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Asian shares mixed, but Nikkei jumps on Wall St surge

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Investing.com -

Investing.com - Asian shares were mixed on Tuesday morning with markets in Singapore, Vietnam, Thailand, Cambodia, Laos, Malaysia, Myanmar and Indonesia shut for Vesak Day.

But Japanese stocks jumped, with the Nikkei 225 up 1.7% as strength in U.S. markets sapped demand for safe haven assets such as the Japanese currency. Monday, both the Dow Jones Industrial Average and the S&P 500 advanced to new highs as recently beaten-down sectors--such as technology and small companies--joined a broad rally on Wall Street.

Gains were more moderate elsewhere in Asia. Australia's S&P/ASX 200 was up 0.8% ahead of the government's first budget, which will be released after the market closes. South Korea's KOSPI and the Philippines PSEi Composite were both up 0.8%.

Overnight the the Dow 30 rose 0.68%, the S&P 500 index rose 0.97%, while the NASDAQ Composite Composite index rose 1.77%.

Technology and biotech shares have taken a beating in recent sessions, as investors had viewed the sector as too frothy, the beneficiaries of ultra-loose monetary policies and Federal Reserve stimulus programs that are tapering now and likely due to wrap up sometime this year.

Equities largely ignored events in Ukraine, even as fears persisted that U.S. recovery could hit a pothole if the crisis in Ukraine escalates further, as many U.S. businesses are heavily exposed to Europe.

Pro-Russian separatists claimed victory in a weekend referendum on self rule in the eastern Ukrainian city of Donetsk, which stirred concerns that the country is sliding closer to civil war.

The vote has been condemned by Ukraine's government and the West, which has threatened to hit Russia with fresh sanctions.

After the close of European trade, the DJ Euro Stoxx 50 rose 0.62%, France's CAC 40 rose 0.37%, while Germany's DAX rose 1.26%. Meanwhile, in the U.K. the FTSE 100 rose 0.55%.

On Tuesday, the U.S. is to produce data on retail sales, as well as reports on import prices and business inventories

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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.

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