Asian stocks gains on solid U.S. retail sales; Nikkei up 0.96%
Published Oct 15, 2012 11:22PM ET
During Asian trading on Tuesday, Hong Kong's Hang Seng Index was up 0.13%, Australia's S&P/ASX200 was up 0.21%, while Japan’s Nikkei 225 Index was up 0.96%.
The Commerce Department reported earlier that retail sales rose by a seasonally adjusted 1.1% in September, outpacing market calls for a 0.8% increase.
Retail sales in August were revised up to a 1.2% gain from a previously reported increase of 0.9%.
Core retail sales, which exclude automobile sales, rose by 1.1%, beating expectations for a 0.6% increase.
The data sent shares gaining on sentiment the U.S. economy is showing signs of strength in an otherwise tepid recovery, lifting spirits among those investing in Asia's key exporting sector.
Expectations that the Reserve Bank of Australia may loosen monetary policy to spur more growth sent shares gaining as well.
Stocks shrugged off a report showing that manufacturing activity in New York state contracted for the third consecutive month.
The New York Federal Reserve's index of manufacturing conditions improved to -6.2 in October from -10.4 in September, but missed analysts' predictions for a reading of around -4.5
In Hong Kong, top gainers included PetroChina, up 1.43%, China Resources Power, up 1.40%, and Li & Fung, up 1.25%.
In Australia, top gainers included Mirabela Nickel, up 4.88%, Lend Lease Group, up 4.88% as well, and Buru Energy, up 3.79%.
European stock futures indicated a higher opening.
France's CAC 40 futures pointed to a gain of 0.11%, while Germany's DAX 30 futures pointed to a gain of 0.11% as well. Meanwhile in the U.K., FTSE 100 futures were up 0.01%.
Dow Jones Industrial Average futures were unchanged, while the S&P 500 futures were up 0.07%.
Later Tuesday, the U.S. will release government data on consumer price inflation and industrial production.
The U.S. is also to produce official data on treasury long-term purchases and the capacity utilization rate.
The Reserve Bank of Australia will release the minutes of its most recent policy meeting. The minutes contain important insights into current and future economic conditions from the bank’s perspective.
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Written By: Investing.com
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