By V. Phani Kumar, MarketWatch
HONG KONG (MarketWatch) ? Japanese and mainland Chinese stocks rebounded from a string of losses Tuesday, with a weakened yen lifting exporters in Tokyo, while Australian shares climbed after the central bank governor hinted at further interest rate cuts.
Japan?s Nikkei Stock Average /quotes/zigman/2622475 HK:HSI +0.48% ?jumped 1.5%, snapping a four-day losing streak that pulled the benchmark to its lowest level in more than a month on Monday.
A visitor walks past logos at the Tokyo Stock Exchange in Tokyo.South Korea?s Kospi /quotes/zigman/1652118 KR:SEU +0.90% ?ended 0.9% higher and the Shanghai Composite /quotes/zigman/1859015 CN:SHCOMP +0.70% rose 0.7%, while Hong Kong?s Hang Seng Index /quotes/zigman/2622475 HK:HSI +0.48% gained 0.5%.
In Australia, the S&P/ASX 200 /quotes/zigman/1653884 AU:XJO +0.02% overcame early losses to end little changed, and the local currency /quotes/zigman/4867876/sampled AUDUSD -1.5545% tumbled after a speech by Reserve Bank of Australia Gov. Glenn Stevens. Stevens said recent data don?t appear to shift the central bank?s assessment that the inflation outlook left some scope to ease its policy further, if needed.
?The Reserve Bank Governor has delivered his clearest statement yet that super low interest rates are likely to be part of the economic landscape over the coming year,? said Savanth Sebastian, an economist at CommSec.
Most banks erased losses in Sydney after Gov. Stevens?s speech, with National Australia Bank Ltd. /quotes/zigman/181126 AU:NAB +0.10% /quotes/zigman/181112/quotes/nls/nabzy NABZY -0.24% ?and Westpac Banking Corp. /quotes/zigman/181294 AU:WBC +0.13% ? /quotes/zigman/1470693/quotes/nls/wbk WBK +0.17% ?rising 0.1% each, while Commonwealth Bank of Australia /quotes/zigman/181773 AU:CBA +0.23% /quotes/zigman/181772/quotes/nls/cbauf CBAUF +3.20% ?rose 0.2%.
Shares of Woolworths Ltd. /quotes/zigman/128963 AU:WOW -1.63% ? /quotes/zigman/128962/quotes/nls/wolwf WOLWF +0.19% dropped 1.6% after the retailer reported only a modest sales growth in the fiscal fourth quarter.
The stocks performance in Asia followed a lower finish on Wall Street, after data showing U.S. pending home sales fell. The decline came as investors awaited the Fed?s decision, as well as Friday?s monthly nonfarm payrolls data for July.
The Fed is due to announce the outcome of its two-day policy meeting on Wednesday, with expectations that it will offer further clues on how long it will maintain its bond purchases. Also, results from two separate surveys on Chinese manufacturing activity in July are due out Thursday.
Meanwhile, Indian stocks and the rupee fell after the Reserve Bank of India left its policy interest rate unchanged, as expected, and added the central bank will roll back its recent measures to support the local currency once stability returned to the foreign exchange markets. The RBI also lowered India?s economic growth forecast for the year ending March 31 to 5.5% from 5.7% earlier.
The 30-stock S&P BSE Sensex /quotes/zigman/1652085 IN:1 -1.25% ?fell 0.7% in afternoon trade. Shares of Tata Motors Ltd. IN:500570 +2.14% ? /quotes/zigman/357190/quotes/nls/ttm TTM +0.40% ?fell 1.5% and aluminum producer Hindalco Industries Ltd. IN:500440 -4.03% gave up 4.5%, while ICICI Bank Ltd. IN:532174 -0.26% /quotes/zigman/257533/quotes/nls/ibn IBN -0.23% ?inched up 0.7%.
?The RBI decision to keep policy rates on hold primarily reflects their concerns about severe stress in the domestic foreign exchange market due to rupee depreciation,? Rajiv Biswas, chief economist for Asia Pacific at IHS Global Insight, said in emailed comments.
