ASIAN stocks closed higher

Asian stocks rose for a fourth day, with Japanese shares gaining as the yen weakened after a report showed machinery orders beat estimates and amid a report Prime Minister Shinzo Abe is considering a corporate-tax cut.

The MSCI Asia Pacific Index added 1.1% to 135.56.

All 10 industry groups increased on the gauge, which is headed for its longest winning streak in six weeks.

Abe called for a study of lower corporate taxes as a counterweight to a sales-levy increase, the Nikkei newspaper reported, citing unidentified people in the government. Japan may raise the consumption tax by three percentage points next year to rein in a national debt of more than twice gross domestic product.

The Bank of Japan released minutes of its July meeting today, saying it expects moderate growth in the economy.

Japan’s Topix index climbed 2%, with trading volume 30 percent below the 30-day average. The Nikkei 225 Stock Average increased 2.6 percent. 

The nation’s core machinery orders increased 4.9 percent in June from a year earlier, exceeding economist estimates for a 2.6 percent gain, data release by the Cabinet Office today showed.

Hong Kong’s Hang Seng Index rose 1.1%, while China’s Shanghai Composite Index added 0.2%. South Korea’s Kospi index jumped 1.5% and Taiwan’s Taiex index increased 1.1%. Singapore’s Straits Times Index gained 0.4% and New Zealand NZX 50 Index advanced 0.1%. Australia’s S&P/ASX 200 Index added 1%, closing at the highest level in almost three months.

Honda Motor Co., which gets 83% of sales from overseas, increased 1.9%, pacing gains among Japanese exporters. 

Sony Financial Holdings Inc., the financial services unit of electronics maker Sony Corp., jumped 2.8% in Tokyo after proposing a higher dividend. 

Newcrest Mining Ltd. slipped 2.3% as brokers cut ratings on shares of Australia’s biggest gold producer.

Source of information>>

More information>>