By V. Phani Kumar, MarketWatch
HONG KONG (MarketWatch) -- Japanese and Australian stocks
rebounded Tuesday after a higher finish on Wall Street and as
better-than-expected results from Alcoa Inc. aided sentiment a day
after Chinese economic worries dragged on regional markets.
Japan's Nikkei Stock Average and Australia's S&P/ASX 200
each rose 1%, catching up with extended gains on Wall Street, where
stocks clinched a third straight day of gains Monday.
However, South Korea's Kospi slipped 0.1%
Alcoa (AA) began the U.S. reporting season at the end of the
regular Wall Street trading session, with the aluminum major's
adjusted second-quarter earnings topping estimates.
The region's stock gains Tuesday came ahead of the release of
China's monthly inflation data for June.
The advance in Tokyo was helped by a recovery in real-estate,
insurance and automobile shares.
Shares of Sumitomo Realty & Development Co. (8830.TO)
climbed 3.4%, while Dai-ichi Life Insurance Co. (DCNSF) advanced
2.8%, aided by a Nikkei newspaper report Japanese insurers were
likely to be excluded from new global capital requirements set to
take effect in 2016.
Hino Motors Ltd. (HINOY) jumped 4.1% after a separate Nikkei
report said it was expected to double its group operating profit in
the quarter ended June 30.
Alumina Ltd. (AWC) jumped 4% in Sydney after Alcoa's results, as
the two are joint-venture partners.
Also supporting the Australian advance, Commonwealth Bank of
Australia (CBAUY) rose 1.4%, and BHP Billiton Ltd. (BHP) climbed
0.8%.
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