Asian equities extend gains as sentiment stabilizes

Asian markets extended gains on Tuesday, as global stock markets began to recover last Friday after experiencing almost a week of losses in the light of a massive sell-off.

In Japan, the Nikkei 225 index was trading in green territory in early hours, with investors returning to this market after a long weekend. Financials were among best performers.

Central banks were also in focus as Japanese Prime Minister Shinzo Abe said it was not yet confirmed who would be the next governor of the Bank of Japan.

BOJ Governor Haruhiko Kuroda is set to be re-elected in April for a second term. Taro Aso, Japan’s Finance Minister, said the person would have to be fluent in English.

In South Korea, the Kospi was supported by heavy electronic developers such as Samsung Electronics and SK Hynix, while automakers lagged moderately.

Sydney’s S&P/ASX 200 was supported by material and financial sectors, both favouring of a downward settlement of the American currency.

On Monday, Wall Street extended its recovery following its worst weekly performance in two years, with major names adding more than 1 percent.

<<< Asian Stock Indexes at 06:30 GMT >>>

Australia ASX S&P +33.70 +0.57% 5,953.40

Shanghai Composite +53.76 +1.70% 3,207.89

Hong Kong Hang Seng +529.48 +1.80% 29,989.11

Japan Nikkei 225 +51.29 +0.24% 21,433.91

Taiwan TSEC 50 Index +49.34 +0.48% 10,421.09

<<< Next in Europe >>>

Attention will be directed to the UK CPI and PPI Input for January at 09:30 GMT.

<<< Next in United States >>>

President and CEO of the Federal Reserve Bank of Cleveland Loretta Mester will make a public appearance as of 13:00 GMT. Traders will carefully monitor comments regarding policy.

Also in today’s session, commodity investors will wait for crude and refined products inventories estimates by the American Petroleum Institute as of 21:35 GMT.

Fort Financial Services