Panoramic view of Seoul city skyline and Lotte Tower in Han River at sunset.
Ed Jones | AFP | Getty Images
Asia-Pacific markets were mostly higher on Tuesday, tracking gains on Wall Street.
Australia’s S&P/ASX 200 index edged up 0.61%. Japan’s Nikkei 225 Index rose 0.41%, and the Topix rose 0.49%.
South Korea’s Kospi rose 0.58% and the small-cap Kosdaq rose 0.42%. Korea Producer Price Index The annual growth rate was 2.5% in June and 2.3% in May. According to reports, a South Korean court issued an arrest warrant for its founder Brian Kim on suspicion of market manipulation, causing the share price of popular messaging application Kakao to fall 4.63%.
Hong Kong Hang Seng Index It rose 0.25% on the first day of trading, while mainland China’s CSI 300 index fell 0.52%.
Later on Tuesday, India is due to unveil the first budget of Prime Minister Narendra Modi’s third five-year term. Analysts at Barclays expect the coalition government to send a signal of policy coherence in the budget, “demonstrating continued fiscal consolidation and a marginal shift in the spending mix”.
“While continuing to focus on capital spending, we believe the government will use increased revenue to fund higher revenue spending, balancing economic and political needs,” Barclays wrote in a recent note.
Asian traders will also be watching June inflation data from Singapore. Economists polled by Reuters expect the country’s consumer price index to rise 2.7% annually. This compares with growth of 3.1% in May.
The U.S. S&P 500 rose overnight, posting its best day since June 5, as technology stocks rebounded after the index suffered its worst weekly loss since April.
The benchmark index rose 1.08% to close at 5,564.41 points, its best daily performance since June 5, while the Nasdaq rose 1.58% to close at 18,007.57 points. The Dow Jones Industrial Average rose 127.91 points, or 0.32%, to close at 40,415.44 points.
—CNBC’s Samantha Subin and Hakyung Kim contributed to this report.
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