Asian stock market jumped higher Tuesday morning. Dollar maintained its growth ahead of President Donald Trump’s address to Congress. Crude maintained above $54 per barrel.
Trump is scheduled to speak a joint session on the U.S. Congress in Tuesday. Investors are expecting more information on the administration’s proposal for deregulation and tax reforms.
According to David de Garis, a director at the National Australia Bank, it is difficult to regulate what the markets predict from the joint session address, but guiding the details of the economic stance from infrastructure and tax policies can be an ambitious hope.
Trumps primary budget will call for a $54 billion increase in corresponding cuts and defense spending, White House budget officials reported last Monday.
Majority of exporters gained on the back of a sluggish yen, which traded at 112.63 against the dollar at 11:37 a.m. (HK/SIN), declining from levels compared the previous session below 112.20. Topix index gained 0.89 percent while the Nikkei 225 in Japan added 0.70 percent.
Sony was up 1.65 percent, Nissan up by 0.95 percent, Honda gained 0.89 percent and Toyota shares as well with 0.28 percent increase.
Takata shares edged up 0.18 percent despite the distressed air bag maker appealed guilty to fraud in Monday. They complied to pay a $1 billion fine for hiding a dangerous effect in about millions of its airbags.
Markets in China were mostly positive, with the Shenzen composite advancing 0.44 percent and Shanghai composite added 0.28 percent. Meanwhile in Hong Kong, the Hang Seng index was closely flat at 23,912.54. In Korea, the Kospi advanced 0.30 percent.
Australia’s energy sector gained 1.92 percent with the oil growth in Tuesday. ASX 200 was also up 0.37 percent.
Global benchmark Brent advanced 0.3 percent to $56.10 while U.S. crude was slightly up 0.2 percent at $54.16 per barrel.