ASIA STOCKS rebound

Japanese and mainland Chinese stocks rebounded from a string of losses Tuesday, with a weakened yen lifting exporters in Tokyo, while Australian shares climbed after the central bank governor hinted at further interest rate cuts.

 

Japan’s Nikkei Stock Average  jumped 1.5%, snapping a four-day losing streak that pulled the benchmark to its lowest level in more than a month on Monday.

 

South Korea’s Kospi  ended 0.9% higher and the Shanghai Composite rose 0.7%, while Hong Kong’s Hang Seng Index gained 0.5%.

 

In Australia, the S&P/ASX 200 overcame early losses to end little changed, and the local currency tumbled after a speech by Reserve Bank of Australia Gov. Glenn Stevens. Stevens said recent data don’t appear to shift the central bank’s assessment that the inflation outlook left some scope to ease its policy further, if needed.

 

Most banks erased losses in Sydney after Gov. Stevens’s speech, with National Australia Bank Ltd.  and Westpac Banking Corp.   rising 0.1% each, while Commonwealth Bank of Australia  rose 0.2%.

 

Shares of Woolworths Ltd.   dropped 1.6% after the retailer reported only a modest sales growth in the fiscal fourth quarter.

 

Shares of Tata Motors Ltd.   fell 1.5% and aluminum producer Hindalco Industries Ltd. gave up 4.5%, while ICICI Bank Ltd.  inched up 0.7%.

 

In Japan, a weakened yen provided a lift to shares of some exporters after recent heavy losses. Shares of Isuzu Motors Ltd.  added 5% and Kobe Steel Ltd.  jumped 6.9%.

 

Sony Corp.  climbed 2.9% ahead of its earning results due on Thursday.

 

Sumitomo Mitsui Financial Group Inc. ended 0.9% higher after its quarterly profit more than doubled.

 

On the downside, shares of Hitachi Construction Machinery Co.  dropped 3% after its results fell short of expectations.

 

Official data released earlier Tuesday showed Japan’s industrial production unexpectedly fell a seasonally adjusted 3.3% in June from the level in May. Japanese household spending also declined, though the monthly unemployment rate eased to 3.9% from 4.1%.

 

The advance in Chinese equities was driven by gains in the beaten-down property sector. Shares of Gemdale Corp.  jumped 3% and Poly Real Estate Group Co.  added 1.9% in Shanghai, the yuan-denominated A shares of China Vanke Co. gained 1.2% in Shenzhen, and China Resources Land Ltd.  rose 1.5% in Hong Kong.

 

 

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