Japanese stocks gained Tuesday on a weakened yen and a record finish for key U.S. indexes, while Chinese stocks edged higher after a choppy trading session amid hopes Beijing may act to avert a steeper economic slowdown.
Japan’s Nikkei 225 returned from a long weekend to gain 92.87 points, or 0.6%, to 14,599.12, end the day at a seven-week high
Hong Kong’s Hang Seng Index inched higher 9.07 points to 21,312.38
Exporters were broadly higher in Tokyo as the U.S. dollar weakened from the levels seen around Friday afternoon, to trade near the ¥100 mark.
Canon Inc. advanced 2.7%, and Nissan Motor Co added 1.8%.
Fuji Heavy Industries Ltd. added 1.7% after the Nikkei newspaper reported over the weekend that the Subaru-brand vehicle maker is expected to report a record quarterly operating profit.
Meanwhile, Australia’s S&P/ASX 200 gained 0.1%, aided by a 1.4% rise in the shares of Rio Tinto Ltd. after the mining giant achieved record output of iron ore in the second quarter, despite an equipment breakdown and impact from adverse weather conditions.
CHINA
The Shanghai Shenzhen CSI 300 took on 10.55 points, or 0.5%, to 2,317.85, as investors remained focused on the action policy makers might take to prevent a further economic slowdown
China’s economic growth eased to 7.5% in the second quarter, slowing from a 7.7% expansion in the first three months of 2013.
Hopes for policy moves to support the economy remained even as a commentary piece in a state-owned newspaper said China was unlikely to turn to stimulus measures to boost the economy.
Several industrial stocks rallied in Shanghai afternoon trade following rangebound moves, on either side of Monday’s closing level, in the morning session.
Zhejiang Xinan Chemical Industrial Group jumped 6.5%, China Railway Erju Co. rose 3.7% and Jiangxi Hongdu Aviation Industry Co. rose 3.6%.
In other markets;
Taiwan’s Taiex Index added 5.43 points, or 0.1%, to 8,260.11
Singapore’s Straits Times Index gave back 11.86 points, or 0.4%, to 3,224.96
Korea’s Kospi Index slid 8.80 points, or 0.5%, to 1,866.36
In New Zealand, the Exchange 50 Gross Index lost 29.69 points, or 0.6%, to 4,576.55
In Australia, the S&P/ASX 200 eked higher 4.91 points, or 0.1%, to 4,986.02
