Updated on
Summary Hong Kong jumped 1.16 percent, Shanghai advanced 1.98 percent and Sydney climbed 0.58 percent.
Most Asian markets rose on Tuesday as bargain hunters moved in following the previous days losses, with Shanghai and Hong Kong up on stimulus hopes but Tokyo hit by a stronger yen.With the corporate earnings season approaching, dealers were taking a cautious approach, while a cut in growth forecasts for the regional and world economy by the International Monetary Fund (IMF) also weighed.Hong Kong jumped 1.16 percent and Shanghai advanced 1.98 percent, while Sydney climbed 0.58 percent and Seoul added 0.46 percent but Tokyo fell 0.36 percent by the break.Monday saw markets around the world slump on concerns about the eurozone, with Spain still refusing to ask for a bailout and Greece deadlocked in talks with its creditors over its next tranche of rescue funds.In Shanghai, dealers were betting that Chinas leaders will unveil a fresh set of measures to boost the economy, especially with a date for a handover of power pencilled in for early next month.The composite index fell on Monday owing to disappointment over manufacturing data that came out last week, when traders were on holiday. The governments purchasing managers index edged up to 49.8 in September from 49.2 in August -- a slight improvement but still below the 50 mark, indicating contraction.The latest economic data, albeit weak, did show signs of stabilisation, and that gives investors some confidence, Shenzhen Zhongzheng Investment Consulting analyst Zhang Suoqing said.Expectations are heightened that more stimulus measures will be introduced. The upbeat outlook had a knock-on effect for Hong Kong, marking its sixth gain in seven sessions.However, shares in Tokyo, which was closed Monday for a public holiday, slipped as the yen, which rose in New York against the euro on European debt fears, hurt exporters.The euro was up slightly in Tokyo but remained under pressure. In early trade it was changing hands at $1.2975 and 101.66 yen against $1.2967 and 101.57 yen in New York late Monday.The dollar was trading at 78.34 yen compared with 78.31 yen in US trade. Fridays US payroll figures were certainly a positive surprise, but still not that great when put into a broader context. They still dont afford much of a sense of security, said Naoki Fujiwara, fund manager at Shinkin Asset Management in Tokyo.Trepidation ahead of... earnings results, and the IMFs cut of its global economic growth forecast, are hurting the market, he told Dow Jones Newswires. The United States on Friday released figures showing the unemployment rate at 7.8 percent in September, its lowest in almost four years and lifting hopes for the economy.However, concerns about the global recovery were underlined on Tuesday, when the IMF cut its growth projections for the global economy and said things could worsen if the eurozone crisis is not resolved.It also cut its outlook for China, Japan and developing Asia, warning of the knock of effects from Europe as well as the weak impact of monetary easing measures.On oil markets New Yorks main contract, light sweet crude for delivery in November was up 92 cents to $90.25 a barrel in morning trade, while Brent North Sea crude also for November advanced 91 cents to $112.73.Gold was at $1,779.20 at 0340 GMT compared with $1,768.00 on Tuesday.
