FXStreet (Mumbai) – The stocks on the Asian bourses rebounded higher and flew through the roof on Tuesday, led by the solid recovery in the Australian and Japanese indices. While China’s stock markets resumed its downslide after a brief reversal seen yesterday towards closing.
ASX boosted by rebounding commodity prices
The Japanese markets rebounded on Tuesday after the persisting risk-on sentiment boosted further by upbeat Caixin Chinese PMI data continue to lift the stocks higher. While markets ignored below estimates Japan’s final manufacturing PMI report (52.6 vs. 52.8 exp.). Nikkei rallies 1.01% to trade at 19,946.
The Australian benchmark, the S&P/ASX jumps 1.70% to 5,253, led by higher resource and mining stocks on the back of strong recovery seen in the commodities space. Gold prices rise 0.60% to $ 1071 while copper gains 1.14% to 2.07 levels. The US oil gains 0.68% to trade near 42 mark.
The Chinese indices failed to benefit from improved risk-appetite and turned lower. The benchmark Shanghai Composite (SSEC) drops -0.29% to 3,434. China’s A50 index drops -0.50% to 10,094 points. Hong Kong’s Hang Seng bucks the trend and advances over 1.30% to 22,290.
(Market News Provided by FXstreet)