Tuesday, October 6, 2015

Asian markets track Wall Street gains, Nikkei leads the show

FXStreet (Mumbai) - Another flying start for the Asian equities on Tuesday and subsequently clinched solid gains, following suit after the strong finish overnight on Wall Street and the European stock markets as well.

Markets ignored the sluggish US and EU services sector data and enjoyed the news of the delay in Fed rate hike until early 2016 which provided some relief to the corporate sector.

Nikkei – outperforms amid weaker yen

The Japanese benchmark, the Nikkei continues with the recent winning streak as the exporters’ stocks remain boosted on the back of persisting yen weakness versus the US dollar amid rising risk-appetite. While nothing of relevance in terms of economic news is on the cards this session. At the moment, USD/JPY trades 0.05% higher at 120.50 while the Nikkei rallies 1.49% to 18,273.

The benchmark Australian S&P/ASX 200 extended the upbeat momentum, with liquidity back in the markets as Australian traders returned after a long weekend.

Markets digest the latest dismal Aus trade data ahead of the key RBA monetary policy decision due out shortly. The index edges 0.87% higher to 5,195 points, with mining and banking stocks leading the index.

Chinese markets stay closed in observance of National Day – Golden Week. While Hong Kong’s Hang Seng trades marginally higher by 0.14% at 21,876.
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