Asian shares rose on Tuesday following a rally in the U.S. Wall Street overnight and after China stepped up support for its struggling property market.
As of 9.19 A.M. Bangkok time, the S&P/ASX 200 in Australia climbed 0.97% and Japan’s Nikkei 225 advanced 0.52%, while South Korea’s Kospi gained 1.14%.
Hong Kong’s Hang Seng index rose 0.68%, while the Shanghai Composite in mainland China was 0.1% higher.
The Dow Jones Industrial Average led the way for upward movement in the US market, adding 0.62% overnight, while the S&P 500 gained 0.24% and the Nasdaq Composite gained 0.18%.
Later this week, investors will get their first look at a slew of inflation data, including U.S. inflation numbers for June, which will shed light on the Federal Reserve’s path toward raising interest rates.
According to Reuters, Fed officials have said that higher interest rates will be needed to bring down inflation that is still too high, but that “the end to its current monetary policy tightening cycle is getting close.”
The region’s investors remain hopeful that Beijing will take further action to stimulate the country’s slow economic recovery. The chairman of mining giant Rio Tinto Group issued a warning this week that the demand for industrial metals could be negatively affected by the current turmoil in China’s economy.