Investing.com – Asian stocks posted sharp gains on Tuesday, amid growing optimism over the strength of the U.S. economic recovery, while shares in the commodity sector led markets higher.
During late Asian trade, Hong Kong's Hang Seng Index surged 0.82%, South Korea's Kospi Composite added 0.73%, while Japan’s Nikkei 225 Index jumped 1.65%.
The Nikkei’s gains came as shares in the energy sector performed strongly as crude oil prices hovered near a 27-month high.
Shares in Japan’s largest oil and gas explorer Inpex rallied 4.00%, oil driller Japan Petroleum Exploration saw shares surge 5.34%, while shares in the nation’s largest commodities trader Mitsubishi Corporation climbed 4.19%.
Meanwhile, shares in many of the big name Japanese exporters advanced amid indications the U.S. economic recovery was gaining momentum.
Shares in the world’s largest automaker Toyota jumped 1.40%, rivals Nissan, which gets approximately a third of its revenue from the U.S. saw shares soar 4.27%, while shares in electronic giant Sony rallied 1.61%.
Elsewhere, Australia’s S&P/ASX 200 Index shed 0.06% after shares in insurance providers led markets lower as investors were concerned about the impact of the worst flooding in Australia’s history.
Shares in Australia’s largest insurance group QBE Insurance plunged 2.09% while rivals Insurance Australia saw shares tumble 1.55%.
The outlook for European equity markets, meanwhile, was upbeat. The EURO STOXX 50 futures pointed to a gain of 0.14%, France’s CAC 40 futures indicated a rise of 0.22%, the FTSE 100 futures pointed to an increase of 0.41%, while Germany's DAX futures were up 0.29%.
Later in the day, the Federal Reserve was to publish the minutes of its most recent monetary policy committee meeting. The country was also to produce official data on factory orders.
During late Asian trade, Hong Kong's Hang Seng Index surged 0.82%, South Korea's Kospi Composite added 0.73%, while Japan’s Nikkei 225 Index jumped 1.65%.
The Nikkei’s gains came as shares in the energy sector performed strongly as crude oil prices hovered near a 27-month high.
Shares in Japan’s largest oil and gas explorer Inpex rallied 4.00%, oil driller Japan Petroleum Exploration saw shares surge 5.34%, while shares in the nation’s largest commodities trader Mitsubishi Corporation climbed 4.19%.
Meanwhile, shares in many of the big name Japanese exporters advanced amid indications the U.S. economic recovery was gaining momentum.
Shares in the world’s largest automaker Toyota jumped 1.40%, rivals Nissan, which gets approximately a third of its revenue from the U.S. saw shares soar 4.27%, while shares in electronic giant Sony rallied 1.61%.
Elsewhere, Australia’s S&P/ASX 200 Index shed 0.06% after shares in insurance providers led markets lower as investors were concerned about the impact of the worst flooding in Australia’s history.
Shares in Australia’s largest insurance group QBE Insurance plunged 2.09% while rivals Insurance Australia saw shares tumble 1.55%.
The outlook for European equity markets, meanwhile, was upbeat. The EURO STOXX 50 futures pointed to a gain of 0.14%, France’s CAC 40 futures indicated a rise of 0.22%, the FTSE 100 futures pointed to an increase of 0.41%, while Germany's DAX futures were up 0.29%.
Later in the day, the Federal Reserve was to publish the minutes of its most recent monetary policy committee meeting. The country was also to produce official data on factory orders.