Asian stock markets are mostly trading higher on Tuesday with investors indulging in some bargain hunting after recent losses. However, volumes are mostly thin in the region following holidays in the U.S and U.K. markets on Monday.
In the Australian market, all the sectoral indices are in positive territory. However, gains posted by energy, financial and mining sectors are more pronounced. Healthcare and information technology stocks are also faring well.
The benchmark S&P/ASX 200 index is now up 45.5 points or 0.9 percent at 4,713. The broader All Ordinaries index is trading at 4,789, up 42.9 points or 0.9 percent over its previous close.
Among bank stocks, ANZ Bank, Commonwealth Bank of Australia and Westpac are up 0.7 to 0.9 percent, while National Australia Bank is gaining about 1.3 percent. Bank of Queensland is up nearly a percent, while Bendigo & Adelaide Bank is down with a modest loss.
Miners BHP Billiton, Rio Tinto and Newcrest Mining are trading higher by 0.7 to 1 percent. Fortescue Metals is up 1.2 percent. Oz Minerals, Aquarius Platinum, Orica, Bluescope Steel and Macarthur Coal are trading higher by 1.5 to 2 percent.
In the energy space, Woodside Petroleum, Oil Search and Origin Energy are up 0.4 to 0.7 percent, while Santos is trading 1.4 percent up.
Transfield Services has been awarded preferred tenderer status for a new A$66 million contract with Alcoa of Australia to provide maintenance services at its Pinjara alumina refinery in Western Australia. Under the contract, Transfield Services will also be invited to competitively tender for work at the Kwinana and Wagerup refineries on an ad hoc basis. The contract is for five years and commences on July 1, 2011. Transfield Services shares are currently down 0.6 percent.
James Hardie Industries, Panaust, Seek, QR National, Lend Lease, Sonic Healthcare, Downer EDI, QBE Insurance, Billabong International and Ansell are up 1 to 2.5 percent.
On the economic front, the number of building approvals in Australia declined in April after a sharp increase in the previous month, the Australian Bureau of Statistics said Tuesday.
Building approvals dropped 1.3 percent month-on-month in seasonally adjusted terms. Economists were looking for a 1.8 percent fall in the number of approvals after a revised 8.6 percent rise in the previous month. The March figure was revised down from 9.1 percent rise reported earlier. In seasonally adjusted terms, approvals for private houses fell 3.3 percent from the previous month.
Compared to a year earlier, the number of total building approvals declined 11.5 percent after adjusting to seasonal variations. The statistical office also reported that the value of total building approved declined 18.8 percent from a month earlier. The value of total residential building dropped 1.3 percent, while that of non-residential building slipped 38.6 percent.
In the currency market, the Australian dollar opened flat and was quoting at US$1.0681 in early trades, down slightly from Monday's close of US$1.0684. The Australian dollar is currently trading at 1.0750 to the U.S. dollar.
The Japanese stock market moved higher in morning trades amid a slew of economic reports. Though the mood was cautious due to a lack of triggers from global markets, investors indulged in some bargain hunting in blue chip stocks from automobile, financial, insurance, transport and communications sectors.
Electric power and pharmaceuticals stocks were mostly trading lower. Shipbuilding, precision instruments and non-ferrous metals stocks were exhibiting a mixed trend.
The benchmark Nikkei 225 index was up 110.6 points or 1.2 percent at 9,615.5 at the end of the morning session.
Shares of Sojitz Corp were up more than 4 percent. Nisshin Steel was trading higher by about 3.5 percent. Nissan Chemical Industries, Sharp Corp., Inpex, Softbank, JX HD, Mitsubishi Heavy Industries, Nippon Suisan, Chiyoda, Mitsubishi Materials and Advantest were up 2 to 3 percent.
Mitsui Chemicals, Japan Steel Work, Fuji Heavy Industries, Nippon Soda, Mitsubishi Chemicals, Nippon Express, GS Yuasa and Mitsubishi Paper were also up with strong gains.
Hino Motors, Isuzu Motors, Mitsubishi Motor, Mazda Motor and Nissan Motor were up 0.5 to 2 percent. Toyota Motor was up marginally.
Chiba Bank, Bank of Yokohama and Mizuho Financial were among the notable gainers in the banking space.
Tokyo Electric Power was down 3.3 percent following a rating downgrade. Toho Zinc, Mitsui Engineering & Shipbuilding, Chubu Electric Power, Astellas Pharma, Credit Saison and Mitsubishi UFJ Financial were also trading notably lower.
In economic news, industrial production in Japan was up 1.0 percent in April compared to the previous month, the Ministry of Economy, Trade and Industry said on Tuesday, continuing to reflect the results of the devastating earthquake and tsunami on March 11. The April figure missed expectations for a 2.2 percent increase following the 15.5 percent plunge in March.
On an annual basis, output declined 14.0 percent - again shy of estimates for a 12.4 percent decline after shedding 13.1 percent in the previous month.
As a result of the data, the METI updated its assessment of industrial production to "sluggish at a low level" due to the earthquake, adding that industrial production is expected to recover gradually.
According to a report from the Ministry of Communications and Internal Affairs, the unemployment rate in Japan came in at a seasonally adjusted 4.7 percent in April, in line with expectations and up slightly from 4.6 percent in March.
The job-to-applicant ratio missed expectations, coming in at 0.61 versus forecasts for 0.62 after showing 0.63 in the previous month. The number of employed persons in April was 59.94 million, an increase of 0.1 percent on year. The number of unemployed persons was 3.09 million, down 8.8 percent on year.
According to another report from the same ministry, average household spending in Japan was down 3.0 percent on year in April, standing at 292,559 yen. That was below forecasts for a decline of 2.7 percent following the 8.5 percent plunge in March.
Among the individual categories, spending on education plummeted 11.3 percent on year, while housing was down 7.2 percent and fuel was down 4.5 percent. Spending for clothing was up 5.0 percent on year and medical care was up 3.7 percent.
In the currency market, the U.S. dollar traded in the upper 80 yen level in early deals in Tokyo. The yen is currently trading at 80.85 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Shanghai, Hong Kong, Malaysia, South Korea and Taiwan are trading notably higher, while New Zealand and Singapore are up marginally. Markets across the region ended on a mixed note on Monday.
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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.