Japanese stocks outperformed Asian markets for the second straight session Tuesday as the yen weakened to its lowest level in seven weeks, while a fall in business confidence in Australia weighed on Sydney.
Japan’s Nikkei jumped 2%, extending a 1.3% gain on Monday.
Australia’s S&P/ASX 200 fell 0.3%, as National Australia Bank’s monthly business survey showed that confidence slumped in the country last month — going to a score of +5 points in October from +12 a month earlier.
South Korea’s Kospi rose 1% and Singapore’s Straits Times index was down 0.1%. The Philippines PSE Composite was up 0.5%, staging a mild recovery after falling 1.4% on Monday as the country was hit over the weekend by a strong typhoon.
In China, the region was cautious as investors waited for the outcome of China’s Third Plenum — a major political meeting that is expected to result in the new government producing a policy blueprint for the next decade. The meeting started on Saturday and is expected to finish later on Tuesday.
Hong Kong’s Hang Seng Index fell 0.7%, pulling back after gaining 1.4% in the previous session marked by low volumes, while the Shanghai Composite rose 0.5% in the mainland.
Huishang Bank Corp. rose 0.9% in its debut trading in Hong Kong after raising $1.2 billion in an initial public offering earlier this month.
Dentsu Corp. rose 3.1% in Tokyo, after the Japanese advertising company revised its group net profit forecast for fiscal year 2013 by 73% to ¥33.1 billion from a previous forecast of ¥19.1 billion, due to strong domestic advertising sales.
Major Chinese banks were mostly higher in both Hong Kong and Shanghai after data out Monday showed lending hit a 10-month low in October. Industrial & Commercial Bank of China Ltd. rose 0.4% in Hong Kong and 0.3% in Shanghai, while Agricultural Bank of China Ltd. traded up 0.3% in Hong Kong and 0.8% higher in Shanghai.
Gains overnight for oil futures supported the Australian energy sector, with Origin Energy Ltd. up 1.9%, Santos Ltd. rising 1.4%, and Karoon Gas Australia Ltd. ahead by 2.1%.
Gold miners recouped some of their recent losses despite a lower finish for Comex gold futures, with Newcrest Mining Ltd. rising 0.9%, and Evolution Mining Ltd. up 2.7%.
On the earnings front, shares of Incitec Pivot Ltd. rallied 6.1% after the fertilizer and explosives maker posted better-than-expected earnings and announced job cuts.
News Corp., however, saw its shares drop 3.4% after its quarterly results fell short of analysts' expectations.
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