Asian stocks rise ahead of EU central bank meeting
Investors looked ahead to this week's meeting of the European Central Bank, which is expected to debate when to withdraw bond purchases and other stimulus for economies that use the common euro currency
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Beijing: Asian stock markets rose on Tuesday as investors watched for decisions from central banks in Europe and elsewhere about when they might start to wind down economic stimulus. Shares advanced in Shanghai, Tokyo and Hong Kong, which are the bulk of Asia's market capitalisation. Seoul and Sydney declined. US markets were due to reopen following a three-day weekend. Investors looked ahead to this week's meeting of the European Central Bank, which is expected to debate when to withdraw bond purchases and other stimulus for economies that use the common euro currency. "Attention will be on whether the policymakers start to taper asset purchases, especially in light of recent stronger-than-expected inflation data," said Anderson Alves of ActivTrades in a report.
The Shanghai Composite Index rose 0.6 per cent to 3,644.36 and the Nikkei 225 in Tokyo gained 0.8 per cent to 29,894.92. The Hang Seng in Hong Kong advanced 0.9 per cent to 26,398.46. The Kospi in Seoul shed 0.5 per cent to 3,187.26 and Sydney's S&P-ASX 200 declined 0.1per cent to 7,519.60. Investors also are watching for results of central bank meetings this week in Australia and Canada. Also Tuesday, Japan's government reported wages rose 1 per cent over a year earlier in July, accelerating from the previous month's 0.1per cent. Investors have been encouraged by the spread of Coronavirus vaccinations and stronger US corporate profits, though hopes are tempered by rising infections due to the virus' more contagious delta variant.
