Asian markets add to gains, led by Nikkei

  • Written by MarketWatch
  • Published in Economics

The gains kept coming early Tuesday for Asia-Pacific stocks — at least those not Down Under.

Solid increases were being logged in a number of markets during morning trading after similar advances Monday. Japan, Hong Kong and Korea again took the lead, but China’s Shanghai Composite SHCOMP, -0.07%[1]   — Monday’s biggest gainer — was only modestly higher. Stocks Down Under lagged though, with benchmarks in Australia XJO, -0.35%[2]   and New Zealand NZ50GR, -0.43%[3]   the only two in the region lower.

Banks, along with factory-automation and nonferrous-metal stocks, led Japan’s Nikkei NIK, +1.03%[4]   1% higher. Higher Treasury yields and the prospects of strong near-term U.S. GDP growth helped sectors sensitive to economic cycles. Mitsubishi UFJ Financial 8306, +2.77%[5]   jumped 2.8% while robot maker Yaskawa Electric 6506, +5.45%[6]   was up 5% and Sumitomo Metal Mining 5713, +4.10%[7]   gained 4.3%. Yahoo Japan 4689, +11.94%[8]   was also a standout, jumping nearly 12% on word of a ¥220 billion ($2 billion) stock buyback as Altaba agreed to sell part of its stake[9] to fellow big shareholder SoftBank 9984, +2.05%[10]  .

South Korea’s Kospi SEU, +0.37%[11]   and Hong Kong’s Hang Seng HSI, +0.20%[12] ...

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