In Japan, a weakened yen provided a lift to shares of some exporters after recent heavy losses. Shares of Isuzu Motors Ltd. /quotes/zigman/193906 JP:7202 +4.97% /quotes/zigman/202869/quotes/nls/isuzy ISUZY -1.16% ?added 5% and Kobe Steel Ltd. /quotes/zigman/194440 JP:5406 +6.94% /quotes/zigman/128772/quotes/nls/kbsty KBSTY -0.96% ?jumped 6.9%.
Sony Corp. /quotes/zigman/197500 JP:6758 +2.92% /quotes/zigman/197524/quotes/nls/sne SNE -1.58% ?climbed 2.9% ahead of its earning results due on Thursday.
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Sumitomo Mitsui Financial Group Inc. /quotes/zigman/310742 JP:8316 +0.90% /quotes/zigman/1557301/quotes/nls/smfg SMFG +1.74% ended 0.9% higher after its quarterly profit more than doubled.
On the downside, shares of Hitachi Construction Machinery Co. /quotes/zigman/198746 JP:6305 -3.00% /quotes/zigman/529196/quotes/nls/htcmy HTCMY +8.19% ?dropped 3% after its results fell short of expectations.
Official data released earlier Tuesday showed Japan?s industrial production unexpectedly fell a seasonally adjusted 3.3% in June from the level in May. Japanese household spending also declined, though the monthly unemployment rate eased to 3.9% from 4.1%.
The advance in Chinese equities was driven by gains in the beaten-down property sector. Shares of Gemdale Corp. /quotes/zigman/1867160 CN:600383 +2.99% ?jumped 3% and Poly Real Estate Group Co. /quotes/zigman/1873491 CN:600048 +1.86% ?added 1.9% in Shanghai, the yuan-denominated A shares of China Vanke Co. gained 1.2% in Shenzhen, and China Resources Land Ltd. /quotes/zigman/14892 HK:1109 +1.48% /quotes/zigman/14893/quotes/nls/crbjf CRBJF +7.28% ?rose 1.5% in Hong Kong.
Among other notable stock movers, shares of Yanzhou Coal Mining Co. /quotes/zigman/19637 HK:1171 -9.31% ? /quotes/zigman/1865654 CN:600188 -3.24% ? /quotes/zigman/213838/quotes/nls/yzc YZC -4.36% ?plunged 9.3% in Hong Kong and lost 3.2% in Shanghai after warning it expected to post a loss for the first half of 2013.
/quotes/zigman/2622475
HK : HangSeng Ind
Volume: 0.00
July 30, 2013 4:01p
/quotes/zigman/1652118 KR : S. Korea: KRX
Volume: 366.88M
July 30, 2013 6:03p
/quotes/zigman/1859015 CN : China: Shanghai
Volume: 77.22M
July 30, 2013 3:15p
/quotes/zigman/2622475 HK : HangSeng Ind
Volume: 0.00
July 30, 2013 4:01p
/quotes/zigman/1653884 AU : Australia: Sydney
Volume: 0.00
July 30, 2013 4:11p
/quotes/zigman/4867876/sampled US : ICAP
Volume: 0.0000
July 30, 2013 5:58a
/quotes/zigman/181126 AU : Australia: Sydney
Volume: 4.21M
July 30, 2013 5:22p
Rev. per Employee$859,193
/quotes/zigman/181112/quotes/nls/nabzy US : U.S.: OTCBB
Volume: 27,906
July 29, 2013 3:56p
Rev. per Employee$891,767
/quotes/zigman/181294 AU : Australia: Sydney
Volume: 5.53M
July 30, 2013 5:22p
/quotes/zigman/1470693/quotes/nls/wbk US : U.S.: NYSE
Volume: 30,254
July 29, 2013 4:00p
/quotes/zigman/181773 AU : Australia: Sydney
Volume: 2.40M
July 30, 2013 5:22p
Market Cap$118.72 billion
Rev. per Employee$835,340
/quotes/zigman/181772/quotes/nls/cbauf US : U.S.: OTCBB
Volume: 100.00
July 22, 2013 12:00a
Market Cap$106.29 billion
