Most Asian stocks advances with Nikkei by 0.4% and Kospi by 0.6%; Aussie banks fell

Asian stocks

Markets all over Asia rose on Tuesday’s opening bell, following the gains in the United States overnight when the NASDAQ composite finished the trading session higher.

The Australian ASX 200 however didn’t go with the flow as it settled lower by 0.26 percent; the benchmark was dragged 1.1 percent down by its financial sector. As of today, the monetary policy verdict of the Reserve Bank of Australia (RBA) will be the center of attention.

Elsewhere, Korean benchmark Kospi rose 0.63 percent. Nikkei 225 in Japan was 0.43 percent higher and the Topix also advanced by 0.53 percent.

National Australia Bank’s director of economics David De Garis says there are no monetary policy bias made right now for this year’s RBA futures curve, with not more than 2 basis points of easing “priced in” by December. Meanwhile investors are eyeing on bank earnings.

One of the biggest bank in the Down Under, the Australia and New Zealand Banking Group (ANZ), posted their half year outcome for 2017 ahead the markets opening bell. Their cash earnings were 23 percent higher to $3.41 billion (AUD) in the six months which finished last March 31, ANZ says. They lost 2.7 percent in shares.

In addition to the falling banks, the National Australia Bank was 0.88 percent lower, Commonwealth Bank declined 0.86 percent and Westpac dropped 1.19 percent.

In currency news, the Japanese yen finishes at 111.9. Major companies of the country however traded mixed, Mitsubishi Electric was 0.12 percent lower, Toyota rose 1.03 percent and Nissan added 0.38 percent. The Aussie dollar rose from last Monday’s record lows by trading at $0.7535.


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