China Exports Top Projections, Stocks Rise

Shares in Asia-Pacific were mostly higher on Tuesday, as China’s August trade data came in above expectations.

The Nikkei 225 leaped 256.25 points, or 0.9%, to 29,916.14, with shares in the country continuing to trek upward after two straight trading days of solid gains. That comes as investor sentiment is buoyed by the prospect of more stimulus that has reportedly been called for by prime ministerial contender Fumio Kishida.

The Japanese yen traded at 109.96 per U.S. dollar, stronger than levels above 110.1 seen against the greenback last week.

In Hong Kong, the Hang Seng Index hiked 190 points, or 0.7%, to 26,353.63.

Shares of retail firms listed in the city rose after Bloomberg reported that Hong Kong will start allowing quarantine-free entry for mainland visitors from Sept. 15. Chow Sang Sang jumped 5.5% while Giordano International gained 6.5% and Sa Sa International surged 10.5%.

The Reserve Bank of Australia announced Tuesday its decision to hold steady on the cash rate target.

In a statement, the Australian central bank’s governor Philip Lowe also said the RBA will purchase bonds at a rate of 4 billion Australian dollars (about $2.98 billion) a week until at least February 2022.

In August, when the plan to start tapering the bond purchases in early September to 4 billion from 5 billion Australian dollars was announced, Lowe had said the new weekly bond purchases would last till at least mid-November.

The Australian dollar briefly surged above $0.746 before later losing those gains — last changing hands at $0.7413.

CHINA

In Shanghai, the CSI 300 advanced 59.1 points, or 1.2%, to 4,992.63.

China’s exports jumped 25.6% year-over-year in August, customs data showed Tuesday — above expectations for a 17.1% rise by analysts in a Reuters poll.

In other markets

In Korea, the Kospi index sank 15.91 points, or 0.5%, to 3,187.42

In Singapore, the Straits Times added 7.45 points, or 0.2%, to 3,108.53

In Taiwan, the Taiex index dropped 66.43 points, or 0.4%, to 17,428.87

In New Zealand, the NZX 50 gained 21.97 points, or 0.2%, to 13,322

In Australia, the ASX 200 inched up 1.85 points at 7,530.34