CANBERA (dpa-AFX) - Asian stock markets are mostly higher on Tuesday following the positive cues overnight from Wall Street and as the Chinese market rebounded after sharp losses in the previous session amid concerns about the rapid spread of the coronavirus as well as its impact on the global economy. Stimulus plans announced by China to support its economy has bolstered investor sentiment.
Chinese health officials said that the death toll in the country related to the coronavirus outbreak was 425, while the number of people infected rose to 20,438.
The Australian market recovered after a weak start and is modestly higher on Tuesday following the positive cues from Wall Street.
Nevertheless, investors are cautious ahead of the Reserve Bank of Australia's monetary policy decision due later in the day. The RBA is widely expected to keep its benchmark lending rate unchanged at a record low of 0.75 percent.
The benchmark S&P/ASX 200 Index is advancing 13.60 points or 0.20 percent to 6,936.90, after falling to a low of 6,915.00 earlier. The broader All Ordinaries Index is adding 15.10 points or 0.22 percent to 7,035.00. Australian shares hit three-week lows on Monday.
Travel-related stocks staged a recovery after recent losses. Flight Center Travel Group is higher by 2 percent and Qantas Airways is rising more than 1 percent.
Shares of Temple & Webster Group are gaining more than 19 percent after the online furniture retailer reported a 50 percent surge in first-half revenue, while unaudited earnings for the period more than doubled from a year ago.
The big four banks are mixed ahead of the RBA's monetary policy decision today. ANZ Banking is advancing more than 1 percent and National Australia Bank is adding 0.4 percent, while Westpac is lower by 0.4 percent and Commonwealth Bank is down 0.2 percent.
Among the major miners, BHP and Fortescue Metals are declining 0.7 percent each, while Rio Tinto is down 0.6 percent.
Oil stocks are weak after crude oil prices fell to a one-year low overnight. Oil Search is lower by almost 2 percent, Woodside Petroleum is losing more than 1 percent and Santos is declining 0.7 percent.
Gold miners are declining after safe-haven gold prices dipped overnight. Newcrest Mining is lower by almost 1 percent and Evolution Mining is edging down 0.3 percent.
In the currency market, the Australian dollar was quoted at $0.6699, down from $0.6702 on Monday.
The Japanese market is advancing after a weak start following the positive cues from Wall Street despite lingering concerns about the coronavirus outbreak.
The benchmark Nikkei 225 Index is adding 42.66 points or 0.19 percent to 23,014.60, after touching a low of 22,854.45 in early trades.
Market heavyweight SoftBank Group Corp. is declining 0.6 percent and Fast Retailing is down 0.3 percent.
Among tech stocks, Advantest is edging down 0.2 percent, while Tokyo Electron is adding 0.3 percent.
The major exporters are mostly lower on a slightly stronger yen. Sony and Mitsubishi Electric are declining more than 1 percent each, while Canon is down 0.5 percent.
Meanwhile, Panasonic is gaining 9 percent after reporting an increase in its profit for the nine-month period and maintained its profit outlook for the full year.
Among auto stocks, Toyota Motor is up 0.2 percent, while Honda Motor is declining 1 percent.
In the oil sector, Japan Petroleum is losing almost 2 percent and Inpex is declining 1 percent after crude oil prices fell to a one-year low overnight.
Among the other major gainers, Taiyo Yuden is gaining almost 4 percent, Fujitsu is rising almost 3 percent and Screen Holdings is advancing more than 2 percent.
Conversely, Maruha Nichiro is losing more than 5 percent, Unitika is lower by more than 3 percent and Shionogi & Co. is declining almost 3 percent.
In economic news, Japan will release January figures for monetary base today.
In the currency market, the U.S. dollar is trading in the upper 108 yen-range on Tuesday.
Elsewhere in Asia, Taiwan is rising almost 2 percent, while South Korea, Singapore and Hong Kong are all advancing more than 1 percent each. Shanghai, Indonesia and Malaysia are also higher, while New Zealand is declining more than 1 percent.
On Wall Street, stocks gave back ground after an early rally, but still closed higher with traders picking up stocks at reduced levels on the heels of the steep drop seen in the previous session. Adding to the positive sentiment, the Institute for Supply Management released a report showing an unexpected expansion in U.S. manufacturing activity in the month of January. Buying interest waned over the course of the session, however, as some traders seemed reluctant to get back into the markets amid lingering concerns about the coronavirus outbreak.
While the Nasdaq jumped 122.47 points or 1.3 percent to 9,273.40, the Dow rose 143.78 points or 0.5 percent to 28,399.81 and the S&P 500 climbed 23.40 points or 0.7 percent to 3,248.92.
The major European markets also moved to the upside on Monday. While the U.K.'s FTSE 100 Index climbed by 0.6 percent, the French CAC 40 Index and the German DAX Index both rose by 0.5 percent.
Crude oil prices drifted lower on Monday amid continued concerns about the outlook for energy demand, especially from China, amid the rapid spread of coronavirus and worries about its impact on the global economy. WTI crude for March dropped $1.45 or about 2.8 percent to close at $50.11 a barrel, the lowest finish in more than a year.
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