Equities in Asia advanced for the second consecutive session as investor digested political uncertainty in the Whitehouse and the rise tension in the Korean peninsula. Better the expected economic data in China helped lift Asian shares higher.
In Mainland China, Equities finished the session in positive territory with, the Shanghai Composite rose by 0.60 percent, or 19.61 points to close at 3,292.64, and the Shenzhen Composite added 0.18 percent, or 3.37 points, to settle at 1,882.47 at the close. Meanwhile, Hong Kong primary benchmark Hang Seng Index surged by 0.79 percent, or 216.24 points to trade at 27,540.23 after hours.
Regarding economic data in China, China manufacturing PMI showed better than expected results for July to settle at 51.1, above economist expectations of 50.4. The July reading was also better the June reading of 50.4
Meanwhile, Official PMI data came at below expectations to show a figure 51.4 contrary to expected reading of 51.6.
Elsewhere in Japan, equities advanced in Tuesday’s session as investors digested the rising geopolitical tension in the Korean peninsula. Capital market also found support from positive earnings results by Japan airline, Panasonic, Honda, and Sony.
Japans main benchmark Nikkei 225 fell by 0.31 percent on Tuesday and to settle at 19,986.00 at the close.
Earnings in Japan, Japan Airlines reported an increase of 12 percent in the first-quarter earnings to 223.4 million dollars (24.7 billion Yen). The firm also changed its earnings forecast for the year to 153 billion yen from a previous earnings forecast of 142 billion yen. Meanwhile, Panasonic reported first-quarter operating profit was up by 16.9 percent.
Japanese car maker Honda announced that it beat expectation for the first-quarter earnings. Operating profit came at 2.44 billion dollars (269.2 billion yen). Moreover, the firm revised its full-year profit forecast upwards.
Meanwhile, Digital giant Sony reported record first-quarter earnings. Profit almost tripled to 1.43 billion dollars( 157.61 billion yen).
Elsewhere in Australia, Aussie stock ended Tuesday’s trading session in the green. Australian stock market index ASX 200 added 0.91 percent to settle at 5,772.37 The Aussie index found support from gains in commodity stocks.
Economic data in Australia came in mostly as expected as the Reserve bank of Australia left its base rate unchanged. However, Policy makers said that the recent strength in the Aussie dollar could “contribute to subdued price pressures in the economy."
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