The stock markets in the Asian region are trading higher on Tuesday, buoyed by the positive cues from Wall Street overnight. However, gains are not much pronounced as investors preferred to stay on the sidelines as they awaited a resolution to Greece's debt woes and also the outcome of the U.S. Federal Open Market Committee meeting through Wednesday.
The Japanese stock market is trading higher, buoyed by the positive lead from Wall Street overnight. In addition, a weaker yen is boosting export-oriented stocks.
The benchmark Nikkei 225 Index is currently gaining 53.43 points or 0.57 percent to 9407.75. The market posted a slight gain on Monday, with the Nikkei 225 Index adding 2.92 points or 0.03 percent to close at 9,354.32.
In the banking sector, Mitsubishi UFJ is currently adding 0.28 percent, Chiba Bank is advancing 0.86 percent and Mizuho Financial is up 1.67 percent.
Among automakers, Honda is adding 1.10 percent, Toyota is gaining 0.63 percent and Suzuki is advancing 0.77 percent.
Shares of Tokyo Electric Power Co. are currently trading lower by 1.9 percent after Moody's Investors Service downgraded the company's long-term credit rating to junk status.
Nikon Corp. and Olympus Corp. shares are trading higher by more than 1 percent each on the back of a weaker yen.
Retail giant Aeon Co.'s shares are trading higher by 3.3 percent after the Nikkei business daily reported that the company's operating profit for the quarter ended May increased 30 percent on the year to around 28 billion yen.
Farm machinery maker Kubota Corp. is trading higher for the first time in four days after the company said on Monday that its group net profit for the year through March 2012 will likely increase 9 percent on the year to 60 billion yen. The shares are currently up more than 4 percent.
In the currency market, the U.S. dollar is trading in the lower 80-yen range on Tuesday. In early trades, the dollar was quoted in a range of 80.18-80.20 yen, up 0.03 yen from Monday's close of 80.15-80.16 yen in Tokyo.
The Australian stock market opened on a positive note, tracking the overnight positive cues from Wall Street and on merger activity speculation.
In early morning trades, the benchmark S&P/ASX 200 Index is adding 46.8 points or 1.05 percent to 4,498.5, while the broader All Ordinaries Index is gaining 44.7 points or 0.99 percent to 4,557.2.
In the mining space, BHP Billiton is gaining 1.43 percent and Rio Tinto is adding 1.31 percent, while Riversdale Mining is down 0.57 percent.
Among banks, ANZ Bank is up 0.94 percent, Commonwealth Banking is advancing 1.25 percent, National Australia Bank is adding 1.23 percent and Westpac is gaining 1.33 percent.
In the energy sector, Oil Search is up 0.46 percent and Santos is gaining 1.90 percent. Woodside Petroleum is advancing 2.15 percent. Media reports said that BHP Billiton may be preparing an A$35 billion takeover bid for Woodside Petroleum.
Shares of brewer Foster's Group Ltd. were placed in a trading halt. The company has rejected an A$9.5 billion takeover offer from international beverage giant SABMiller plc, saying the bid undervalued it.
Meanwhile, Coca-Cola Amatil, which is the 50-50 joint-venture partner with SABMiller on Australia and New Zealand based distributor and beer manufacturer Pacific Beverages, was advancing 1.50 percent.
In the currency market, the Australian dollar opened higher on Tuesday as a resolution on the Greek debt crisis appeared nearer. In early morning trades, the local unit was trading at US$1.0581, up from Monday's close of US$1.0515.
Among other markets in the region, Shanghai, Hong Kong, Indonesia, Malaysia, Singapore and Taiwan are trading modestly higher. Bucking the trend, the New Zealand market is trading lower.
On Wall Street, stocks moved mostly higher over the course of the trading day on Monday, rebounding from initial weakness amid easing concerns about the Greek debt crisis. Bargain hunting also contributed to the strength on Wall Street following recent weakness.
The Dow advanced by 76.02 points or 0.6 percent to 12,080.38, the Nasdaq rose 13.18 points or 0.5 percent to 2,629.66 and the S&P 500 climbed 6.86 points or 0.5 percent to 1,278.36.
Crude oil gained on Monday as Luxembourg's prime minister Jean-Claude Juncker said that a solution will be found to Greece's debt crisis. Oil prices also advanced on buying ahead of the expiry of the July contract on Tuesday. Light sweet crude for July delivery gained $0.25 to settle at $93.26 per barrel on the New York Mercantile Exchange.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.