Beijing, China (BBN)-Asian markets headed higher on Tuesday, recovering the previous session’s losses after taking a positive lead from Wall Street.
US stocks closed higher despite mixed economic data – manufacturing activity slowed, but construction spending hit a seven-and-a-half year high, reports BBC.
But gains were capped as investors awaited Friday’s jobs report for clues on the timing of an interest rate hike.
Australian shares were higher ahead of the central bank’s decision on rates.
The benchmark S&P/ASX 200 was up 1.2 per cent to 5,227.20 – leading the region’s gains in early trade.
Most economists expect the Reserve Bank of Australia (RBA) to keep interest rates at a record low of 2 per cent, but there are calls that a cut could be on the cards.
Japanese markets are closed for a national holiday.
Chinese shares opened higher with the Shanghai Composite up 0.5 per cent to 3,340.99, while Hong Kong’s Hang Seng index was 1 per cent to 22,585.15 points.
South Korea’s Kospi index was up 0.7 per cent to 2,050.38 as government data showed that inflation hit an 11-month high in October.
The consumer price index rose 0.9 per cent from a year ago, up from a 0.6 per cent rise in September on an ongoing recovery in consumption.