Investing.com-- Most Asian stocks rose on Tuesday with local technology stocks tracking overnight strength in their U.S. peers, with focus this week squarely on an interest rate decision in China and Japanese inflation data.
Regional markets took some positive cues from Wall Street, as a rally in major tech stocks, led by Tesla (NASDAQ:TSLA), buoyed stock benchmarks.
U.S. stock index futures steadied in Asian trade, with focus this week turning to earnings from market darling NVIDIA Corporation (NASDAQ:NVDA) for more cues on the artificial intelligence trade.
Asian markets, along with Wall Street, were nursing losses over the past week, especially as a risk-on rally following Donald Trump’s election victory appeared to be cooling. Stimulus measures from China also underwhelmed, as did key economic readings from across the region.
China shares steady with LPR decision on tap
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes lagged their regional peers on Tuesday, moving in a flat-to-low range.
The People’s Bank of China is set to decide on its benchmark loan prime rate later this week, with economists expecting the rate to remain unchanged after a cut in October.
The rate decision also comes as recent stimulus measures from China largely underwhelmed, while the economy showed little signs of improvement. Inflation data for October showed disinflation remained squarely in play.
Several top Chinese ministers are set to speak at a conference in Hong Kong on Tuesday, potentially offering up more cues on plans for stimulus measures.
Hong Kong’s Hang Seng index fared slightly better, rising 0.4% on gains in tech stocks.
But Xiaomi (OTC:XIACF) Corp (HK:1810) fell 2% after the tech giant’s fledgling electric vehicle unit clocked a loss for the third quarter even as overall earnings picked up.
Japanese shares upbeat ahead of CPI data
Japan’s Nikkei 225 and TOPIX indexes added about 0.4% each, supported by tech stocks and as weakness in the yen kept export-oriented sectors well-bid.
Focus this week is on consumer inflation data for October, due on Friday, for more cues on the Japanese economy.
The reading comes after underwhelming gross domestic product data from last week, which showed Japanese economic growth slowed substantially in the third quarter.
Broader Asian markets were mostly upbeat. South Korea’s KOSPI added 0.2% on strength in technology stocks.
Australia’s ASX 200 was the best performer among its Asian peers, rallying 1.1% as local mining and energy stocks tracked strength in commodity prices.
Futures for India’s Nifty 50 index pointed to a positive open, with Indian stocks set to see some relief after clocking steep losses in recent sessions. The Nifty entered correction territory last week after slumping over 10% from recent record highs.