Investing.com– Most Asian stocks rose on Tuesday tracking record highs on Wall Street as the third-quarter earnings season approached, while Chinese stocks fell amid waning optimism over new fiscal stimulus.
Regional markets took positive cues from Wall Street, with the S&P 500 and the Dow Jones Industrial Average hitting new peaks on gains in financial and technology stocks. U.S. stock index futures were mildly positive in Asian trade, with focus turning to a string of key Q3 earnings due this week.
Chinese markets lagged their peers following weak inflation and trade data released over the past two days. The announcement of new fiscal stimulus measures from Beijing also provided only fleeting support, given that the government left investors wanting of several key details.
Nikkei crosses 40k, ASX 200 hits record high
Japanese shares were the best performers in Asia as they clocked strong gains after a long weekend.
The Nikkei 225 surged 1.7% and crossed 40,000 points for the first time since mid-July, while the TOPIX added 1%. Gains were largely biased towards technology stocks, especially chipmakers, which tracked overnight gains in their U.S. peers.
Sentiment towards Japanese markets was also buoyed by reports that Tokyo Metro raised $2.3 billion in the country’s biggest initial public offering in six years.
Australia’s ASX 200 surged 0.9% to a record high of 8,327.60 points, with major miners BHP Group Ltd (ASX:BHP) and Rio Tinto Ltd (ASX:RIO) rising more than 1% each before their quarterly production reports, which are due later in the week.
