Asian markets ended mostly higher Tuesday as Chinese stocks marched ahead on continued expectations Beijing will avoid further tightening measures as the nation's economic growth moderates.
Japan’s Nikkei 225 Index returned from holiday to lose 107.20 points, or 1.2%, to 9,300.46
Hong Kong’s Hang Seng Index leaped 173.64 points, or 0.9%, to 20,264.59
Technology shares dropped sharply to front a decline in Tokyo following disappointing second-quarter earnings from IBM and Texas Instruments after U.S. markets closed on Monday.
Technology plays were leading a broad-based decline in Tokyo, weighed by results from IBM and Texas Instruments. IBM dropped 4.3% in after-hours trading as revenue growth wasn't as strong as expected, while Texas Instruments shed 5.3% although its results were in line with its raised guidance.
Among Japanese shares, Tokyo Electron dropped 2.9%, Advantest Corp. dropped 1.6% and Sony Corp. lost 2.8%. Auto makers were weak, with Toyota Motor Corp. dropping 2.6%, Nissan Motor Co. falling 2.4% and Honda Motor Co. shedding 1.8%.
Chinese shares traded in Hong Kong also bounced, with Agile Property Holdings surging 4.7%, while Angang Steel Co. advanced 5.9%.
Shares of BOC Hong Kong (Holdings) added 1.8% after China and Hong Kong inked an agreement to remove some restrictions on yuan usage and on its circulation in Hong Kong. BOC Hong Kong is the only yuan-clearing bank in the Special Administrative Region.
Hong Kong-listed shares of Zijin Mining Co. jumped 7.4% to stage a modest rebound after falling 19.9% over the past five sessions, as the company apologized for leakage from waste water at its Zijinshan copper mine hydro-metallurgical plant.
Australian shares advanced in cautious and subdued trade, with miners and banks leading the path, with BHP Billiton rising 1.5%, Rio Tinto climbing 2.3% and Australia & New Zealand Banking Group adding 1.5%.
Aquarius Platinum surged 13.6%, rebounding from Monday's 25% fall after the company said it had held "pragmatic" talks with South African officials about safety improvements to its underground mines in South Africa's North West province.
The comments eased fears that the provincial government would impose tough regulations to prevent rock falls following the deaths of five Aquarius employees in an accident at the company's Marikana project on July 6.
In Seoul, shares of Hana Financial Group dropped 2.1% after the company posted second-quarter net profit of 180.8 billion won ($150 million U.S.), down from KRW196.56 billion a year ago.
In foreign exchange markets, the euro managed to withstand negative news out of the euro-zone, including Moody's Investors Service on Monday cutting Ireland's rating to Aa2 from Aa1.
Investors are now focusing on the results of European banks' stress tests.
The single currency was fetching $1.2986 U.S. from $1.2945 U.S. late Monday in New York, and was 112.75 yen from 112.45 yen. The dollar was at 87.78 yen, from 86.86 yen.
CHINA
Chinese shares staged a broad-based rally after Monday's strong show, with Anhui Conch Cement Co. jumping 4%, Jiangxi Copper soaring 8.2% and Poly Real Estate Group climbing 2.9%.
Shanghai’s CSI 300 Index gained 59.30 points, or 2.2%, to 2,741.50
Chinese shares staged a broad-based rally after Monday's strong show, with Anhui Conch Cement Co. jumping 4%, Jiangxi Copper soaring 8.2% and Poly Real Estate Group climbing 2.9%.
The jump in Shanghai came as analysts continued to revise the nation's economic forecasts a tad lower from their robust earlier estimates and forecast that policy makers could avoid further tightening measures in the near-term.
Elsewhere;
Singapore’s Straits Times Index regained 3.19 points, or 0.1%, to 2,948.61
Korea’s Kospi index improved 4.82 points, or 0.3%, to 1,736.77
Taiwan’s Taiex Index picked up 62.20 points, or 0.8%, to 7,712.03
New Zealand’s NZX index recovered 30.77 points, or 1%, to 2,995.37
Australia’s S&P/ASX 200 tacked on 45.30 points, or 1%, to 4,403.60
