(RTTNews.com) - Asian stock markets are mostly trading notably higher on Tuesday, with investors picking up stocks amid hopes that U.S. lawmakers will end the budget and debt ceiling impasse before the deadline.
In the Australian market, mining stocks are trading notably higher on the back of firmer commodity prices. Shares from energy, financial and industrial sections are also trading firm.
The benchmark S&P/ASX 200 index, which rose to 5,266.9, is currently trading at 5,257.9, up 50 points or 1 percent from its previous close. The broader All Ordinaries index is up 50.4 points or 1 percent at 5,256.9.
Among bank stocks, ANZ Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac (WBC) are up 0.6 to 1.2 percent. Bendigo & Adelaide Bank is up marginally, while Bank of Queensland is trading higher by 2.5 percent.
Among top miners, BHP Billiton (BHP) is up 1.2 percent, Rio Tinto (RIO) is trading 1.8 percent higher, Fortescue Metals is up 3.3 percent and Newcrest Mining is adding nearly a percent.
Carsales.Com, Seek, PanAust, Henderson Group, Regis Resources, Crown and Stockland are trading higher by 2.5 to 3.4 percent. Asciano, Macquarie Group, Perpetual, Computershare, Monadelphous Group and Mirvac Group are trading higher by 1.8 to 2. 4 percent.
Meanwhile, Echo Entertainment is trading lower by over 5.5 percent, Whitehaven Coal is down 4.8 percent and Iluka Resources is losing about 3 percent. Cochlear is trading 1.6 percent down.
Telstra Corporation shares are up 1.2 percent. The company has maintained its forecast for low single-digit income and earnings growth in the current financial year.
Tabcorp Holdings is trading marginally up following the company's revenue in the September quarter rising more than 3 percent on the prior corresponding period, despite tough trading conditions.
On the economic front, the total number of new motor vehicle sales in Australia was down a seasonally adjusted 0.1 percent in September compared to the previous month, the Australian Bureau of Statistics said on Tuesday - standing at 94,150. That follows the 0.8 percent increase in August.
By category, sales of passenger vehicle fell 1.2 percent, while sports utility vehicles dipped 1.0 percent and other vehicles jumped 4.0 percent.
By region, sales in Tasmania surged 17.9 percent, followed by Western Australia (1.0 percent) and South Australia (0.9 percent). Over the same period, sales in the Northern Territory dropped 8.4 percent. On a yearly basis, new motor vehicle sales were down 3.5 percent following the 0.2 percent gain in the previous month.
In the currency market, the Australian dollar opened higher against the U.S. dollar amid hopes of a resolution to the U.S. political stalemate over the looming debt ceiling negotiations. Around noon, the local unit was quoting at US$0.9528, up 0.6 percent from Monday's close of US$0.9467.
The Japanese stock market opened on a bright note with a weaker yen and optimism about a solution to the U.S. debt ceiling issue triggering some strong buying at several counters.
After a good start and a subsequent mild retreat, the market edged up again and was trading notably higher when the morning session ended.
The benchmark Nikkei 225 index, which rose more than 100 points to 14,51.4 in early trades and dropped down to around 14,440 subsequently, was up 75 points or 0.5 percent at 14,479.7 when the morning session ended.
Nisshin Steel Holdings gained nearly 5 percent. Nippon Paper Industries was up 4.2 percent at the break. Mazda Motor, Oji Holdings and Konami Corp. gained more than 3 percent.
Asahi Kasei Corp., Tokyo Electric Power, Mitsubishi Chemical Holdings, Ube Industries, KDDI Corp., Fast Retailing, MS&AD Insurance Group Holdings, Sumitomo Heavy Industries and Showa Shell Sekiyu KK were up 2 to 3 percent.
Daikin Industries, Kawasaki Kisen Kaisha, Sony Corp. ( SNE ), Oki Electric Industry, Toho Co., Kansai Electric Power, Softbank Corp., JX Holdings and Seven & I Holdings also posted notably gains.
Fuji Heavy Industries was up nearly a percent following the company's operating profit forecast beating expectations. Shares of Misawa Homes Co. rose sharply following a solid half-year earnings forecast from the company.
Dowa Holdings Co. shares were down 6 percent following the company's profit forecast missing estimates.
Mitsui Mining & Smelting was down 4 percent. Nippon Electric Glass, Furukawa Electric, JGC Corp., Unitika, Sharp Corp., Sumco Corp., Fujikura, Advantest Corp. ( ATE ), Sumitomo Metal Mining, Olympus Corp. and Suzuki Motor were trading lower by 0.8 to 2.8 percent.
In economic news, Japan's industrial production data for August is due for release during the day. Little change is expected from last month's preliminary readings that suggested a 3.4 percent monthly increase and a 3.7 percent yearly gain.
In the currency market, the U.S. dollar traded in the upper 98 yen range in early deals in Tokyo. The yen is currently trading at 98.52 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Hong Kong, South Korea and Taiwan are trading notably higher. New Zealand is up marginally, while Shanghai is trading weak. Markets in Indonesia, Malaysia and Singapore are closed for public holidays.
On Wall Street, stocks ended on a firm note Monday, after coming under pressure early in the session. The markets benefited from renewed optimism about lawmakers reaching an agreement to end the latest fiscal crisis.
The major averages moved roughly sideways going into the close, hovering firmly in positive territory. The Dow rose 64.2 points or 0.4 percent to 15,301.3, the Nasdaq advanced 23.4 points or 0.6 percent to 3,815.3 and the S&P 500 climbed 6.9 points or 0.4 percent to 1,710.1.
Major European markets turned in a mixed performance on Monday. While the German DAX index closed just below the unchanged line, the French CAC 40 index inched up by 0.1 percent and the U.K.'s FTSE 100 index gained 0.3 percent.
U.S. crude oil ended higher on Monday, mostly on news of a possible deal on the budget and debt ceiling with President Barack Obama all set to meet Congressional leaders later in the day. Nonetheless, the gains were capped after data from China showed inflation to have climbed with exports declining.
Crude for November delivery gained $0.39 or 0.4 percent to close at $102.41 a barrel on the New York Mercantile Exchange.
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