/quotes/zigman/128963 AU : Australia: Sydney
Volume: 2.51M
July 30, 2013 5:22p
Rev. per Employee$297,181
/quotes/zigman/128962/quotes/nls/wolwf US : U.S.: OTCBB
Volume: 113.00
July 29, 2013 3:54p
Rev. per Employee$307,692
/quotes/zigman/1652085 IN : India: Bombay
Volume: 0.00
July 30, 2013 3:13p
IN : India: Bombay
?? 296.05
+6.20 +2.14%
Volume: 732,410
July 29, 2013 12:00a
Market Cap??858.86 billion
Rev. per Employee??29.92M
/quotes/zigman/357190/quotes/nls/ttm US : U.S.: NYSE
Volume: 786,781
July 29, 2013 4:03p
Rev. per Employee$549,650
IN : India: Bombay
?? 90.60
-3.80 -4.03%
Volume: 1.20M
July 29, 2013 12:00a
Market Cap??181.12 billion
Rev. per Employee??39.85M
IN : India: Bombay
?? 929.90
-2.45 -0.26%
Volume: 307,066
July 29, 2013 12:00a
Market Cap??1076.19 billion
Rev. per Employee??11.97M
/quotes/zigman/257533/quotes/nls/ibn US : U.S.: NYSE
Volume: 1.16M
July 29, 2013 4:02p
Rev. per Employee$219,870
/quotes/zigman/193906 JP : Japan: Tokyo
Volume: 9.93M
July 30, 2013 3:00p
Market Cap?1298.09 billion
Rev. per Employee?63.43M
/quotes/zigman/202869/quotes/nls/isuzy US : U.S.: OTCBB
Volume: 200.00
July 25, 2013 10:24a
/quotes/zigman/194440 JP : Japan: Tokyo
Volume: 158.00M
July 30, 2013 3:00p
Market Cap?457.91 billion
Rev. per Employee?46.37M
/quotes/zigman/128772/quotes/nls/kbsty US : U.S.: OTCBB
Volume: 100.00
July 29, 2013 10:01a
Rev. per Employee$564,838
/quotes/zigman/197500 JP : Japan: Tokyo
? 2,117.00
+60.00 +2.92%
Volume: 10.67M
July 30, 2013 3:00p
Market Cap?2158.55 billion
/quotes/zigman/197524/quotes/nls/sne US : U.S.: NYSE
Volume: 2.62M
July 29, 2013 4:04p
/quotes/zigman/310742 JP : Japan: Tokyo
? 4,505.00
+40.00 +0.90%
Volume: 9.87M
July 30, 2013 3:00p
Market Cap?6504.66 billion
Rev. per Employee?65.74M
/quotes/zigman/1557301/quotes/nls/smfg US : U.S.: NYSE
Volume: 943,032
July 29, 2013 4:06p
Rev. per Employee$793,462
/quotes/zigman/198746 JP : Japan: Tokyo
? 1,973.00
-61.00 -3.00%
Volume: 3.85M
July 30, 2013 3:00p
Market Cap?442.28 billion
Rev. per Employee?37.79M
/quotes/zigman/529196/quotes/nls/htcmy US : U.S.: OTCBB
Volume: 391.00
July 24, 2013 9:46a
/quotes/zigman/1867160 CN : China: Shanghai
Volume: 46.89M
July 30, 2013 3:05p
Market Cap?29.65 billion
/quotes/zigman/1873491 CN : China: Shanghai
Volume: 51.83M
July 30, 2013 3:04p
Market Cap?72.02 billion
/quotes/zigman/14892 HK : Hong Kong
Volume: 8.17M
July 30, 2013 4:01p
Market CapHK$121.83 billion
Rev. per EmployeeHK$2.58M
/quotes/zigman/14893/quotes/nls/crbjf US : U.S.: OTCBB
Volume: 500.00
July 11, 2013 11:44a
/quotes/zigman/19637 HK : Hong Kong
Volume: 59.72M
July 30, 2013 4:01p
Market CapHK$48.40 billion
Rev. per EmployeeHK$985,912
/quotes/zigman/1865654 CN : China: Shanghai
Volume: 11.02M
July 30, 2013 3:04p
Market Cap?38.26 billion
Rev. per Employee?799,317
/quotes/zigman/213838/quotes/nls/yzc US : U.S.: NYSE
Volume: 423,067
July 29, 2013 4:06p
Rev. per Employee$127,254
Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau. Follow him on Twitter @MktwKumar.
Source: http://feeds.marketwatch.com/~r/marketwatch/software/~3/KzY8fHAVmlo/story.asp
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