Investing.com– Most Asian stocks rose on Tuesday, following record highs on Wall Street as the third-quarter earnings season approached, while Chinese stocks fell on waning optimism over new fiscal stimulus. .
Regional markets received positive signals from Wall Street, with the and the reaching new highs thanks to gains in financial and technology stocks. US stock index futures were slightly positive in Asian trading, with attention focused on a number of key third-quarter results due this week.
Chinese markets lagged their peers following weak trade and inflation data released over the past two days. Beijing’s announcement of new fiscal stimulus measures also provided only fleeting support, as the government left investors in the dark on several key details.
The Nikkei exceeds 40,000 and the ASX 200 reaches an all-time high
Japanese stocks were the best performers in Asia as they posted strong gains after a long weekend.
They rose 1.7% and crossed 40,000 points for the first time since mid-July, while adding 1%. The gains were largely skewed toward technology stocks, especially chipmakers, which followed the overnight gains of their U.S. peers.
Sentiment toward Japanese markets was also buoyed by reports that Tokyo Metro raised $2.3 billion in the country’s biggest initial public offering in six years.
Australia’s rose 0.9% to a record high of 8,327.60 points, and major miners BHP Group Ltd (ASX 🙂 and Rio Tinto Ltd (ASX 🙂) each rose more than 1% ahead of their quarterly earnings reports. production, which will be published later in the week.
Australian markets benefited from a global push towards economically sensitive sectors, which are expected to benefit as interest rates fall.
Among broader Asian markets, South Korea added 0.2%, while Indian index futures pointed to a slightly negative opening as Indian inflation was higher than expected for September. Still, the Nifty managed to close above 25,000 points on Monday.
Chinese stocks lag as stimulus rebound fizzles
China’s and indices moved in a range of stable to down on Tuesday, while Hong Kong’s index lost 0.5%.
Chinese markets posted strong gains on Monday as investors cheered the prospect of more stimulus in the country, especially after the Ministry of Finance outlined fiscal stimulus plans in a recent briefing.
But the Finance Ministry still omitted key details about its plans, specifically the scope and timing of the planned fiscal measures. The lack of direct support for private consumption also disappointed investors.
China’s weak economic readings also affected sentiment towards the country. Data on Monday showed the country grew less than expected as growth slowed sharply. Previous data showed that Chinese disinflation was still in play.