Melbourne city centre skyline alongside the Yarra River.
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Asia-Pacific markets climbed across the region on Tuesday, tracking Wall Street’s rally and ahead of key economic data from China.
China’s central bank will announce its one-year and five-year loan prime rates, with a poll of economists from Reuters expecting that the one-year LPR will be held at 3.35% and the five-year rate at 3.85%.
The one-year LPR acts as the benchmark for most corporate loans, and the five-year LPR serves as a reference rate for mortgages.
Investors will also be assessing minutes from the Reserve Bank of Australia’s August meeting. At the meeting on Aug. 7, the bank kept its benchmark interest rate at 4.35%, but noted that “inflation remains above target and is proving persistent.”
Japan’s Nikkei 225 gained 1.1%, while the broad based Topix was up 0.78%.
South Korea’s Kospi was 0.99% higher, and the small-cap Kosdaq rose 1.19%.
The country’s consumer sentiment in August retreated from a two year high of 103.6, coming in at 100.8, with South Korean media outlet Yonhap reporting that this was “due to U.S. recession woes and the subsequent stock market rout.” A figure above 100 indicates that optimists outnumber pessimists.
Australia’s S&P/ASX 200 climbed 0.48% ahead of the RBA release.
Hong Kong’s Hang Seng index futures also point toward a higher open, standing at 17,741 compared to the HSI’s last close of 17,569.57.