South Korea’s benchmark Kospi index advanced 0.1 percent as steelmakers pared gains made in the last session. Tech stocks, however, were mostly higher: Samsung Electronics rose 1.67 percent and SK Hynix gained 1.78 percent.
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Stocks in Asia rose in early Tuesday trade as commodities held onto most overnight gains made on the back of better-than-expected China producer prices.
Japan’s Nikkei 225 was up 0.49 percent in early trade, continuing its upward trajectory after touching a fresh 21-year high in the last session. Automakers, financials and manufacturing names traded higher after the Dollar edged up against the yen.
Meanwhile, South Korea’s benchmark Kospi index advanced 0.1 percent as steelmakers pared gains made in the last session. Tech stocks, however, were mostly higher: Samsung Electronics rose 1.67 percent and SK Hynix gained 1.78 percent.
Down Under, the S&P/ASX 200 gained 0.6 percent, with the materials sub-index adding to overnight gains and climbing 0.92 percent. Major miners, banks and oil stocks notched gains early in the session.
Copper prices were steady after surging on Monday when China’s producer price index beat expectations. That metal cracked the USD 7,000 per ton level in the last session, reaching heights not seen since 2014. Copper last traded at USD 7,122.
Investors are expecting a “relatively positive backdrop” in the space ahead of China’s 19th Party Congress, which is set to begin October 18.
Also in the commodities patch, oil prices were stable after getting an overnight boost on headlines that Iraqi forces had captured parts of Kirkuk, an oil-rich city controlled by Kurdish forces. Brent crude futures were off 0.09 percent at USD 57.77 a barrel and US crude was 0.25 percent lower at USD 51.74.
Meanwhile, the greenback edged up against a basket of rival currencies overnight, with the Dollar index standing at 93.300 at 8:16 a.m. HK/SIN. The US currency also firmed against the Japanese Yen to trade at 112.22 — above levels around the 111.7 handle seen at the end of Asian trade on Monday.
In other currencies, the Euro slid for the fifth straight day following an election in Austria which put right-leaning People’s Party leader Sebastian Kurz on track to becoming the youngest leader in the world.
Catalan leader Carles Puigdemont’s failure to clarify Catalonia’s position on independence from Spain also likely weighed on the common currency, which traded at USD 1.1787 at 8:31 a.m. HK/SIN, its lowest level in around a week.
Stocks on Wall Street touched record highs on Monday as earnings season carried on. The Dow Jones tacked on 0.37 percent, or 85.24 points, to close at 22,956.96.
In corporate news, the falsification of product data at Japan’s Kobe Steel took place for longer than the 10-year period indicated by the steelmaker, Nikkei Asian Review said. The practice had actually occurred for decades at the company, Nikkei said, citing a source. Kobe Steel shares were last up 4.72 percent.
Elsewhere, Tencent Holdings Chairman Ma Huateng has sold part of his stake in the internet company, according to the Wall Street Journal. Ma raised approximately 2.1 billion Hong Kong Dollars (USD 269 million) after he lowered his stake in Tencent to 8.63 percent from 8.69 percent, the WSJ reported.
In economic news, minutes from the Reserve Bank of Australia showed policymakers were in no hurry to raise interest rates in the country just because other economies were doing so.
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