HONG KONG: Asian stock markets mostly rose for a second straight day on Tuesday after another Wall Street rally followed a better-than-expected batch of US consumer spending data.
A slight rebound in confidence and news of merger plans in Greece's banking sector also boosted risk sentiment, while oil prices edged up on hopes for demand growth in the United States.
Tokyo rose 1.16 per cent, or 102.55 points, to 8,953.90 while Seoul ended 0.78 per cent, or 14.32 points, higher at 1,843.82 and Sydney added 0.14 per cent, or 5.9 points, to 4,269.2.
Hong Kong climbed 1.71 per cent, or 339.06 points, to 20,204.17.
But ongoing concerns about liquidity send Shanghai down to end 0.38 per cent, or 9.82 points, lower at 2,566.59.
The advances extended gains from Monday, when dealers were cheered by comments from US Federal Reserve chief Ben Bernanke that stopped short of fresh stimulus for the US but left the door open for measures further down the line.
On Monday the US Commerce Department reported that consumer spending, a pillar of the world's largest economy, rebounded 0.8 per cent in July, after a 0.1 per cent dip in June, the fastest pace since February.
The data sent Wall Street higher. The Dow jumped 2.26 per cent, the S&P 500 surged 2.83 per cent and the Nasdaq shot up 3.32 per cent.
Dealers will now be looking to the upcoming release of key data from the United States, including jobs, consumer confidence, manufacturing and factory orders, for a clearer idea of the state of the economy.
"Signs of a market-based and economic recovery are in the wind as a turbulent month draws to a close," said Ben Le Brun, market analyst at CMC Markets in Sydney.
Related Post:
Asian Stocks
- asian stock market ahead of a ECB policy decision february 7 2013
- Asian stocks opened mixed january 28 2013
- IMF said asian economic growth forecast 2013
- asian stock markets drop november 6 2012
- impact Hurricane Sandy on stock market
- Why Asian stock markets down october 24 2012
- asian stock markets october 23 2013
- Asian stock markets down october 22 2012
- Asian stock markets october 5 2012
- Asian stock markets october 3 2012
No comments:
Post a Comment