asia markets gain after wall street notches up records
Last Updated : GMT 05:21:58
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Last Updated : GMT 05:21:58
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Asia markets gain after Wall Street notches up records

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Arab Today, arab today Asia markets gain after Wall Street notches up records

Analysts said the markets were unaffected by a mass shooting at a Las Vegas
Hong Kong - AFP

Asian markets gained Tuesday, with Tokyo closing at a two-year high following fresh records on Wall Street, as investors were cheered by the release of strong economic data.

All three US indices ended at records, with the Dow Jones Industrial Average gaining 0.7 percent Monday.

Tokyo's benchmark Nikkei 225 index rose 1.05 percent to finish at 20,614.07 on Tuesday, its best close since August 2015, with a weaker yen boosting Japanese exporters.

Analysts said the markets were unaffected by a mass shooting from a Las Vegas hotel that left at least 59 dead and hundreds injured.

"The global markets trudge on, searching for opportunities, realising these tragedies are becoming all too commonplace," said Stephen Innes, head of Asia-Pacific trading at OANDA.

"And as cynical as that may seem, that is the reality we've come to accept," he added.

US manufacturing activity rose to its highest level in 13 years last month, making investors bullish about the third-quarter US earnings season which begins in around 10 days.

Companies in the S&P 500 are projected to report a five percent year-over-year gain in operating earnings-per-share (EPS), according to CFRA Research.

President Donald Trump's market-friendly tax reform proposals, including a plan to cut the corporate tax rate from 35 percent to 20 percent, have also buoyed investors.

Hong Kong closed 2.25 percent higher after a long weekend while Manila gained 0.6 percent and Sydney edged down 0.4 percent. 

The weaker yen lifted Japanese automakers and other exporters despite an announcement from Nissan late Monday it was recalling some 1.2 million cars in Japan that had failed to meet domestic rules on vehicle inspections.

The gains came after the Bank of Japan's Tankan survey showed business confidence in the world's third-largest economy had hit its highest level in a decade.

- 'Risk aversion waning' -

"Global growth, folks, global growth. That's the economic story of the night as the raft of manufacturing PMIs released in the past 24 hours tell the story of a continuation of this trend toward synchronisation and strength," said Greg McKenna, chief market strategist at AxiTrader.

"Gold continues to fall as the global economy grows... (and) as risk aversion wanes," he added.

Europe's stock markets were little changed at the start of trading Tuesday, with London's benchmark FTSE 100 index down fractionally.

The Paris CAC 40 gained 0.2 percent while Frankfurt's DAX 30 was shut because of a public holiday in Germany.

The euro struggled to recover against the dollar following a police crackdown on the banned Catalonia independence referendum.

Catalonia's leader declared victory in the referendum to secede from Spain, prompting a warning from Madrid that it would do "everything within the law" to prevent the region from declaring independence.

The referendum was marred by shocking scenes of police violence, with security forces moving in on polling stations across the region to stop people from voting, in some cases using batons and firing rubber bullets to disperse crowds.

- Key figures around 0830 GMT -

Tokyo - Nikkei 225: UP 1.0 percent at 20,614.07 (close)

London - FTSE 100: FLAT at 7434.82 

Hong Kong - Hang Seng: UP 2.2 percent at 28,173.21 (close)

Euro/dollar: UP at $1.1741 from $1.1733

Dollar/yen: UP at 113.07 yen from 112.71 yen

Pound/dollar: DOWN at $1.3256 from $1.3277

Oil - West Texas Intermediate: DOWN three cents at $50.55 per barrel 

Oil - Brent North Sea: DOWN one cent at $56.11 per barrel

New York - DOW: UP 0.7 percent at 22,557.60 (close)

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