Asian stock markets are extending gains on Tuesday from the previous session as worries about North Korea and the potential damage from Hurricane Irma faded. Investors also digested news that the United Nation Security Council has approved new sanctions against North Korea on Monday for its latest missile and nuclear tests.
The Australian market is extending gains from the previous session following the positive mood in international markets overnight as worries about North Korea and Hurricane Irma eased.
In late-morning trades, the benchmark S&P/ASX 200 Index is rising 27.70 points or 0.48 percent to 5,740.80, off a high of 5,742.20 earlier. The broader All Ordinaries Index is up 24.80 points or 0.43 percent to 5,799.90.
In the mining space, BHP Billiton, Rio Tinto and Fortescue Metals are all advancing more than 1 percent each.
In the banking sector, Westpac, Commonwealth Bank, National Australia Bank and ANZ Banking are higher in a range of 1 percent to 1.3 percent.
QBE Insurance Group said its chief executive John Neal will step down at the end of 2017 and be replaced by Pat Regan, who heads the insurance giant’s Australia and New Zealand operations. The insurer’s shares are gaining more than 2 percent.
However, gold miners are weak as gold prices dropped overnight to their lowest in a week overnight. Newcrest Mining is declining more than 2 percent and Evolution Mining is down 3 percent.
Oil stocks are also losing despite a more than 1 percent increase in crude oil prices overnight. Santos and Woodside Petroleum are declining almost 1 percent each, while Oil Search is down more than 1 percent.
Ardent Leisure said that its Main Event business chief executive Charlie Keegan will step down on November 24. The company’s shares are advancing almost 3 percent.
In economic news, Australia will see August results for the business confidence and conditions survey from National Australia Bank as well as July numbers for credit card purchases and balances today.
In the currency market, the Australian dollar is lower against the U.S. dollar on Tuesday. In early trades, the local unit was trading at US$0.8028, down from US$0.8037 on Monday.
The Japanese market continued to rally, with the positive lead overnight from Wall Street and a weaker yen bolstering investor sentiment.
In late-morning trades, the benchmark Nikkei 225 Index is advancing 196.50 points or 1.01 percent to 19,742.27, off a high of 19,767.65 in early trades.
Among the major exporters, Panasonic is rising…