The Asian stock markets were mostly higher on Tuesday, following the rise in U.S. home sales, and the pickup in market sentiment helped to raise the outlook for firms which rely on the world’s largest economy for growth. Coal shares led the advance after Goldman Sachs raised the outlook for fuel producers, while market gains were capped during the late trade as investors soaked-in profits.
[B][U]Asia[/U][/B][B][U] Session Key Developments[/U][/B]
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· [B]Goldman Sachs raises outlook for coal producers[/B]
· [B]Rio Tinto looks to cut Chinalco’s stake to 15%[/B][B][/B]
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[B]Hang Seng Advances for Third-Day - ASX Pares Gains, Pulls Back From Six-Month High [/B]
The Asian stock markets were mostly higher on Tuesday, following the rise in U.S. home sales, and the pickup in market sentiment helped to raise the outlook for firms which rely on the world’s largest economy for growth. Coal shares led the advance after Goldman Sachs raised the outlook for fuel producers, while market gains were capped during the late trade as investors soaked-in profits.
[B]NKY 225 8977.37[/B]
The Nikkei stock market closed for public holiday and will be closed until Thursday
[B]HSI 16430.08[/B]
The Hong Kong stock market extended its three-day rally, with the Hang Seng Index adding 49.03 points or 0.30% to end the session at 16430.08, which is the highest close since October 14. Esprit Holdings Ltd., a Hong Kong based global clothing retailer, added 5.5%, while Li & Fung Ltd., the biggest supplier of clothes and toys to Wal-Mart Stores and Target, plunged 8.1% after saying it will sell new shares to fund acquisitions.
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[B]ASX 200 3890.40[/B]
The Australian stock market ticked higher on Tuesday, with the ASX 200 advancing 7.40 points or 0.19% to 3890.40 after spiking to a six-month high of 3943.4. QEB was the biggest drag on the financial sector, falling 3.7% on profit taking activities, while Macquarie Group rose 3.7% as funds continued to move into the stock. Moreover, Wesfarmers and Coca Cola Amatil weighed on the consumer staples sector as shares felling 2.1% and 4.1%, respectively, while BHP rose 2.0% and Rio Tinto advanced 5.5%, on speculation that Rio would try limit Chinalco’s stake in the firm to 15% from a 18% under the current arrangement.
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[B][U]Notable Asian Session Event Risk / Economic Releases
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