Investing.com – Asian stock markets were broadly higher on Tuesday, as a number of stronger-than-expected earnings reports overshadowed concerns over a deadlock in talks to lift the U.S. debt ceiling before a looming deadline.
During late Asian trade, Hong Kong's Hang Seng Index climbed 1%, Australia’s ASX/200 Index rose 0.95%, while Japan’s Nikkei 225 Index gained 0.45%.
U.S. President Barack Obama said in a speech on Monday that the current debt standoff was a “dangerous game” but added that he was confident a compromise would be reached in Congress before the August 2 deadline.
Meanwhile, shares in the world’s largest digital camera maker Canon jumped 2.65% after boosting its full-year profit forecast as Japan’s record earthquake in March had less impact on earnings than expected.
The company said full-year net income was expected to total JPY260 billion, 18% higher than a previous estimate.
Shares in Japan’s largest cosmetics company Kao surged 4.7% after it reported net income in the quarter ended June 30 rose 22% to JPY15.2 billion and boosted its full-year net income outlook by 7.5% to JPY57 billion.
On the downside, shares in Tokyo Electric Power Company sank 4.3% amid speculation of a rise in fuel costs for power utilities this year following a report in the Nikkei Newspaper.
In Hong Kong, shares in the financial sector led gains, as investors looked for bargains after Monday’s sharp losses.
China Construction Bank saw shares rise 1.95%, shares in China’s largest lender Industrial and Commercial Bank of China climbed 1.9%, while Hong Kong-listed shares of Bank of China advanced 2%.
Mobile phone operator China Mobile saw shares gain 1.5% amid ongoing speculation the company would soon offer Apple’s iPhone in mainland China.
The outlook for European stock markets was modestly upbeat. The EURO STOXX 50 futures pointed to a gain of 0.3%, France’s CAC 40 futures eased up 0.2%, the FTSE 100 futures edged 0.2% higher, while Germany's DAX futures indicated a modest gain of 0.25%.
Later in the day, the U.S. was to publish government data on new home sales, as well as data on consumer confidence and house price inflation.
During late Asian trade, Hong Kong's Hang Seng Index climbed 1%, Australia’s ASX/200 Index rose 0.95%, while Japan’s Nikkei 225 Index gained 0.45%.
U.S. President Barack Obama said in a speech on Monday that the current debt standoff was a “dangerous game” but added that he was confident a compromise would be reached in Congress before the August 2 deadline.
Meanwhile, shares in the world’s largest digital camera maker Canon jumped 2.65% after boosting its full-year profit forecast as Japan’s record earthquake in March had less impact on earnings than expected.
The company said full-year net income was expected to total JPY260 billion, 18% higher than a previous estimate.
Shares in Japan’s largest cosmetics company Kao surged 4.7% after it reported net income in the quarter ended June 30 rose 22% to JPY15.2 billion and boosted its full-year net income outlook by 7.5% to JPY57 billion.
On the downside, shares in Tokyo Electric Power Company sank 4.3% amid speculation of a rise in fuel costs for power utilities this year following a report in the Nikkei Newspaper.
In Hong Kong, shares in the financial sector led gains, as investors looked for bargains after Monday’s sharp losses.
China Construction Bank saw shares rise 1.95%, shares in China’s largest lender Industrial and Commercial Bank of China climbed 1.9%, while Hong Kong-listed shares of Bank of China advanced 2%.
Mobile phone operator China Mobile saw shares gain 1.5% amid ongoing speculation the company would soon offer Apple’s iPhone in mainland China.
The outlook for European stock markets was modestly upbeat. The EURO STOXX 50 futures pointed to a gain of 0.3%, France’s CAC 40 futures eased up 0.2%, the FTSE 100 futures edged 0.2% higher, while Germany's DAX futures indicated a modest gain of 0.25%.
Later in the day, the U.S. was to publish government data on new home sales, as well as data on consumer confidence and house price inflation.