Asian stock markets were moderately higher Tuesday, continuing to get a boost from an unexpected improvement in U.S. hiring that added to signs the global economy might be emerging from its downturn.
Sentiment was also underpinned by expectations that the European Central Bank will support struggling countries such as Spain and Italy by buying their sovereign bonds.
In Japan, the Nikkei 225 Index surged 77.02 points, or 0.9%, to 8,803.31
The Hang Seng Index in Hong Kong put on 73.83 points, or 0.4%, to 20.072.55
Among individual stocks, Japanese steel companies JFE Holdings and Nippon Steel Corp. gained 4% and 3.9% respectively. Shipping company Mitsui O.S.K. Lines Ltd. added 2.3%.
Australia's resources sector posted solid gains. Mining giant Rio Tinto Ltd. rose 1.2%. Energy Resources of Australia Ltd. added 1.1%. Mining equipment maker Bradken Ltd. soared 8.1% after announcing a 49% rise in profits due to its exposure to booming resource sectors.
CHINA
Hopes that China's central bank was preparing to announce steps to spur growth in the world's number-two economy also helped boost confidence in stocks, analysts said. A weekend statement by the People's Bank of China was interpreted as a sign that more monetary easing was in store.
Shanghai’s CSI 300 index eked ahead 3.26 points, or 0.1%, to 2,388.87
For instance, last week's daily average turnover in Hong Kong was 46.3 billion Hong Kong dollars ($5.97 billion U.S), while Monday's figure stood at HK$47 billion. July's daily average was $HK43.3 billion.
In other markets
Taiwan’s Taiex Index added 9.13 points, or 0.1%, to 7,295.46
Korea’s Kospi Index edged up 0.92 points, or 0.1%, to 1,886.80
Singapore's Straits Times Index shed 4.08 points, or 0.1%, to 3,067.74
New Zealand’s NZX index prospered 21.61 points, or 0.6%, to 3,584.81
Australia’s ASX Index gained 18.98 points, or 0.4%, to 4,291.56
