A general view of the Lotte tower amid the the Seoul city skyline and Han river during sunset.
Ed Jones | Afp | Getty Images
Asia-Pacific markets traded higher on Tuesday, tracking gains on Wall Street.
Australia’s S&P/ASX 200 inched up 0.61%. Japan’s Nikkei 225 was 0.41% higher and the broad-based Topix advanced 0.49%.
South Korea’s Kospi rose 0.58%, while the small-cap Kosdaq climbed 0.42%. South Korea’s producer price index in June rose 2.5% year on year, compared to a 2.3% rise in May. Stocks of popular messaging app Kakao dropped 4.63% after an arrest warrant was reportedly issued for founder Brian Kim by South Korean court over allegations of market manipulation.
Hong Kong’s Hang Seng index futures were at 17,741, higher than the HSI’s last close of 17,635.88.
Later Tuesday, India is slated to unveil its first budget under Prime Minister Narendra Modi’s third five-year term. Analysts at Barclays expect the coalition government to signal policy consistency in the budget, “showcasing continued fiscal consolidation with a marginal shift in the spending mix.”
“While maintaining focus on capex, we think the government will use increased receipts to fund higher revenue spending, balancing economic and political needs,” Barclays wrote in a recent note.
Traders in Asia will also monitor Singapore’s inflation data for June. According to economists polled by Reuters, the country’s consumer price index is expected to climb 2.7% year-on-year. This compares to a 3.1% rise in May.
Overnight in the U.S., the S&P 500 rose to notch its best day since June 5 as tech shares bounced on the heels of the worst weekly loss for the index since April.
The benchmark climbed 1.08% to settle at 5,564.41 and clinch its best day since June 5, while the Nasdaq Composite advanced 1.58% to close at 18,007.57. The Dow Jones Industrial Average rose 127.91 points, or 0.32%, to finish at 40,415.44.
— CNBC’s Samantha Subin and Hakyung Kim contributed to this report.
