Shutterstock photo
Markets

Asian shares higher as China rebounds; Nikkei up 0.56%

Shutterstock photo

Shutterstock photo

Investing.com - Asian stocks bounced back Tuesday following a glum start to the week on Monday, helped in large part by Chinese equities.

In Asian trading Tuesday, Japan's Nikkei 225 rose 0.56% after Asian Development Bank President Haruhiko Kuroda said that if confirmed as the next Bank of Japan leader, he would do everything in his power to reverse years of Japanese deflation.

Meanwhile, in a report released earlier today, the Japanese Ministry of Health, Labor and Welfare said that Japan's Average Cash Earnings rose 0.7% in the fourth quarter compared with a decline of 1.7% in the third quarter. Analysts expected a fourth-quarter reading of -0.3%.

Hong Kong's Hang Seng rose 0.32% while the Shanghai Composite jumped 1.10% a day after traders speculated that China may move to tighten monetary policy as a means of cooling a potential property bubble there.

Australia's S&P/ASX 200 Index surged 1.6% after the Reserve Bank of Australia opted to leave its overnight cash rate unchanged at 3%. RBA Governor Glenn Stevens said Australia's current inflation outlook provides for further easing and accommodating monetary policy, if necessary.

In a report released earlier today, Australian Bureau of Statistics said that Australian retail sales increased 0.9% last month following -0.4% fall in January. The January number was revised down from -0.2%. Analysts had expected Australian retail sales to rise 0.4% in February.

In a separate report, the Bureau of Statistics said that Australia's current account balance fell to AUD-14.7 billion in the fourth quarter from AUD-15 billion in the third quarter. Analysts expected Australia's current account balance to decline to AUD-15.3B in the fourth quarter.

South Korea's Kospi added 0.40% on reports that bond yields there implying the Bank of Korea could lower interest rates at its next meeting on March 14.

New Zealand's NZSE 50 rose 0.29% while Singapore's Straits Times Index gained 0.29% as well. S&P 500 futures are off 0.01%.

Investing.com - Investing.com offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.

Read more News on Investing.com or Follow us on Twitter at @ Newsinvesting

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx