HONG KONG- Asian shares advanced on Tuesday, supported by a tech-driven Wall Street rally, and a rebound in Chinese markets a day after weak data heightened investor concerns about the world’s second-largest economy.
The dollar was under pressure as weak US factory data tempered expectations about any near-term interest rate increases.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.76 percent on Tuesday. It is up about 5 percent since its 12-month low hit on Oct. 5, largely in line with a similar rally in world shares following a strong opening to the US earnings season.
However, the Asian benchmark is still well off its level in late July, when a series of regulatory changes in China roiled markets. Japan’s Nikkei gained 0.56 percent.
“Asian markets have been generally following Wall Street and continuing the rebound — except worries about the Chinese economy’s growth are hurting that market’s performance,” said Edison Pun, Senior Market Analyst at Saxo Markets.
Chinese blue chips reversed early losses to rise 0.62 percent on Tuesday, a day they fell 1.1 percent when China reported gross domestic product growth slowed in the third quarter. read more
There were also gains in Hong Kong up 1.21 percent Australia, up 0.2 percent, and South Korea, 0.63 percent higher.
US stock futures, the S&P 500 e-minis, gained 0.08 percent.
Overnight, the S&P 500 gained 0.34 percent and the Nasdaq ended up 0.84 while the Dow edged 0.1 percent lower, hurt by weaker factory data.
Shares of Apple, Facebook and Microsoft were among the biggest boosts to the S&P 500.
