Investing.com - Asian stock markets were broadly higher during late Asian hours on Tuesday, with shares in Japan leading gains as the yen weakened against the U.S. dollar, boosting sentiment.
Markets in Australia ended little changed after the Reserve Bank of Australia held its benchmark interest rate at a record low earlier in the session.
During late Asian trade, Hong Kong's Hang Seng Index was up 1.1%, Australia’s ASX/200 Index ended 0.15% higher, while Japan’s Nikkei 225 Index surged 2.99%.
In Tokyo, the Nikkei rallied after the yen weakened to the lowest level since August 2 against the U.S. dollar, buoying exporters.
USD/JPY rose to hit a session high of 99.69, moving off the previous session’s low of 98.34. A weaker yen increases the value of overseas income at Japanese companies when repatriated, improving the outlook for export earnings.
Shares in automakers Toyota and Mazda rallied 3.3% and 4.3% respectively, while Sony and Sharp added 3% and 2.4%.
Japanese megabanks were also higher, with shares of the nation’s largest lender Mitsubishi UFJ Financial Group surging 5%, while Sumitomo Mitsui Financial Group and Nomura Holdings rallied 3.5% and 4.9% respectively.
Shares in Tokyo Electric Power Company advanced 3.3% after the government pledged USD473 million to clean up the contaminated water at its crippled Fukushima Daiichi nuclear plant.
Index heavyweight Fast Retailing saw shares rally 4% after reporting a 7.3% increase in August same-store sales for its Uniqlo clothing brand.
Meanwhile, in Hong Kong, the Hang Seng extended sharp gains from the previous session amid growing optimism over China’s economic outlook.
The China banking sector were among the biggest gainers on the index, with China Construction Bank shares jumping 1.7%, Industrial and Commercial Bank of China rising 1% and China Minsheng Bank adding 1.2%.
Elsewhere, in Australia, the benchmark ASX/200 Index trimmed earlier gains after the RBA held its benchmark interest rate at 2.5%, citing soft economic growth.
The big four banks were mixed following the announcement, with National Australia Bank shares adding 0.2%, while ANZ Banking Group and Westpac Banking Group rose 0.2% and 0.4%. Commonwealth Banking Group dipped 0.2%.
Miners advanced on the back of upbeat manufacturing news out of China released earlier in the week. Australian commodity producers are heavily reliant on Chinese demand for raw materials.
Rio Tinto saw shares climb 3.1%, while Fortescue Metals Group rose 4.85%.
Looking ahead, European stock market futures pointed to a higher open after upbeat economic data on Monday boosted the outlook for the global recovery.
The EURO STOXX 50 futures pointed to a gain of 0.4% at the open, France’s CAC 40 futures added 0.3%, London’s FTSE 100 futures eased up 0.35%, while Germany's DAX futures pointed to a rise of 0.45% at the open.
The Institute of Supply Management was to release data on manufacturing activity in the U.S., later Tuesday, while Spain was to release official data on employment.
Markets in Australia ended little changed after the Reserve Bank of Australia held its benchmark interest rate at a record low earlier in the session.
During late Asian trade, Hong Kong's Hang Seng Index was up 1.1%, Australia’s ASX/200 Index ended 0.15% higher, while Japan’s Nikkei 225 Index surged 2.99%.
In Tokyo, the Nikkei rallied after the yen weakened to the lowest level since August 2 against the U.S. dollar, buoying exporters.
USD/JPY rose to hit a session high of 99.69, moving off the previous session’s low of 98.34. A weaker yen increases the value of overseas income at Japanese companies when repatriated, improving the outlook for export earnings.
Shares in automakers Toyota and Mazda rallied 3.3% and 4.3% respectively, while Sony and Sharp added 3% and 2.4%.
Japanese megabanks were also higher, with shares of the nation’s largest lender Mitsubishi UFJ Financial Group surging 5%, while Sumitomo Mitsui Financial Group and Nomura Holdings rallied 3.5% and 4.9% respectively.
Shares in Tokyo Electric Power Company advanced 3.3% after the government pledged USD473 million to clean up the contaminated water at its crippled Fukushima Daiichi nuclear plant.
Index heavyweight Fast Retailing saw shares rally 4% after reporting a 7.3% increase in August same-store sales for its Uniqlo clothing brand.
Meanwhile, in Hong Kong, the Hang Seng extended sharp gains from the previous session amid growing optimism over China’s economic outlook.
The China banking sector were among the biggest gainers on the index, with China Construction Bank shares jumping 1.7%, Industrial and Commercial Bank of China rising 1% and China Minsheng Bank adding 1.2%.
Elsewhere, in Australia, the benchmark ASX/200 Index trimmed earlier gains after the RBA held its benchmark interest rate at 2.5%, citing soft economic growth.
The big four banks were mixed following the announcement, with National Australia Bank shares adding 0.2%, while ANZ Banking Group and Westpac Banking Group rose 0.2% and 0.4%. Commonwealth Banking Group dipped 0.2%.
Miners advanced on the back of upbeat manufacturing news out of China released earlier in the week. Australian commodity producers are heavily reliant on Chinese demand for raw materials.
Rio Tinto saw shares climb 3.1%, while Fortescue Metals Group rose 4.85%.
Looking ahead, European stock market futures pointed to a higher open after upbeat economic data on Monday boosted the outlook for the global recovery.
The EURO STOXX 50 futures pointed to a gain of 0.4% at the open, France’s CAC 40 futures added 0.3%, London’s FTSE 100 futures eased up 0.35%, while Germany's DAX futures pointed to a rise of 0.45% at the open.
The Institute of Supply Management was to release data on manufacturing activity in the U.S., later Tuesday, while Spain was to release official data on employment.