Shares in the Asia-Pacific set to inch higher on Tuesday ahead of Australia’s central bank decision and the results of a private survey on Chinese factory activity. The Fed’s meeting also begins on Tuesday stateside.
The Nikkei 225 in Japan gained 0.15% while the Topix also rose 0.23%.The Kospi in South Korea also rose 0.28%.
In Australia, the S&P/ASX 200 was fractionally lower as analysts expect the Reserve Bank of Australia to raise interest rates by 25 basis points, according a Reuters poll.
|.N225||Nikkei 225 Index||*NIKKEI||27621.33||33.87||0.12|
|.HSI||Hang Seng Index||*HSI||14687.02||0||0|
|.AXJO||S&P/ASX 200||*ASX 200||6867.3||3.8||0.06|
|.FTFCNBCA||CNBC 100 ASIA IDX||*CNBC 100||6752.18||19.15||0.28|
In China, economists expect the Caixin manufacturing PMI reading to be 49, representing a contraction in factory activity, according to a separate Reuters survey. Toyota and Sony are slated to report earnings.
Overnight in the U.S., stocks dipped, but the Dow posted its best month since 1976 and all the major averages ended the month in positive territory after two months of losses.
The Dow Jones Industrial Average slipped 128.85 points, or 0.39%, to 32,732.95. The S&P 500 lost 0.75% to 3,871.98, and the Nasdaq Composite shed 1.03% to 10,988.15.
— CNBC’s Samantha Subin and Jesse Pound contributed to this report.
Japan spent $42.7 billion to prop up the yen, ministry says
Japanese officials spent 6.35 trillion yen ($42.7 billion) between Sept. 29 and Oct. 27 to defend its weakening currency that reached the weakest levels in 32 years last month.
That amount is more than double the amount spent from Aug. 30 to Sept. 28, when officials spent more than 2.83 trillion yen ($19 billion) to defend the weakening yen.
A Reuters estimate citing brokers predicted that authorities spent 6.4 trillion yen over two consecutive trading days of unannounced intervention earlier this month.
Hang Seng loses more than 14% in the month of October
Asia-Pacific market performance in October
|Market||Month-to-date performance||Year-to-date performance|
|Australia’s S&P ASX 200||6.01%||-7.81%|
|Japan’s Nikkei 225||4.5%||-5.86%|
|South Korea’s Kospi||6.23%||-23.1%|
|China’s Shanghai Composite||-4.33%||-20.5%|
|Hong Kong’s Hang Seng||-14.55%||-37.1%|
Mainland China and Hong Kong markets underperformed Asia-Pacific peers in the month of October.
The Hang Seng index wallowed at its lowest levels since April 2009 after losing 14.55% as of Monday’s close.
Meanwhile, stocks in Australia, Japan and South Korea posted single-digit gains to close the first month of the year’s final quarter, while the Shanghai Composite slipped 4.33%.
Japan stocks closed at their highest since Sept. 20, but major APAC indexes were all still underwater from the start of the year.
— Abigail Ng
Source : CNBC