Modupe Gbadeyanka
By Investors Hub
Asian stocks ended modestly higher on Tuesday as upbeat manufacturing data from China and the United States bolstered investor confidence in the global economy.
However, the upside was capped by concerns surrounding Brexit after British lawmakers rejected all the options to replace Prime Minister Theresa May’s divorce deal.
Chinese shares advanced, with the benchmark Shanghai Composite Index edging up 6.46 points or 0.2 percent to 3,176.82, a fresh 10-month high on optimism about policy easing and signs of progress in trade talks. Hong Kong’s Hang Seng Index rose 62.65 points or 0.2 percent to 29,624.67.
Meanwhile, Japanese shares ended roughly flit after hitting a one-month high in initial trading. The Nikkei 225 Index ended marginally lower at 21,505.31 after two days of gains. The broader Topix shed 0.3 percent to end at 1,611.69.
Rising U.S. bond yields lifted financials, with Dai-ichi Life Holdings and Mitsubishi UFJ Financial climbing 2-3 percent. Defensive stocks like Tokyo Electric Power and Japan Railway declined 3.5 percent and 2.6 percent, respectively.
Exporters turned in a mixed performance. Panasonic rose 1.3 percent and Honda Motor added 1.1 percent, while Sony fell 1.6 percent. In the tech sector, Advantest soared 4.5 percent and Sumco jumped 5.4 percent.
Australian stocks ended with modest gains as global growth worries eased. The benchmark S&P/ASX 200 Index climbed 25.40 points or 0.4 percent to 6,242.40, while the broader All Ordinaries Index ended up 28.10 points or 0.5 percent at 6,327.80.
Mining heavyweight BHP finished marginally lower and Rio Tinto dropped 1.1 percent, but smaller rival Fortescue Metals Group rallied 3 percent after winning approval for its $2.6 billion Iron Bridge magnetite project.
Oil Search, Woodside Petroleum and Santos rose between half a percent and 2 percent after crude oil prices jumped more than 2 percent overnight to reach fresh 2019 highs. Oil services firm WorleyParsons advanced 2.6 percent.
Banks ANZ, Westpac and NAB gained between 0.2 percent and 0.8 percent ahead of the annual budget.
Seek added 2.4 percent after former Commonwealth Bank CEO Ian Narev was appointed chief operating officer of the online jobs advertiser.
Incitec Pivot tumbled 2.9 percent on news it will close a Victorian phosphate factory at the cost of A$13 million.
The Reserve Bank of Australia today left its benchmark interest rate unchanged, acknowledging that the labor market continued to be “strong” despite soft economic growth seen late last year.
Seoul stocks extended gains for a third straight session as positive manufacturing data from the world’s two largest economies helped ease investor worries surrounding global growth. The benchmark Kospi rose 8.90 points or 0.4 percent to 2,177.18.
