Investing.com - Asian stocks traded broadly higher Tuesday despite a listless day Monday for their U.S. counterparts due to some slack real estate data.
In Asian trading Tuesday, Japan’s Nikkei 225 rose 0.81% even as USD/JPY traded lower. Japanese stocks gained on hopes that the results of Sunday’s elections in Japan will allow Prime Minister Abe to continue to push through a series of structural reforms aimed at spurring economic growth and fighting deflation.
The yen is already the worst-performing developed market currency in the world this year, but added stimulus aimed at weakening the yen further could be in the cards if Japan’s economy, the world’s third-largest, flails.
Hong Kong’s Hang Seng soared 2.18% while the Shanghai Composite jumped 2.29% after Chinese Premier Li Keqiang said he will not allow China’s GDP growth to slip below 7% this year. Downtrodden financial services shares were among the leaders in China Tuesday.
On Sunday, a Reuters report showed that 70% of analysts are bullish on Chinese bank stocks despite the group’s dismal performance this year.
Australia's S&P/ASX 200 rose 0.1%, buoyed by the China comments and a surge in gold during Monday’s U.S. session. AUD/USD also climbed after gold surged more than 3% for its best one-day performance in over a year Monday.
Australia is one of the world’s largest gold-producing and as such, some traders view the Aussie as a "commodity currency" that often takes its cues from the yellow metal.
New Zealand’s NZSE 50 added 0.58% while South Korea’s Kospi climbed 1.08%. Like Australia, New Zealand and South Korea both count China as their largest export market, indicating the Chinese premier’s comments were helpful to stocks in the two countries.
S&P 500 futures rose 0.25% a day after the benchmark U.S. index climbed 0.2%.
In Asian trading Tuesday, Japan’s Nikkei 225 rose 0.81% even as USD/JPY traded lower. Japanese stocks gained on hopes that the results of Sunday’s elections in Japan will allow Prime Minister Abe to continue to push through a series of structural reforms aimed at spurring economic growth and fighting deflation.
The yen is already the worst-performing developed market currency in the world this year, but added stimulus aimed at weakening the yen further could be in the cards if Japan’s economy, the world’s third-largest, flails.
Hong Kong’s Hang Seng soared 2.18% while the Shanghai Composite jumped 2.29% after Chinese Premier Li Keqiang said he will not allow China’s GDP growth to slip below 7% this year. Downtrodden financial services shares were among the leaders in China Tuesday.
On Sunday, a Reuters report showed that 70% of analysts are bullish on Chinese bank stocks despite the group’s dismal performance this year.
Australia's S&P/ASX 200 rose 0.1%, buoyed by the China comments and a surge in gold during Monday’s U.S. session. AUD/USD also climbed after gold surged more than 3% for its best one-day performance in over a year Monday.
Australia is one of the world’s largest gold-producing and as such, some traders view the Aussie as a "commodity currency" that often takes its cues from the yellow metal.
New Zealand’s NZSE 50 added 0.58% while South Korea’s Kospi climbed 1.08%. Like Australia, New Zealand and South Korea both count China as their largest export market, indicating the Chinese premier’s comments were helpful to stocks in the two countries.
S&P 500 futures rose 0.25% a day after the benchmark U.S. index climbed 0.2%.