Asian stock markets are trading mostly higher on Tuesday, following the broadly positive cues from global markets overnight, as data showing that U.S. manufacturing activity slowed to its weakest pace in 30 months helped ease concerns about aggressive monetary tightening by the US Fed. The up move was supported by bargain hunting, rising oil prices and falling treasury yields. Asian markets closed mostly lower on Monday.
The Australian stock market sharply higher on Tuesday, recouping some of the losses in the previous two sessions, with the benchmark S&P/ASX 200 moving above the 6,600 level, following the broadly positive cues from global markets overnight, with strong gains across most sectors, led by mining and energy stocks amid a spike in commodity prices and a fall in bond yields. Traders also indulged in some bargain hunting.
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