The main economic news scheduled to come out of Asia on Tuesday will be China's trade data for June. Analysts say that a weak result could hurt risk sentiment, and the Australian dollar could be the biggest casualty, due to Australia's strong trade ties with China. The Australian dollar was stable early in the session, at $1.0195.
In Brussels, euro-zone finance ministers met for discussions on bailing out the Spanish banking system and creating a common regulator for the region's banks.
Euro-zone finance ministers reached a "political agreement" in the small hours of Tuesday on some details for a bailout to rescue Spanish banks, Jean-Claude Juncker, Luxembourg's prime minister and head of the Eurogroup, told reporters after the conclusion of the nine-hour meeting.
Spain also got a one-year extension to meet its deficit-reduction target, as had been widely expected.
Yields on Spain's 10-years bonds rose to around 7% overnight, the point widely considered to be unsustainable, which damped sentiment in overnight trading.
The euro was stable early in Asia, at $1.2304, after gaining 0.2% overnight.
In Japan, the Nikkei climbed 0.6%, recovering some of its 1.4% fall on Monday, due to increased hopes the Bank of Japan might take more steps to boost the economy at its next meeting, while a stable yen, at 79.55 to the dollar, took some pressure off exporters.
"The stock market still hopes that the Bank of Japan will increase its asset-buying program at its upcoming meeting," said Fujio Ando, senior analyst at Chibagin Asset Management.
The resource-heavy Australian benchmark rose on Tuesday, thanks to an overnight recovery in commodity prices--with industrial metals such as tin, nickel and aluminum all gaining around 1.5%. The resource-heavy S&P ASX 200 gained 0.4%, as miners Rio Tinto and BHP Billiton both gained 0.5%.
South Korea's Kospi was 0.2% higher.
The price of oil sank to $85.20 a barrel early on Tuesday. But investors were mostly interested in the 1.8% gain notched up overnight, which translated into gains for regional oil companies: Inpex Corp. in Japan rose 1.9% and Aurora Oil & Gas was 0.9% higher in Australia.
In company news, electronics company Sharp fell 2.7% after an announcement that it will book a Y15.86 billion special loss in the first quarter ending June due to damages paid settling a lawsuit with Dell.
For the latest updates on the stock market, PRESS CTR + D or visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
No comments:
Post a Comment