Japanese stocks jumped Tuesday on a weakened yen and a report the government is considering a cut in corporate taxes, while Hong Kong shares rose for a fourth straight day amid optimism over the Chinese economy.
Japan’s Nikkei 225 hiked 347.57 points, or 2.6%, to 13,867.
Hong Kong’s Hang Seng Index roared ahead 269.85 points, or 1.2%, to 22,541.13
The solid gains in Tokyo also got help from a report in the Nikkei newspaper Tuesday that Prime Minister Shinzo Abe may propose a reduction in corporate taxes if he decides in favor implementing a planned increase in the consumption tax.
Among the major movers in Japan, shares of Fuji Heavy Industries Ltd. spiked 5.6%, Softbank Corp. soared 6.3% and Renesas Electronics Corp. climbed 5.4%.
Data released earlier in the day showed Japan’s core machinery orders fell 2.7% in June, a milder decrease than expected.
In Sydney, shares of Stockland declined 2.9% after the developer and real-estate investor posted a 79% drop in full-year profit.
CHINA
The Shanghai Shenzhen CSI 300 gained 6.28 points, or 0.3%, to 2,359.07
Chinese property shares added to their recent gains, following a Reuters report that the eastern city of Wenzhou has become the first to ease restrictions on real-estate purchases.
Shares of China Overseas Land & Investment Ltd. rose 2.3% and China Resources Land Ltd. surged 6% in Hong Kong, while Gemdale Corp. gained 1% in Shanghai.
In other markets;
Taiwan’s Taiex Index spiked 82.89 points, or 1.1%, to 7,986.27
The Singapore Straits Times was 11.88 points, or 0.4%, in the green to 3,244.12
Korea’s Kospi Index moved higher 28.20 points, or 1.5%, to 1,913.03
In New Zealand, the Exchange 50 Gross Index edged higher 3.52 points, or 0.1%, to 4,525.82
In Australia, the S&P/ASX 200 added 49.05 points, or 1%, to 5,157.50
