Asian Shares Rise On China Optimism
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(RTTNews) - Asian stocks ended mostly higher on Tuesday after Chinese Premier Li Qiang expressed confidence that his government can pull off an economic recovery.
Additionally, a private survey showed China's services activity expanded at the fastest pace in three months in October.
The dollar was on the defensive and gold was little changed as the U.S. presidential election got underway, with polls predicting a tight race.
Oil prices were subdued in Asian trade after rallying almost 3 percent on Monday following OPEC+'s decision to delay restoring barrels to the market.
China's Shanghai Composite index jumped 2.32 percent to 3,386.99 and Hong Kong's Hang Seng index added 2.14 percent to close at 21,006.97 after Chinese Premier Li Qiang said he is confident of meeting this year's growth target and that there was room for more stimulus.
Observers hope a specific figure for the stimulus could emerge from this week's meeting of the Standing Committee of National People's Congress, the top body of China's rubber stamp parliament.
There was also some cheer on the data front. China's service activity expanded at the fastest pace since July, a private survey showed today in a sign that consumer demand may be on the mend.
Japanese markets rallied as trading resumed after a long holiday weekend. The Nikkei average climbed 1.11 percent to 38,474.90 while the broader Topix index settled 0.76 percent higher at 2,664.26.
Nintendo shares fell 3.9 percent. The gaming company today cut its annual operating profit forecast by 10 percent to 360 billion yen ($2.36 billion), as its ageing Switch console loses steam.
Seoul stocks ended lower as caution crept in ahead of the U.S. election and the Federal Reserve's interest-rate decision due later this week, with the U.S. central bank widely expected to cut its main interest rate for a second straight time.
Geopolitical tensions also weighed after North Korea launched a salvo of ballistic missiles towards the sea off the east coast of the Korean Peninsula. The Kospi average dropped 0.47 percent to 2,576.88.
Data showed earlier today that South Korea's October headline inflation slowed further to the weakest level in almost four years.
Australian markets fell slightly as the Reserve Bank of Australia held the official cash rate at 4.35 percent and signaled no immediate plans for rate cuts.
The benchmark S&P/ASX 200 dipped 0.40 percent to 8,131.80, with financials and consumer stocks leading losses. The broader All Ordinaries index closed 0.42 percent lower at 8,387.80.
Domino's Pizza Enterprises slumped 6.3 percent after an announcement that long-time chief executive and managing director Don Meij will retire effective 6 November.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index rose 0.54 percent to 12,658.30.
U.S. stocks drifted lower overnight as investors refrained from making big bets ahead of the presidential election and the Fed's interest-rate decision.
The Dow shed 0.6 percent, while the tech-heavy Nasdaq Composite and the S&P 500 both dipped around 0.3 percent.
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