ASIA STOCKS rise as Syria tensions ease

Asian stocks rose early Tuesday amid signs that Syrian tensions are easing.

Wall Street ended Monday higher, helped in part by hopes that the threat of a U.S. military intervention in the Middle East could be abating, as Syria welcomed a Russian proposal to put its chemical weapons under international control, though it didn’t indicate whether it would comply.

The Nikkei Average was up 1%, adding to a 2.5% jump in the previous session sparked by Tokyo’s successful bid to hold the 2020 Summer Olympics.

The Olympic effect was still evident in Tuesday’s trading, with construction-sector firms continuing to rally on expectations that the event will create new demand. Kajima Corp. jumped 9.9%, and Taisei Corp. shot up 12.3%.

In Tokyo, department store operator Isetan Mitsukoshi Holdings rose 0.7%, after the Nikkei reported that group operating profit for fiscal 2013 was likely to rise 30% to around ¥35 billion ($350 million), exceeding company guidance.

Suntory Beverage & Food underperformed the Tokyo stock market slightly, rising 0.7%, after agreeing to buy drink brands Lucozade and Ribena from GlaxoSmithKline for 1.35 billion British pounds ($2.12 billion).

China remained in focus after the data released showed China's Industrial Production (YoY) for the month of August came at 10.4% vs 9.9% exp and 9.7% in July, with Retail Sales (YoY) (Aug) showing a 13.4% vs 13.2% exp and 13.2% prior.

Hong Kong’s Hang Seng Index was up 0.7%, and the Shanghai Composite was flat.

Australia’s S&P ASX 200 was up 0.4%, after National Australia Bank’s monthly business confidence index in August rose to its highest level in two years. 

South Korea’s Kospi added 0.4%.

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