Further signs of improvements in global manufacturing pushed Asian stocks higher on Tuesday, with Japan leading the gains as the yen weakened towards to the ¥100-to-the-dollar mark.
Positive manufacturing data from Europe on Monday supported regional sentiment. In terms of individual countries, the readings from both Germany and Italy were particularly strong. The factory figures from Europe added to an upbeat picture from China, where on Sunday the country’s official PMI hit a sixteen-month high. This added to a picture of stability in Asia’s largest economy and resulted in strong gains for the region’s markets.
The yen’s weakness gave Japanese stocks a boost on Tuesday. The Nikkei rose 2.6%.
Auto makers benefited from the weaker yen in Tokyo, with Toyota Motor Corp. up 2.8% and Honda Motor Co. rising 2%.
Hong Kong’s Hang Seng Index added 1.2% as Chinese companies continued to outperform off the back of Monday’s manufacturing numbers. The Hang Seng China Enterprises Index was last up 2.3%.
Shanghai Composite rose 0.1% in the mainland.
Australia’s S&P ASX 200 was up 0.2% after the Reserve Bank of Australia’s policy announcement.
The Reserve Bank of Australia left rates unchanged at 2.5% record lows, with the Board decided said in Australia the economy has been growing a bit below trend over the past year. This is expected to continue in the near term as the economy adjusts to lower levels of mining investment. The unemployment rate has edged higher. Inflation has been consistent with the medium-term target. At today's meeting, the Board judged that the setting of monetary policy remained appropriate.
Miners in Sydney made strong gains as the price of iron ore rose over night: Rio Tinto rose 2.7% and Fortescue Metals Group was 4.5% higher.
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