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% — Monday’s biggest gainer — was only modestly higher. Stocks Down Under lagged though, with benchmarks in Australia XJO, -0.35% and New Zealand NZ50GR, -0.43% the only two in the region lower.
Banks, along with factory-automation and nonferrous-metal stocks, led Japan’s Nikkei NIK, +1.03% 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% jumped 2.8% while robot maker Yaskawa Electric 6506, +5.45% was up 5% and Sumitomo Metal Mining 5713, +4.10% gained 4.3%. Yahoo Japan 4689, +11.94% 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 to fellow big shareholder SoftBank 9984, +2.05% .