Economy

Japan, Hong Kong shares track Wall Street advance

Japan, Hong Kong shares track Wall Street advance”

US stock indexes ticked higher in early trading Tuesday and tacked on a bit more to their records set a day earlier.

NY - U.S. stock indexes touched new record highs on Tuesday, boosted by a rally in tech stocks and gains in Ford Motor and General Motors after strong September vehicle sales. Both indexes were at two-year highs.

Stocks are inching higher in midday trading on Wall Street in another mostly quiet day of trading.

The pan-European STOXX 600 index ended the session up 0.2 percent, with Germany closed for a holiday. The Nikkei average climbed 213.29 points or 1.05 percent to finish at 20,614.07, the highest level since mid-August 2015.

The euro was steady on the day at $1.1731, but still faces pressure from Spain's biggest constitutional crisis in decades, after Sunday's violence-marred independence referendum in Catalonia opened the door for its wealthiest region to move for secession as early as this week.

The S&P/ASX 200 index fell 0.5 percent, or 27.93 points, to 5,701.40 at the close of trade. The next major data release is Friday's U.S. jobs report for September.

USA construction spending also rebounded in August after two straight months of declines, boosted by increases in both private and public outlays.

The weaker yen lifted Japanese automakers and other exporters despite an announcement from Nissan late Monday it was recalling some 1.2 million cars in Japan that had failed to meet domestic rules on vehicle inspections.

The dollar stood tall, hoisted by rising U.S. Treasury yields.

The yield on the 10-year Treasury dipped to 2.32 percent.

US 30-year bond yields, which move inversely to prices, were higher though, with investors absorbing a mammoth sovereign bond deal from Abu Dhabi valued at $10 billion.

Asian stocks rose broadly in holiday-thinned trade Tuesday amid holidays in China and South Korea. The Dow Jones industrial average advanced 0.7 percent to 22,557.60. Australia's S&P/ASX 200 lost 0.9 percent to 5,652.10 and Southeast Asian indexes were mixed. All four indexes set records Monday after a reading on USA manufacturing growth hit its highest level in 13 years. All three indexes closed at record highs the day before.

Brent crude futures were down 4 cents or 0.07 percent at $55.90 a barrel at 11:24 a.m. (1624 GMT), having lost nearly 2.5 percent on Monday. Benchmark U.S. crude lost 29 cents to $50.12 a barrel in electronic trading on the New York Mercantile Exchange.

ENERGY: Oil futures fell further. US crude edged down 0.1 percent to $50.51. Investors were watching for economic data and remarks from the Fed chief to provide direction. This article is strictly for informational purposes only.



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