Asian stocks rose broadly on Tuesday as commodities steadied and investors shifted their focus to U.S. consumer inflation data due on Wednesday to assess the outlook for monetary policy.
Chinese shares rose sharply as more cities embark on mass testing and local lockdowns to curb a surge in COVID-19 cases.
The benchmark Shanghai Composite Index climbed 35.30 points, or 1 percent, to 3,529.93, while Hong Kong’s Hang Seng Index ended 1.2 percent higher at 26,605.62.
Japanese shares ended slightly higher as traders returned to their desks after a long holiday weekend. The Nikkei 225 Index edged up 68.11 points, or 0.2 percent, to 27,888.15 as investors kept their focus on corporate earnings. The broader Topix closed 0.4 percent higher at 1,936.28. SoftBank rose 0.9 percent before releasing its earnings after the market close.
Airline ANA Holdings surged 3.6 percent and pharmaceutical firm Daiichi Sankyo soared 5.2 percent. On the flip side, Nippon Yusen shed 1.9 percent and Sony lost 2.5 percent.
Japan posted a current account surplus of 905.1 billion yen in June, the Ministry of Finance said earlier today. That exceeded expectations for a surplus of 779.8 billion yen following the 1,979.7 billion yen surplus in May.
Australian markets eked out modest gains as the country’s most populous state expanded its COVID-19 lockdown to include a rural town and the coastal region of Byron Bay.
The benchmark S&P/ASX 200 Index rose 24.20 points, or 0.3 percent, to 7,562.60, while the broader All Ordinaries Index ended up 26.10 points, or 0.3 percent, at 7,830.40.
Building supplies maker James Hardie rallied 2.9 percent after raising its earnings forecast.
National Australia Bank edged up 0.2 percent after the lender said it would buy Citigroup’s Australian consumer business for a total cost of $1.2 billion.
Energy stocks ended broadly lower, with Origin Energy, Oil Search and Santos declining 1-2 percent. Tech stocks rose, with heavyweight Afterpay climbing 3.2 percent.
Australia’s business conditions and confidence declined sharply in July amid strict restrictions in many states to curb the spread of the coronavirus, survey results from National Australia Bank showed today. The business conditions index fell to 11 in July from 25 in June.
Seoul stocks ended lower for the fourth straight session as concerns over the spread of the new coronavirus dented sentiment. The benchmark Kospi dropped 17.23 points, or 0.5 percent, to close at 3,243.19.
South Korea’s daily new coronavirus cases bounced back above 1,500 today as the nationwide resurgence of COVID-19 cases continued during the summer vacation season. Tech stocks and financials slumped, while bio stocks bucked the weak trend.
Market heavyweight Samsung Electronics declined 1.6 percent and No. 2 chipmaker SK Hynix gave up 3 percent, while Samsung Biologics jumped 4.2 percent.
New Zealand shares ended higher as the earnings season loomed. The benchmark NZX-50 Index rose 63.40 points, or 0.5 percent, to 12,764.23. Fletcher Building and EBOS Group both climbed around 1.6 percent.
U.S. stocks fell from record highs overnight and commodities slumped, as investors fretted over an early tapering of the Federal Reserve’s economic support measures and new coronavirus-related restrictions in Asia, especially China.
The Dow dropped 0.3 percent and the S&P 500 slipped marginally, while the tech-heavy Nasdaq Composite Index edged up 0.2 percent.
Business News
Asian Shares Broadly Higher Before U.S. Inflation Reading
2021-08-10 08:40:37
