Asian markets mostly up

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Asian markets mostly up

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Global markets have surged in recent months after a string of policy-easing moves in the US.

23 October,2012 10:31 am

Asian markets were mostly higher Tuesday but gains were limited as traders took a breather from recent rallies fuelled by renewed hopes for the global outlook.Wall Street provided a weak lead, while the euro held up against the yen after hitting a five-month high in New York following data showing a sharp drop in Japanese exports.Tokyo rose 0.20 percent, Sydney added 0.30 percent, Seoul eased 0.38 percent and Shanghai was up 0.15 percent. Hong Kong and Bangkok were closed for public holidays.Global markets have surged in recent months after a string of policy-easing moves in the United States, Europe and Japan as well as last weeks figures indicating a pick-up in China.But investors are treading carefully as the Asian corporate earnings season approaches, with many concerned that the global slowdown will have a detrimental impact on profits.A weak yen provided some support to Japans Nikkei index after Tokyo on Monday said the country saw its worst September trade figures in more than 30 years, hit by the global slowdown and a territorial spat with China.The figures added to expectations the Bank of Japan will further loosen monetary policy when it holds its next policy meeting next week.The euro rose to its highest levels since May against the Japanese currency, buying 104.35 yen, compared with 104.43 yen in New York late Monday.The dollar stood at 79.90 yen, compared with 79.95 yen. It had hit 79.99 yen at one point in Tokyo, its highest since early July.The euro bought $1.3066, up from $1.3060.Thus far, its a relatively simple tale of a profoundly weaker yen that has been and continues to fuel the market, said Tatsunori Kawai, chief strategist at kabu.com Securities.But US corporate earnings have not been completely encouraging, and with Japans earnings reporting season just starting up, investors remain apprehensive, he told Dow Jones Newswires.Wall Street put in an anaemic performance after the worlds largest heavy equipment Caterpillar provided guidance for 2012 and 2013 that was below estimates, despite seeing its best third quarter.The Dow and S&P 500 ended flat, while the tech-strong Nasdaq gained 0.38 percent.Oil prices were higher, with New Yorks main contract, light sweet crude for delivery in December, adding 29 cents to $88.94 and Brent North Sea crude for December gaining 29 cents to $109.73.Gold was at $1,725.80 at 0230 GMT compared with $1,724.50 late Monday.