Stocks in the Asian market continued rising to a two-month high on Tuesday , after the Federal Reserve (fed) hinted that cuts to the bond-purchasing program , would not begin any time soon .
The Chinese Premier Li Kegiang assured that the country’s economy will not slow down in any circumstances below a 7% economic growth rate.
“The bottom line for gross domestic product (GDP) growth is 7 percent and the nation can’t let growth go below that,” the Chinese Premier Li announced on Tuesday.
Investors are expecting a weak US home re-sale data will delay the Federal Reserve (Fed) from slowing down its monthly $ 85-billion purchasing program.
In Japan, the Nikkei 225 gained 0.80% to 14,778.51 at the closing bell, while the broader Topix index closed 0.48% higher to 1,222.72.
The Hong Kong’s Hang Seng climbed 2.20% to 21,886.69 and the Chinese mainland Shanghai Composite jumped 1.95% to 2,043.88 at the closing bell.
The Australian S&P/ASX 200 remained unchanged, with a slight gain of 0.10% to 5,007.10, while in South Korea; the Kospi advanced 1.12% to 4,034.69.
The Chinese economy is expected to slowdown to approximately 7.5% on an annual rate in the second quarter this year, and a second quarterly slowdown with a forecasted growth of a low 1.8%.
The North American crude reacted to the disappointing US data published on Monday , revealing home sales for June declined 1.2% in re-sales , with an annual adjusted figure of 5.08 million.
However, the markets were pleased with the Figures from Monday’s reading, the second strongest figure since 2009, showing the housing sector is strengthening from its weakness.
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