Asian Stock Market: Scales higher on upbeat Chinese trade data
- Asian stocks edged higher on Tuesday as investors cheered upbeat Chinese data.
- US stocks ended higher at record high levels ahead of US CPI data.
- Japan warned of concerns over Taiwan amid growing risks from US-China tensions.
Asia-pacific stocks locked gains on Tuesday following the record gain on Wall Street as investors awaited the key US inflation data.
US inflation data on Tuesday will be in particular focus as investors try to assess the inflationary pressure as transitory or persistent, which could alter the Fed’s monetary policy stance.
Market participants look forward to the Fed Chair Jerome Powell speech as he is due to appear before Congress on Wednesday and Thursday.
MSCI’s broadest index of Asia-pacific shares outside Japan rose 0.5%.
Japan’s Nikkei 225 gained 0.96% near its two-week highs. Prime Minister Yoshihide Suga’s administration put Tokyo under its fourth COVID-19 state of emergency on Monday.
Hong Kong’s Hang Seng Index gained 1.48%, Kospi jumped 0.62%.
The ASX 200 rose 0.61% as investors remained optimistic ahead of the Q2 earring sessions.
The Shanghai Composite gained 0.2% to its near two-week high of 3,566. Investors risk appetite improved after China’s export zoomed 32.2% YoY in June.
Japan raises its concerns over growing military tensions around Taiwan as well as economic and technical rivalry between China and the US.
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
