Asian stocks traded mostly higher on Tuesday amid China stimulus hopes and optimism that most global central banks may be either close to a peak or already done with interest-rate hiking.
Gold edged lower on dollar strength while oil prices were marginally lower after posting their biggest monthly gain in more than a year on expectations that Saudi Arabia would extend voluntary output cuts into September.
Chinese stocks were seeing modest gains after the country’s top economic planning agency outlined details to stimulate consumer spending and reports suggested that Beijing and Shenzhen may ease curbs on the property sector.
China’s Shanghai Composite index was up 0.3 percent at 3,300 while Hong Kong’s Hang Seng index was up more than 1 percent at 20,297.
Japan’s Nikkei index rose half a percent to 33,334, tracking a weaker yen after a Fed survey showed lending conditions at U.S. banks are tight and likely to get tighter during the second half of 2023.
Seoul stocks rallied, with the Kospi average climbing 1.2 percent to 2,663 after the S&P 500 closed at a 16-month high overnight on expectations that the world’s biggest economy will have a soft landing.
Australia’s benchmark S&P ASX 200 edged up 0.3 percent to 7,432 ahead of the policy decision from the Reserve Bank.
Across the Tasman, New Zealand’s benchmark S&P NZX-50 index was down 0.6 percent at 11,985.
U.S. stocks ended a lackluster session slightly higher overnight as data showed Chicago-area business activity contracted at a slightly slower rate in July.
The Dow gained 0.3 percent, while the tech-heavy Nasdaq Composite and the S&P 500 both rose around 0.2 percent.
European stocks closed mostly higher on Monday amid China stimulus optimism and encouraging Eurozone GDP and inflation data.
The pan European STOXX 600 edged up 0.1 percent. The German DAX slipped 0.1 percent, while France’s CAC 40 rose 0.3 percent and the U.K.’s FTSE 100 finished marginally higher.
Asian Shares Mostly Higher On China Stimulus Hopes, Fed Optimism
2023-08-01 02:16:26
