Asian stock markets continue their strong rise

Story highlights Australia, Japan and South Korea all saw gains overnight. A boost to Wall Street from a strong earnings season is also driving upward action. Asian stock markets rose Tuesday, supported by gains…

Asian stock markets continue their strong rise

Story highlights Australia, Japan and South Korea all saw gains overnight.

A boost to Wall Street from a strong earnings season is also driving upward action.

Asian stock markets rose Tuesday, supported by gains in Japan and Australia.

The winning streak comes as Wall Street enjoyed a strong run, driven in part by strong earnings reports and as investors take the cue that Japan’s prime minister may call a general election.

The dollar was also keeping Australian and Japanese stocks on track for gains after posting gains on Monday as the U.S. greenback strengthened.

Among the winning markets, shares of Japan’s SoftBank shot up more than 7% on Tuesday as the telecom giant reported a record quarter. The sharp jump in SoftBank shares helped lift the Nikkei 225 by 0.9%.

Japan’s benchmark index is expected to reach 22,000 points this week, according to financial newsletter “Orbis.”

Meanwhile, South Korea’s Kospi was up 0.4% as shares of Samsung Electronics advanced 1.5% and insurer Hankook Life rose 0.8%.

Japan’s broader Nikkei 225 index was also up 0.5%.

Australia’s S&P/ASX 200 is also heading for a sixth consecutive day of gains, closing up 0.5% on Tuesday.

And the karaoke crowd can thank “The Office” for bringing country music star Jason Aldean into their lives. His Aussie single “Lights Come On” has risen to the top of the country’s singles chart, according to data released Monday by the Recording Industry Association of Australia.

Stock market news from Europe and the U.S. in brief

• In Europe, a group of fund managers have urged the European Central Bank to reduce its stimulus measures, arguing that its negative impact on the eurozone economy has become too great.

• In the U.S., FedEx delivered quarterly earnings that topped analysts’ expectations. Shares of the package delivery company have climbed more than 6% in recent days.

• Bank of America started out its annual trading season on strong footing. The country’s second largest bank by assets said revenue rose 7% in the second quarter, boosted by better loan growth. And shares of Bank of America were up more than 3% Tuesday.

• U.S. retailers are getting a boost from the strong holiday shopping season, as brick-and-mortar stores are attracting more shoppers. Costco, Macy’s and Kohl’s rose more than 3% Tuesday.

• German luxury automaker BMW has confirmed plans to cut around 1,000 jobs in Germany.

Leave a Comment