Asian shares up in Tokyo, Sydney, China flat ahead of U.S. holiday
Investing.com - Asian shares showed early gain in Tokyo and Sydney with China mostly weaker ahead of U.S. markets shut on Tuesday for the July 4th holiday.
The Nikkei 225 rose 0.61%. Shares of automakers in Japan traded higher despite the overall decline in U.S. auto sales for the month of June. Among individual brands, Toyota said sales increased by 2.1%. Toyota shares were up by 1.65%.
Australia's benchmark S&P/ASX 200 index jumped 1.35% on broad gains ahead of the latest interest rate review. Australia also reported retail sales for May with a gain of 0.6% month-on-month, beating the expected 0.2% rise. The Shanghai Composite fell 0.10%, while the Hong Kong Hang Seng index was flat.
Overnight, U.S. stocks made a winning start to the month, led by a rally in financials, mostly banks, following a sharp move higher in US bond yields amid upbeat manufacturing data pointing to solid economic growth.
In what was a quiet day on Wall Street ahead of the fourth of July holiday in the U.S. on Tuesday, the Dow hit record highs, after manufacturing data topped analysts’ forecasts, spurring a rally in U.S. bond yields as investor expectations grew that the Federal Reserve would hike rates later this year.
The Institute for Supply Management said its manufacturing index rose to 57.8 last month from 54.9 in May. The measure now stands at its highest level since August 2014.
The Dow Jones Industrial Average closed at 21,479.27. The S&P 500 closed 0.23% higher while the Nasdaq Composite closed at 6110.06, down 0.49%.
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