Asian stocks rose early Tuesday, as the latest data from China continued to point towards a recovery in the world’s second-largest economy, while there were also signs that Syrian tensions are easing.
Japan’s Nikkei 225 jumped 218.13 points, or 1.5%, to 14,423.36
Hong Kong’s Hang Seng Index gained 226 points, or 1%, to 22,976.65
Consistent signs of a stabilizing economy in China have supported sentiment in Asia in recent weeks. Earlier in the week, rising exports and subdued inflation boosted regional stocks Monday. Chinese companies listed in Hong Kong have benefited the most, with the Hang Seng China Enterprises Index up 8.9% so far this month.
More broadly, Asia received a positive lead on Tuesday after Wall Street ended higher Monday, helped in part by hopes that the threat of a U.S. military intervention in the Middle East could be abating, as Syria welcomed a Russian proposal to put its chemical weapons under international control, though it didn’t indicate whether it would comply.
The price of oil fell 0.8% in Asia to $108.62 a barrel.
The dollar was steady against the yen while stocks in Tokyo were trading Tuesday, though it shot up late in the Asian session — last at ¥100.02, compared with ¥99.57 late Monday in New York.
The Olympic effect was still evident in Tuesday’s trading, with construction-sector firms continuing to rally on expectations that the event will create new demand. Kajima Corp. jumped 7.8%, and Taisei Corp. shot up 13.2%.
In Tokyo, department store operator Isetan Mitsukoshi Holdings rose 2.1%, after the Nikkei reported that group operating profit for fiscal 2013 was likely to rise 30% to around ¥35 billion ($350 million U.S.), exceeding company guidance.
Suntory Beverage & Food underperformed the Tokyo stock market slightly, rising 0.6%, after agreeing to buy drink brands Lucozade and Ribena from GlaxoSmithKline for 1.35 billion British pounds ($2.12 billion U.S.).
Australian shares were up 0.4%, after National Australia Bank’s monthly business confidence index in August rose to its highest level in two years, as it became clearer that the country would get a conservative government. The Australian dollar also got a mild boost from the news, rising to 92.47 U.S. cents.
CHINA
The Shanghai Shenzhen CSI 300 improved 34.28 points, or 1.4%, to 2,474.89
Value-added industrial output in China rose 10.4% in August from a year earlier, accelerating from a 9.7% on-year increase in July, data from the National Bureau of Statistics showed Tuesday. The August rise exceeded the median 9.9% gain forecast by 11 economists in a Dow Jones survey.
In addition, retail sales accelerated by 13.4% in August year-on-year, from 13.2% in July.
In other markets;
The Taiex Index in Taiwan gained 16.66 points, or 0.2%, to 8,208.77
Korea’s Kospi Index took on 19.39 points, or 1%, to 1,994.06
The Singapore Straits Times Index moved higher 35.69 points, or 1.2%, to 3,123.69
In New Zealand, the Exchange 50 Gross Index climbed 13.74 points, or 0.3%, to 4,627.76
In Australia, the S&P/ASX 200 hiked 19.70 points, or 0.4%, to 5,201.17
