The Australian stock market has opened stronger led by financial shares, as Wall Street rebounded after investors reassessed the potential effects of the fraud case against Goldman Sachs. The benchmark S&P/ASX200 index and the broader All Ordinaries index both were up 0.5 per cent in early trade.
Wall Street Tuesday posted modest gains following the report on the upbeat consumer confidence and home prices data. Technology stocks were also supported by news that Apple Inc. (NASDAQ:AAPL) was developing a new iPhone. Yesterday Asian markets closed mostly higher. This week investors are also looking to the US nonfarm payroll data and expecting an improving labour market. Japanese stocks broadly gained led by steel makers. Nikkei rose 1 per cent. Hong Kong's Hang Seng Index was up 0.7 per cent while China's Shanghai Composite added 0.2 per cent. South Korea's Kospi increased 0.5 per cent.
Asian shares are set for a weak start on Monday after US markets fell on lower commodities prices and Greek debt concerns. Japanese market today is closed for Vernal Equinox Day. Most Asian markets gained on Friday. Japan's Nikkei index rose 0.8 per cent while weakness in yen boosted exporters. China's Shanghai Composite was also higher, with Alunimium Corp of China surged 10 per cent on Friday. Hong Kong's Hang Seng Index was up 0.2 per cent and South Korea's Kospi climbed 0.7 per cent.
Asian markets are set to deliver a positive start on Wednesday. US stocks rose to a fresh 17-month high overnight as the US Federal Reserve acknowledged the U.S. economy was gaining momentum and reiterated that the central bank will keep interest rates low for an extended period. Yesterday Asian shares closed mixed ahead of Federal Reserve and Bank of Japan's policy meetings. Japan's Nikkei 225 fell 0.3 per cent after three-day gains; however, China's Shanghai Composite rebounded from falls in previous two sessions. Hong Kong market shed 0.3 per cent as coal mining shares were hurt by China Shenhua's disappointing earnings.
Asian shares could see a flat start on Wednesday while Wall Street closed slightly higher overnight. Steelmakers and resource stocks are expected to suffer declines around the region follow commodities prices dropped. Most Asian markets posted small gains yesterday. Shanghai and Hong Kong bourses rose after an upbeat forecast from China Life Insurance Co., mainland's largest insurance company. China's Shanghai Composite added 0.5 per cent, Hong Kong's Hang Seng Index advanced 0.1 per cent. South Korea's Kospi and Taiwan's Taiex inched up 0.1 per cent each. But Japan's Nikkei 225 closed down 0.17 per cent on profit-taking selling.
A cautious start is expected in Asian markets Tuesday while Wall Street took a breather after recent gains and closed slightly lower overnight. Asian stocks rallied on Monday, led by resources sector which was helped by higher commodities prices. Australian market posted a seventh consecutive day of gains yesterday. Japan's Nikkei 225 surged 2.1 per cent, Hong Kong's Hang Seng Index advanced nearly 2 per cent, South Korea's Kospi was up 1.56 per cent and China's Shanghai Composite gained 0.7 per cent.
Asian markets are expected to rise today as Wall Street rallied overnight on improved data of manufacturing employment in the US and a takeover of American International Group's Asian arm by British insurer Prudential. Resources shares in Asia were up on Monday as the massive earthquake in Chile raised concerns on copper supplies. Asian markets closed mostly higher yesterday. Japan's Nikkei rose 0.5 per cent, lifted by a rise in non-ferrous metal shares. Hong Kong's Hang Seng Index gained 2.2 per cent and China's Shanghai Composite added 1.2 per cent on expectations Beijing may retain an appropriately loose monetary policy at the upcoming meeting of the National People's Congress.
