World markets got a boost from banking stocks on Tuesday, ahead of major earnings reports coming from Goldman Sachs and Bank of America as the U.S. dollar firmed up a bit.
Stocks in Japan benefitted from the strong Citigroup earnings reported on Monday in the United States, but the strength of the yen continues to weigh on the market.
In Japan, the Nikkei 225 closed up 40.96 points, or .43%, to 9,539.45.
Even -- Advancing stocks and decliners were relatively close as advancers nudged out decliners 788 to 710.
Upgrade -- Mitsubishi UFJ Morgan Stanley Securities ugraded its rating of Sumitomo Chemical to ‘’outperform’’ from ‘’neutral.’’ Shares rose 3.1% to close at 366 yen.
Banks lead the way -- Mitsubishi UFJ Financial Group rose 1.6% to 388 yen while shares of Mizuho Financial Group climbed 2.6% to 120 yen.
Exporters still fighting a valiant fight -- Despite the strength of the yen, shares of Sony Corp increased 1.5%. Canon Inc. declined mildly; losing .5% to close at 3,835 yen.
In China, the Shanghai Composite Index closed at over 3,000 for the first time since April, driven by optimism that the government is going to increase spending as part of an overall plan to strengthen the through 2015.
The Shanghai Composite closed up 46.63 points, or 1.58%, to 3,001.85.
Info tech plays had solid days based on the government’s initiative to have technology play a bigger part of the economy. Computer manufacturer, Tsinghua Tongfang Co., hit the daily limit of 10% and Sanan Optoelectronics Co. gained 4.7%.
Other Gainers – SAIC Motor, the largest automaker in China, climbed 10%, while appliance maker, Gree Electric, led gains for consumer stocks, while rising 3.8%. GD Midea climbed 2.7% to 17.16 yuan.
The Hang Seng rallied after two down days; gaining 294.35 points to close at 23,763.73.
Commodities were strong in Hong Kong -- China’s number one miner of copper, Jiangxi Copper Co., pushed forward by 6.3% while the country’s largest offshore oil produce, Cnooc Ltd., rose 1.1%.
Elsewhere, the smaller markets were mixed:
South Korea's Kospi dropped .97% to 1,857.32.
Australia's S&P/ASX 200 closed up by .082% to 4,655.7 00.
India's Sensex fell .92%.
Malaysia's Kuala Lumpur Composite Index rose 7.95 points to 1,488.65.
Indonesia's Jakarta Composite Index climbed 25.87 points.
Shenzhen Composite closed green; up 2.993% to 1,288.719.
Taiwan's Taiex gave back 14.31 points.
Singapore's Straits Times Index added .35%.
New Zealand's NZX 50 moved down by .14%.
Philippine shares were down by.566%.
Shares in Thailand closed up by .533%.
