Asian stocks ended broadly higher on Tuesday, although Chinese markets slipped after the country delayed the release of its latest economic growth figures along with other key economic indicators amid the weeklong 20th Communist Party National Congress.
Investors breathed a sigh of relief after Britain’s new finance minister announced a comprehensive retreat on the U.K. government’s tax-and-spending plans on Monday in a bid to calm jittery markets and restore the government’s credibility.
China’s Shanghai Composite Index edged down 0.1 percent to 3,080.96 amid renewed concerns over the zero-COVID policy and a U.S. semiconductor blockade, RTT News cited.
BYD jumped 5 percent after the electric vehicle maker said its third-quarter profit may surge up to 365 percent. Hong Kong’s Hang Seng Index rallied 1.8 percent to 16,914.58.
Japanese stocks surged, led by gains among exporters, financials and transport stocks. The Nikkei 225 Index jumped 1.4 percent to 27,156.14, while the broader Topix closed 1.2 percent higher at 1,901.44.
Toshiba Corp. fell over 1 percent following reports that some global banks have turned cautious over backing large buyouts due to rising borrowing costs in the United States and elsewhere.
Seoul stocks posted strong gains ahead of quarterly earnings from major companies, including Hyundai Motor, this week. The Kospi gained 1.4 percent to finish at 2,249.95. Hyundai Motor shares rose 0.6 percent, while SK Telecom added 2.5 percent and Korea Gas Corp surged 4 percent.
Australian markets advanced as minutes from the Reserve Bank of Australia’s last meeting showed the central bank’s decision to reduce the size of the interest rate hikes was “finely balanced.”
Separately, RBA Deputy Governor Michele Bullock said in a speech to a finance industry conference that there is still a path for the country to avoid going into recession and preserve most of the gains in employment.
The benchmark S&P/ASX 200 Index rallied 1.7 percent to 6,779.20, with tech companies, gold miners and financials leading the surge. The broader All Ordinaries Index closed up 1.8 percent at 6,976.20.
Global miner Rio Tinto ended on a flat note after forecasting annual iron ore shipments at the lower end of its guidance. St. Barbara shares plummeted 21.6 percent after the gold miner cut its production guidance and deferred capital expenditures on major projects by a year.
