Asian Stock Market: Trades mixed on upbeat China’s trade data, RBA interest rate decision

Asian stocks trade mixed on Tuesday on the lack of clues from Wall Street on Monday.
US Dollar Index manages to hold the gains near 92.00 despite a quiet US session on account of Labor Day.
Reserve Bank of Australia kept the cash rate unchanged, delayed the tapering plan.

Rekha Chauhan Independent Analyst

Most of the Asia-pacific stocks trade mixed on Tuesday following a quiet session on Wall Street, which was closed for Labor Day.

MSCI’s broadest index of Asia-pacific shares outside Japan edged down 0.3%.

Japan’s Nikkei 225 gained more than 1% to near its five-month highs. The market ran on optimism that the ruling Liberal Democratic party would induce an additional stimulus package and could easily win the upcoming general election after Prime Minister Yoshihide Suga quit.

The Shanghai Composite Index traded higher 0.4% on Tuesday. Investors cheered upbeat China’s trade surplus data, which came at USD 58.34 billion in August as compared with a surplus of USD 57.25 billion in the same month a year earlier.

Hong Kong’s Hang Seng Index gained 0.79%, South Korea’s Kospi traded down 0.61%.

The ASX 200 lost 0.42% after the Reserve Bank of Australia (RBA) left the key cash rate unchanged at a historical low of 0.10% and did not talk about the tapering plan.

The US Dollar Index (DXY) trades near 92.20 with modest gains recovering from the lower levels.

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.

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