beat subscriber expectations.
Shares of Financials, mostly banks, rose following an uptick U.S. treasury yields after Janet Yellen reaffirmed the Federal Reserve’s commitment to raising rates.
"The U.S economy remains strong and the strength of the labor market calls for continued gradual increases in interest rates," Yellen said.
Also supporting a move higher in equities was a surge in energy stocks after oil prices rallied on the back of concerns over a possible supply disruption in the Middle East as conflict between Iraqi and Kurdish forces broke out in the oil-rich city of Kirkuk.
On the political front, investors digested comments from President Donald Trump and Senate Majority Leader Mitch McConnel on tax reform, who reiterated Monday that they want to see a tax bill passed by year-end.
"I really believe that we have a very good chance of getting the taxes done ... hopefully fairly long before the end of the year," the president said.