Stocks in the US closed higher; with the benchmark S&P index rising to a new all-time high as traders awaits the US GDP figures.
The Standard & Poor’s 500 index climbed 0.3% to an all time high 2,069.41, while the Dow Jones Industrial Average gained 0.04% to 17,817.51 and Nasdaq technology index added 0.89% to 4,754.89.
Best Buy Co shares rose 2.3%, while Urban Outfitters saw major gains on the Standard & Poor’s 500 index, as shares jumped 5.4%. On the downside, shares in AT&T Inc. declined 1.6%, while Verizon Communications shares lost 1.4% after Citigroup cut its stocks ratings.
The spotlight is on the US GDP figures due to be released later in the day, with analysts expecting to see a rise in the world’s largest economy, expanding 3.3% in the September quarter at an annual basis.
Stocks in the Asian region were seen trading mixed on Tuesday, while Japanese stocks rallied after a three-day weekend.
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The Japanese Nikkei 225 index advanced 0.44% to 17,433.04 points during the early trading hours, while Tokyo’s Topix index gained 0.6% to close at 1,409.86 points, the highest since June 2008.
The Japanese yen strengthened slightly against the US dollar on Tuesday after the Bank of Japan’s (BoJ) released minutes from its October meeting, in which the bank announced an unexpected decision to increase asset purchases under its qualitative and quantitative easing (QQE) program. The Bank of Japan intends to expand the monetary base at an annual pace of 80 trillion yen.
The yen was trading around 118.12 yen against the greenback on Tuesday, versus 118.25 yen on Monday.
Sony shares climbed 6.1%, the highest close since 2011, while Panasonic gained 1.9% and Hitachi added 1.8%. Topix insurance index edged 2.5% higher, while Dai-ichi Life insurance rose 2.6% to 1,747 yen. Auto stocks also saw gains, with Nissan Motor advancing 1.9% and Suzuki Motor up by some 2%.
Hong Kong’s Hang Seng index fell 0.16% lower to 23,855.69 points, while the Chinese mainland Shanghai Composite added 0.17% to 2,536.17 points.
The People’s Bank of China (PBoC) lowered the country’s interest rates for the first time in July 2012. The one-year lending rate was cut by 0.4% percentage point to 5.6%, while the one-year deposit rate was lowered by 25 basis points to 2.75%.
The South Korean Kospi index eased 0.06% to 1,977.30 points, while the Australian benchmark S&P/ASX 200 index edged 0.74% lower to 5,322.20 points at the time of writing.
Mining stocks in Sydney were seen declining, with mining giants Rio Tinto and BHP Billiton slumping by more than 2% on Tuesday, while Mount Gibson fell 3% and Fortescue Metals lost 3%.
European stocks opened in the green territory on Tuesday after Germany posted positive economic reports.
Europe’s Euro Stoxx 50 gained 0.02% to 3,212.68, while UK’s FTSE 100 was up 0.075 to 6,734.31 and the French CAC 40 index added 0.07% to 4,371.39.
In Germany, the benchmark DAX index edged 0.17% to 9,803.42 after a report released showed that the country’s gross domestic product (GDP) for the third-quarter expanded 0.1% from the 0.2% fall posted in the previous quarter. On a yearly non –seasonally adjusted basis, the German economy rose 1.2% in the third quarter.
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