Asian Markets Track Global Markets Higher

(RTTNews) - Asian stock markets are mostly higher on Tuesday, following the broadly positive cues from global markets overnight and boosted by a sharp rebound in Hong Kong stocks, with technology stocks leading the charge. The Japanese market also hit fresh 34-year highs as they await the Bank of Japan's policy decision later in the day. Asian markets closed mixed on Monday.

Traders now look ahead to the release of some key U.S. economic data as well as a slew of major central bank meetings later this week, including the Bank of Japan, the European Central Bank, the Bank of Canada and the Norges Bank.

Traders are likely to keep a particularly close eye on a report on US personal income and spending, as it includes readings on inflation said to be preferred by the US Federal Reserve.

Adding to the gains in the previous two sessions, the Australian stock market is notably higher on Tuesday, following the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is moving above the 7,500 level, with gains across most sectors led by technology and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 44.20 points or 0.59 percent to 7,520.80, after touching a high of 7,530.20 earlier. The broader All Ordinaries Index is up 45.90 points or 0.60 percent to 7,748.20. Australian stocks closed significantly higher on Monday.

Among the major miners, Fortescue Metals and BHP Group are gaining almost 1 percent each, while Mineral Resources is advancing almost 3 percent. Rio Tinto is edging down 0.4 percent.

Oil stocks are mixed. Woodside Energy and Santos are edging up 0.1 to 0.5 percent each, while Beach energy is losing almost 1 percent. Origin Energy is flat.

Among tech stocks, WiseTech Global is gaining more than 2 percent, Appen is advancing more than 4 percent and Afterpay owner Block is edging up 0.4 percent, while Xero is losing almost 1 percent and Zip is declining more than 8 percent.

Gold miners are mostly higher. Gold Road Resources is edging up 0.4 percent, Resolute Mining is gaining almost 1 percent and Newmont is adding almost 2 percent, while Evolution Mining is losing almost 2 percent and Northern Star resources is down almost 1 percent.

Among the big four banks, Commonwealth Bank, ANZ Banking and Westpac are gaining almost 1 percent each, while National Australia Bank is adding more than 1 percent.

In other news, shares in Judo Bank are soaring almost 17 percent after posting a 24 percent jump in profit before tax of $67 million for the first half.

Shares in IDP Education are slipping almost 8 percent after Canada announced changes to its intake of international students.

In the currency market, the Aussie dollar is trading at $0.659 on Tuesday.

Extending the gains the previous two sessions, the Japanese stock market is significantly higher on Tuesday, with the Nikkei 225 moving a tad above the 36,900 level to fresh 34-year highs, following the broadly positive cues from global markets overnight, with gains in some index heavyweights and technology stocks.as traders await the Bank of Japan's policy decision later in the day.

The benchmark Nikkei 225 Index closed the morning session at fresh 34-year high of 36,920.27, up 373.32 points or 1.02 percent. Japanese shares ended sharply higher on Monday.

Market heavyweight SoftBank Group is edging down 0.5 percent and Uniqlo operator Fast Retailing is flat. Among automakers, Honda is edging down 0.1 percent, while Toyota is gaining more than 1 percent.

In the tech space, Advantest and Tokyo Electron are edging up 0.2 to 0.5 percent, while Screen Holdings is advancing almost 2 percent.

In the banking sector, Sumitomo Mitsui Financial is edging up 0.1 percent, while Mizuho Financial is losing almost 1 percent and Mitsubishi UFJ Financial is edging down 0.2 percent.

The major exporters are mostly higher. Mitsubishi Electric and Canon are gaining almost 1 percent each, while Sony is edging up 0.3 percent. Panasonic is losing more than 1 percent.

Among the other major gainers, M3 and Fuji Electric are surging almost 5 percent each, while Sapporo Holdings is gaining almost 4 percent and Lasertec is adding more than 3 percent. Terumo, Fujitsu, Denso, Hoya, Nidec, Murata Manufacturing and Mitsubishi Heavy Industries are all advancing almost 3 percent each.

Conversely, there are no other major losers.

In economic news, the Bank of Japan will wrap up its monetary policy meeting on Tuesday and then announce its decision on interest rates. The BoJ is widely expected to keep its benchmark lending rate unchanged at -0.10 percent.

In the currency market, the U.S. dollar is trading in the lower 148 yen-range on Tuesday.

Elsewhere in Asia, Hong Kong is surging 3.2 percent, while New Zealand, China, Singapore, South Korea, Malaysia and Taiwan are higher by between 0.1 and 0.7 percent each. Indonesia is bucking the trend and is down 0.3 percent.

On Wall Street, stocks closed higher on Monday amid optimism about the outlook for earnings. Stocks initially extended the rally seen to close out the previous week amid optimism about the outlook for earnings from major tech firms.

The major averages all ended at new highs. The Dow settled at 38,001.81, gaining 138.01 points or 0.36 percent, the S&P 500 ended with a gain of 10.62 points or 0.22 percent, at 4,850.43 and the Nasdaq settled at 15,360.29, gaining 49.32 points or 0.32 percent.

The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index is up by 0.5 percent, the French CAC 40 Index and the German DAX Index are both up by 0.7 percent.

Crude oil prices rose sharply on Monday amid concerns about possible supply disruptions in the Middle East, and extreme cold weather in North America. West Texas Intermediate Crude oil futures for February settled at $75.19 a barrel, gaining $1.78 or about 2.4 percent.