Asian stocks advanced on Tuesday as investors remained optimistic about the outlook for Republican tax reform and the World Bank raised its forecast for China's growth in 2017, citing rising household incomes and a recovery in global trade.
The U.S. House of Representatives is scheduled to vote on the tax bill later in the day, while a vote in the Senate is expected to follow shortly on the heels.
China's Shanghai Composite index jumped 28.62 points or 0.88 percent to 3,296.54, reflecting gains in other regional markets and overnight gains on Wall Street. Hong Kong's Hang Seng index was up 0.70 percent at 29,253 in late trade.
Japanese shares edged lower amid profit taking as the year-end holiday season approaches. The Nikkei average shed 33.77 points or 0.15 percent to end at
22,868, while the broader Topix index closed 0.15 percent lower at 1,815.18.
Kajima Corp tumbled 5.2 percent, Taisei Corp slumped 6.3 percent and
Shimizu declined 2.8 percent on reports prosecutors had raided their headquarters for alleged anti-trust violations linked to a high-speed rail project.
Australian shares rose, with higher commodity prices and U.S. tax reform hopes buoying investor sentiment. The benchmark S&P/ASX 200 index rose by 32.90 points or 0.54 percent to 6,071.80, while the broader All Ordinaries index ended up 33.20 points or 0.54 percent at 6,163.20.
Mining heavyweights BHP Billiton and Rio Tinto gained around 1 percent each after benchmark nickel prices hit a three-week high on the London Metal Exchange.
Higher gold prices helped lift gold miners, with Newcrest and Evolution Mining rising 1.4 percent and 2.5 percent, respectively.
Lender ANZ advanced 0.7 percent and Commonwealth rose 0.4 percent. Retail Food Group slumped as much as 25.3 percent after a profit warning.
On the economic front, minutes from the Reserve Bank's December meeting revealed that members believe an appreciating exchange rate could throw a wrench into the domestic recovery. In addition, they observed that inflation is nearing the central bank's target range.
Meanwhile, a weekly survey compiled by the ANZ bank and Roy Morgan Research revealed that Australia's consumer confidence improved during the week ended December 17.
Seoul stocks ended slightly lower as U.S. Republicans try to pass a joint bill out of the House and Senate this week. The benchmark Kospi dropped 3.35 points or 0.13 percent to 2,478.53.
South Korea's producer price inflation eased for the second straight month in November, preliminary figures from the Bank of Korea showed today. The producer price index climbed 3.1 percent year-over-year in November, slower than the 3.6 percent increase in October.
New Zealand shares rose notably heading into the Christmas period. The benchmark S&P NZX-50 index climbed 57.05 points or 0.68 percent to 8,401.20, with Summerset Group Holdings, Comvita and Freightways pacing the gainers.
Consumer confidence in New Zealand ebbed in the fourth quarter of 2017, the latest survey from Westpac Bank showed today with an index score of 107.4, down from 112.4 in the previous three months.
Separately, the latest survey from ANZ Bank showed that business confidence in New Zealand showed a slight improvement in December.
India's Sensex was rising 0.4 percent and Indonesia's Jakarta Composite index was moving up 0.3 percent, while Singapore's Straits Times index was marginally lower, Malaysia's KLSE Composite index was losing 0.9 percent and the Taiwan Weighted declined 0.4 percent.
Overnight, U.S. stocks hit fresh record highs as data showed an unexpected improvement in homebuilder confidence in December and investors awaited a vote on a bill that would cut corporate individual tax rates.
The Dow rose 0.6 percent, the S&P 500 inched up half a percent and the Nasdaq Composite advanced 0.8 percent.
by RTT Staff Writer
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