Asia report: Australia leads region higher as China delays data

Stocks were mostly higher across the Asia-Pacific region on Tuesday, with Australia’s bourse leading the gains after a solid session on Wall Street overnight.

In Japan, the Nikkei 225 was up 1.42% at 27,156.14, as the yen strengthened 0.02% on the dollar to last trade at JPY 149.01.

Tech investing giant SoftBank Group was down 0.22%, while robotics specialist Fanuc was up 2.07% and Uniqlo owner Fast Retailing added 1.13%.

The broader Topix index was ahead 1.16% by the end of trading in Tokyo, settling at 1,901.44.

On the mainland, the Shanghai Composite slipped 0.13% to 3,080.96, and the technology-centric Shenzhen Component was 0.23% firmer at 11,187.70.

Gross domestic product data was due to be released from Beijing on Tuesday, but an updated calendar from China’s National Bureau of Statistics showed that and a number of other releases were being delayed.

The move came as the Communist Party held its 20th National Congress.

“Asia markets enjoyed a positive session despite China taking the decision to delay its third quarter GDP and September retail sales and trade numbers,” said CMC Markets chief market analyst Michael Hewson.

“This seems a strange decision given that they are unlikely to be as bad as the second quarter numbers, unless Chinese authorities don’t want them to overshadow the 20th National Congress which is taking place right now.”

South Korea’s Kospi rose 1.36% to 2,249.95, while the Hang Seng Index in Hong Kong was 1.82% higher at 16,914.58.

The blue-chip technology stocks were mixed in Seoul, with Samsung Electronics down 0.18%, while SK Hynix rose 0.63%.

Oil prices were lower as the region went to bed, with Brent crude last down 0.35% on ICE at $91.30 per barrel, and the NYMEX quote for West Texas Intermediate off 0.39% at $85.13.

In Australia, the S&P/ASX 200 jumped 1.72% to 6,779.20, after the country’s central bank released the minutes from its most recent meeting.

The Reserve Bank of Australia “recognised the benefits of a smaller increase” when they raised the cash rate by 25 basis points on 4 October, according to the minutes.

“A smaller increase than that agreed at preceding meetings was warranted given that the cash rate had been increased substantially in a short period of time and the full effect of that increase lay ahead.”

Across the Tasman Sea, New Zealand’s S&P/NZX 50 was 0.57% higher at 10,847.34, as the country’s latest inflation data came in hotter than expected.

According to Stats NZ, the consumer price index rose 7.2% year-on-year in the third quarter - a slight easing from the 7.3% 32-year high in the prior period, but well above the 6.6% anticipated by Reuters polling.

“The main driver for the 7.2% annual inflation to the September quarter was housing and household utilities due to rising prices for construction, rentals for housing, and local authority rates,” the statistics office said in its statement.

It was a mixed session for the down under dollars against the greenback, with the Aussie last 0.06% weaker at AUD 1.5906, while the Kiwi strengthened 0.42% to NZD 1.7675.

Reporting by Josh White at Sharecast.com.