Asian stocks climbed after American equities touched a new all-time high on increasing confidence on the economy. The yen climbed on speculation North Korea launched a missile that may fall in Japanese waters.
The Japan's Topix Index rose nearly 0.7 percent along with gains in Australian and New Zealand stocks. South Korean equities fell.
The Dow Jones Industrial Average rose to an intraday record on Monday, before paring gains in a truncated week. The U.S. dollar gained the most in two weeks after American factories powered up in June at the fastest pace in nearly three years.
The Reserve Bank of Australia's policy statement and a central bank decision in Sweden is due today. South Korean inflation numbers are also expected later in the day.
Crude oil prices fell 0.32 percent after an eight-day rally. Gold snapped a three-day decline, rising 0.3 percent to $1,223.9 an ounce. Iron ore fell more than 1 percent yesterday. The commodity had risen in 12 of the 14 previous trading sessions.
U.S. Stocks Gain
A report by the U.S. Labor Department and faster growth in American factories reinforced optimism in the world's largest economy.
Economists of the U.S. Labor Department said in the report that America's labour force increased by 1,75,000 workers in June and wage growth may have strengthened. Along with that, faster growth boosted exports in the factories and consequently manufacturing in the country was strengthened.
Investors await the minutes of the Federal Reserve meeting, which lowered interest rates, slated to be released on Wednesday.
Also Read: Manufacturing Pickup Signals Boost To U.S. Economic Growth
Crude Snaps Eight-Day Rally
The West Texas Intermediate Index fell 0.55 percent to $46.81 per barrel. This was the first-time crude fell after June 22.
The commodity gained early in Asian trading and rose to $47 a barrel because crude output from the Organization of the Petroleum Exporting Countries (OPEC) rose to the highest level this year as U.S. drillers stopped adding rigs to reduce global output.
Iraq Oil Minister, Jabbar Al-Luaibi said that there is no need for his country to cut oil production any further and Iraq will invest to increase the capacity.
Slow Start
The Singapore traded SGX Nifty, an early indicator of Nifty 50's performance in India, fell nearly 0.1 percent to 9,616.
SpiceJet Ltd. will be in focus as the Delhi High Court rejected the company's plea against a single judge order in a share transfer dispute with its previous owner Kalanithi Maran. Spice Jet has been asked o deposit Rs 250 crore in cash by August 31.
Shares of the budget carrier closed 2.6 percent lower after dropping as much as 10.7 percent intraday after the order.
Also Read: SpiceJet Asked To Deposit Rs 250 Crore By August 31 In Share Transfer Row
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