(RTTNews) - The stock markets across the Asia-Pacific region were trading higher on Tuesday after Wall Street rebounded overnight on the back of strong gains in the resources sector and comments from Federal Reserve Chairman Ben Bernanke and the White House in support of a second economic stimulus package. The Nikkei and All Ordinaries indexes were around 2.6% higher, but KOSPI gave away most of the 2% gains that it posted in opening trade. Oil prices rose for a third day, boosting energy stocks. In currency trading, the U.S. dollar was quoted in the lower 102-yen levels in early Tokyo deals.

On Monday, the Dow Jones industrial average soared 4.7% to 9,265, the S&P 500 jumped 4.8% to 985, and the tech-dominated Nasdaq composite index climbed 3.4% to 1,770.

Crude oil surged Monday on growing signs that OPEC will announce production cuts at a meeting this week to shore up falling prices. New York’s main contract, light sweet crude for delivery in November, rose by $2.40 to close at $74.25 dollars a barrel. In the Asian session Tuesday, oil was up $1.36 at $75.61 a barrel by 9:23 p.m. ET.

In early trade, the U.S. dollar was quoted in a range of 102.00-102.05 yen, down 0.22 yen from Monday’s close of 102.22-102.25 yen in Tokyo. In South Korea, the U.S. dollar opened lower at 1,302.0 won. Meanwhile, the Australian dollar opened stronger at US$0.7038-0.7043 and the kiwi was higher at US$0.6244 in early domestic session.

The Japanese stock market was trading higher for a third consecutive session. At 8.49 P.M. ET, the benchmark Nikkei 225 Index was advancing 300.99 points or 3.34% to 9,306.58, while the broader Topix Index of all First Section Issues was gaining 32.44 points to 959.81.

The markets have little to digest in terms of economic news on Tuesday.

Banking stocks advanced after the London Interbank Offer Rate, or Libor, which banks charge each other for three-month loans in dollars, fell overnight to 4.06%, the biggest decline in nine months. Mitsubishi UFJ rose 4.12%, Mizuho Financial climbed 3.17%, Sumitomo Mitsui climbed 2.06% and Resona Holdings gained 3.82%.

Among exporters, automaker Honda rose 5.70%, Toyota gained 5.54%, Suzuki added 1.49%, Nissan climbed 4.55% and Mazda advanced 2.17%. Meanwhile, electronics giant Sony jumped 4.38%, Nikon advanced 3.00% and heavy machinery maker Komatsu rose 4.77%.

In the tech sector, Advantest rose 4.82%, Fanuc jumped 5.92%, Kyocera climbed 5.10% and Fujitsu gained 3.81%.

Among oil-related stocks, Inpex Holdings soared 8.67%, Nippon Oil jumped 7.65% and Showa Shell gained 4.80%. Trading house Marubeni rose 5.17%, Itochu soared 6.53% and Sojitz climbed 5.59%.

The South Korean stock market was trading sharply higher, extending its gains for a second consecutive trading session. At 9:29 p.m. ET, the benchmark Korea Composite Stock Price Index or KOSPI was up 16.15 points, or 1.34%, at 1,223.78 after opening nearly 2% higher.

In early trade, banks were higher, with Hana Financial Group climbing 5.7% and Woori Finance Holdings gaining 4.0%.

Among shipbuilders, Hyundai Heavy Industries jumped 5.3%. In the tech space, LG Electronics rose 1.8%, extending Monday’s gains after posting solid second-quarter operating profits helped by mobile phones sales.

The Australian stock market was trading higher, extending Monday’s more than 4% gains. As commodity prices climbed, investors bought into resource stocks, which led to the advance in the broader markets. At 9:12 p.m. ET, the benchmark S&P/ASX 200 index was up 104 points or 2.51% at 4,246, after closing up 4.32% on Monday. The broader All Ordinaries index was gaining 104 points or 2.53% to 4,202.

On the economic front, a report from the Australian Bureau of Statistics showed that new motor vehicle sales for September declined 0.4% from last month and 8.2% on year.

The Reserve Bank of Australia is also scheduled to release the minutes of the October board meeting. At the October 7 meeting, the RBA lowered its official cash rate by 100 basis points to 6.0%.

Among banking stocks, Commonwealth Bank of Australia edged up 0.46%, National Australia Bank added 4.44%, and ANZ Banking Group was up 2.88%. Westpac advanced 0.65%, investment bank Macquarie Group gained 2.92%, and St. George bank was up 0.57%.

In the resources sector, index leader BHP Billiton climbed 6.61% and Rio Tinto soared 7.80%. Gold miners were stronger, after gold closed marginally higher on Monday, snapping seven straight sessions of losses. Lihir Gold rose 2.90%, and Newcrest Mining edged up 0.27%.

Among energy stocks, Woodside climbed 7.31%, and Oil Search soared 7.55%, and Santos rose 4.91%.

In the retail sector, David Jones added 0.31%, giant retailer Woolworths edged up 0.18%, and Coles’ owner Wesfarmers soared 6.64%.

The New Zealand stock market opened higher, with the benchmark NZX 50 index gaining 61.06 points or 2.11% to 2,950.98 and the broader NZX All Capital Index advancing 54.72 points or 1.86% to 2,994.85.

In Tuesday’s economic news, Statistics New Zealand releases its consumer prices data by 17.45 pm ET. It is expected to show the consumer price index rising at an annual rate of about 5 percent, the highest since 1990.

In the early trading on the New Zealand stock market on Tuesday, the country’s top ranked share Telecom collected 2.80%, while the second ranked Contact Energy added 2.05%. Fletcher Building, the third best stock, surged 3.86%.

In the retail sector Hallenstein Glasson and jewelry retailer Michael Hill International remained unchanged. The Warehouse gained 1.03%, as Pumpkin Patch advanced 0.90%.

In the energy sector Vector climbed 0.99%, while TrustPower remained unchanged in the day’s early trading.

Among the dual listed issues AMP jumped 4.29%, as Australia and NZ Banking Corp surged 3. 98%. APN News & Media, Lion Nathan and Telstra remained unchanged, while Westpac Bank added 2.48%.

Other Asian markets

Hong Kong’s Hang Seng index was up 1.0% at 15,481; China’s Shanghai composite index was up 0.1% at 1,976; Singapore’s Straits Times index was up 1.5% at 1,957; Taiwan’s weighted index was up 0.4% at 4,950; Malaysia’s KLCI was up 7.5 points at 916; and Indonesia’s Jakarta Composite index was up 2.5% at 1,462.

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Posted in Categories: Australia, Economy, Japan, New Zealand, Releases, USA.

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