Asian Shares Mostly Higher After Wall Street Rebound

Asian stocks rose broadly on Tuesday, although gains remained modest ahead of the upcoming Jackson Hole central banking conference beginning on Thursday, with markets awaiting speeches by Fed chair Janet Yellen and Mario Draghi.

China’s Shanghai Composite index ended a choppy session higher by 0.10 percent at 3,290.23 while Hong Kong’s Hang Seng index was up 297 points or 1.10 percent at 27,454 in late trade.

Japanese shares fell for the fifth straight session even as the yen weakened to snap four days of gains. The Nikkei average closed marginally lower at 19,383.84.

The broader Topix index inched up 0.06 percent to 1,596.12, led by gains in metal stocks such as Sumitomo Metal Mining, Dowa Holdings and Toho Titanium as industrial metals extended their longest weekly rally in three years.

Fujitsu rose 0.6 percent on a Nikkei report that the company is looking to sell its mobile phone business amid stiff competition.

Australian shares rose modestly, led by miners as iron ore and metals prices pushed higher and BHP Billiton returned to black with a USD 6.7 billion annual profit.

The benchmark S&P/ASX 200 index rose 24.20 points or 0.42 percent to 5,750.10 while the broader All Ordinaries index ended up 24.80 points or 0.43 percent at 5,804.80.

BHP shares climbed 1.1 percent after the mining giant announced it would sell its U.S. shale assets. Rival Rio Tinto added 1 percent and Fortescue Metals Group advanced 1.4 percent.

Sydney Airport Holdings and Oil Search jumped over 3 percent each after strong half-year results. Seven Group Holdings soared 8.9 percent despite the company reporting a 77 percent fall in its full-year profit, weighed down by writedowns in its struggling television arm.

Investors shrugged off a weekly survey compiled by the ANZ bank and Roy Morgan Research showing that Australia’s consumer confidence weakened for the third straight time during the week ended August 20.

Seoul shares closed near two-week highs amid easing of tensions on the Korean peninsula. The benchmark Kospi inched up 10.33 points or 0.44 percent to 2,365.33, the highest level since Aug 9.

New Zealand shares ended little changed with a negative bias. Benchmark indexes in India, Indonesia, Malaysia, Singapore and Taiwan were up between 0.1 percent and 0.6 percent.

Overnight, U.S. stocks fluctuated before closing mixed amid geopolitical tensions and concerns about President Donald Trump’s ability to implement his pro-business agenda.

The Dow and the S&P 500 inched up around…

Read the full article from the Source…

Leave a Reply

Your email address will not be published. Required fields are marked *