Asian stocks were seen rising on Tuesday as Japanese exports strengthened on the weaker yen and investors weighed on set of economic reports including China’s manufacturing gauge, retail sales and Australia’s current account data.
Japan
The Japanese benchmark Nikkei 225 index gained 0.93% to trade at 15,075.55, while Tokyo’s Topix index rose 0.85% higher to 1,230.85.
The greenback strengthened against the Japanese yen, buying the currency at some 102.4 yen on Tuesday, boosting exporters’ stocks.
Panasonic was the session’s top winner, as it climbed 2.6 higher, while the multinational electronic company Casio Computer added 2%.
China
Hong Kong’s Hang Seng index added 0.68% to 23,239.43 at the time of writing, while the Chinese benchmark Shanghai Composite gained 0.19% to 2,042.99 at the same time.
Over the weekend, reports released showed that the Chinese Purchasing Index (PMI) rose to 50.8 in May from the previous figure of 50.4 in April, while analysts’ forecasted a reading of 50.7, according to reports from China Federation of Logistics and Purchasing and the National Bureau of Statistics.
Meanwhile, a separate report released on Tuesday by the National Bureau of Statistics based in Beijing and China Federation of Logistics and Purchasing showed that China’s non-manufacturing purchasing managers’ index rose from the previous figure of 54.8 in April to 55.5 in May.
The final PMI reading from HSBC for May came in at 49.4, compared to the preliminary reading of 49.7.
“The final PMI reading for May confirmed that the economy is stabilizing, but it is too early to say that it has bottomed out, particularly in light of a weaker property sector,” HSBC economist Hongbin Qu commented. “The lack of a sustainable growth momentum warrants stronger policy support.”
Stocks – Australia
In Sydney, the benchmark S&P/ASX 200 index rose 0.02% higher, trading at 5,519.80 at the time of writing, while investors focus on the Reserve Bank of Australia’s cash-rate announcement on its benchmark interest rate, with forecast that the bank would maintain its 2.5% policy rate.
The retail sales report from the Australia Bureau of Statistics showed that retail sales came in at 0.2% in April compared to analysts estimates of a 0.3% rise.
Stocks – Europe
Shares in Europe were a little changed on Tuesday as the market awaits economic data on the eurozone’s inflation and unemployment figures.
The European Euro stoxx 50 slid 0.03% lower opening at 3,246.98, while the German DAX gained 0.01% to 9,950.96 at the time of writing. At the same time, the French CAC dropped 0.08% lower to 4,512.18, while the UK’s benchmark FTSE 100eased 0.15% to 6,853.79.
Expected Reports
Investors will be keeping a close eye on the eurozone’s Consumer Price Index (CPI) due later in the day and expected to show a drop to 0.06% in May from the previous figure 0.7% seen in April year-on-year.
The job market report will also be one of the main reports expected to be released later in the day, with Spain’s number of unemployed people expected to drop to 111,916 in May.
While Italy’s jobless rate is forecasted to climb to 12.8% in April from 12.7% in March.
ECB Meeting
With the European Central Bank’s upcoming policy meeting just round the corner, the markets are expecting the ECB to cut its benchmark interest rate from 0.25% down to 0.15% or 0.10% during the meeting on Thursday, to tackle the low inflation and the strong euro exchange rate which could weigh on consumer prices.
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Stocks – Asia
Asian stocks were seen rising on Tuesday as Japanese exports strengthened on the weaker yen and investors weighed on set of economic reports including China’s manufacturing gauge, retail sales and Australia’s current account data.
Japan
The Japanese benchmark Nikkei 225 index gained 0.93% to trade at 15,075.55, while Tokyo’s Topix index rose 0.85% higher to 1,230.85.
The greenback strengthened against the Japanese yen, buying the currency at some 102.4 yen on Tuesday, boosting exporters’ stocks.
Panasonic was the session’s top winner, as it climbed 2.6 higher, while the multinational electronic company Casio Computer added 2%.
China
Hong Kong’s Hang Seng index added 0.68% to 23,239.43 at the time of writing, while the Chinese benchmark Shanghai Composite gained 0.19% to 2,042.99 at the same time.
Over the weekend, reports released showed that the Chinese Purchasing Index (PMI) rose to 50.8 in May from the previous figure of 50.4 in April, while analysts’ forecasted a reading of 50.7, according to reports from China Federation of Logistics and Purchasing and the National Bureau of Statistics.
Meanwhile, a separate report released on Tuesday by the National Bureau of Statistics based in Beijing and China Federation of Logistics and Purchasing showed that China’s non-manufacturing purchasing managers’ index rose from the previous figure of 54.8 in April to 55.5 in May.
The final PMI reading from HSBC for May came in at 49.4, compared to the preliminary reading of 49.7.
“The final PMI reading for May confirmed that the economy is stabilizing, but it is too early to say that it has bottomed out, particularly in light of a weaker property sector,” HSBC economist Hongbin Qu commented. “The lack of a sustainable growth momentum warrants stronger policy support.”
Stocks – Australia
In Sydney, the benchmark S&P/ASX 200 index rose 0.02% higher, trading at 5,519.80 at the time of writing, while investors focus on the Reserve Bank of Australia’s cash-rate announcement on its benchmark interest rate, with forecast that the bank would maintain its 2.5% policy rate.
The retail sales report from the Australia Bureau of Statistics showed that retail sales came in at 0.2% in April compared to analysts estimates of a 0.3% rise.
Stocks – Europe
Shares in Europe were a little changed on Tuesday as the market awaits economic data on the eurozone’s inflation and unemployment figures.
The European Euro stoxx 50 slid 0.03% lower opening at 3,246.98, while the German DAX gained 0.01% to 9,950.96 at the time of writing. At the same time, the French CAC dropped 0.08% lower to 4,512.18, while the UK’s benchmark FTSE 100eased 0.15% to 6,853.79.
Expected Reports
Investors will be keeping a close eye on the eurozone’s Consumer Price Index (CPI) due later in the day and expected to show a drop to 0.06% in May from the previous figure 0.7% seen in April year-on-year.
The job market report will also be one of the main reports expected to be released later in the day, with Spain’s number of unemployed people expected to drop to 111,916 in May.
While Italy’s jobless rate is forecasted to climb to 12.8% in April from 12.7% in March.
ECB Meeting
With the European Central Bank’s upcoming policy meeting just round the corner, the markets are expecting the ECB to cut its benchmark interest rate from 0.25% down to 0.15% or 0.10% during the meeting on Thursday, to tackle the low inflation and the strong euro exchange rate which could weigh on consumer prices.
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