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Tokyo leads Asian market gains in holiday trade

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Tokyo - Nikkei 225: UP 0.6 percent at 21,885.24 (close). AFP

Tokyo leads Asian market gains in holiday trade

Asian markets mostly rose on Tuesday after Wall Street finished a volatile quarter on a positive note, while China began a week-long break to celebrate the 70th birthday of the People’s Republic.

Following Wall Street’s lead, Tokyo closed 0.6 per cent higher, helped by a drop in the yen and as investors shrugged off a Japanese survey that showed business confidence continued to fall.

Buyer sentiment was boosted by comments from the Trump administration denying the likelihood of new US restrictions on Chinese investment, analysts said.

“US stocks rebounded and the dollar topped 108 yen” in a positive development for Japanese exporters, said Seiichi Suzuki, senior market analyst at Tokai Tokyo Research Institute.

Taipei jumped 1.3 per cent and Singapore climbed 1.0 per cent, with gains also seen in Wellington and Seoul. Manila and Bangkok were both down however while Jakarta fell slightly.

The Cambodia Securities Exchange index inched up 0.17 per cent.

Investors are looking ahead to the resumption of trade war talks between Beijing and Washington next week, said Prudential Financial chief market strategist Quincy Krosby.

The latest discussions set for October 10 are “clearly a positive for the markets because the effect it has on the world economy is paramount going into the last quarter”, Krosby said.

Markets in China and Hong Kong were closed for a public holiday as anniversary celebrations were held in Beijing and pro-democracy protesters took to the streets in the southern financial hub.

In early European trade, London edged up 0.1 per cent, while Paris and Frankfurt also made slight gains.

Sydney rose 0.8 per cent and the Australian dollar dipped after the Reserve Bank of Australia announced it had cut interest rates to a historic new low.

Oil prices had fallen sharply on Monday following reports that Saudi Arabia restored oil production more quickly than expected following attacks on infrastructure.

The retreat in prices also came after remarks by Saudi leader Mohammed bin Salman endorsing a non-military solution for a longstanding conflict with Iran, which Saudi Arabia has blamed for the recent oilfield attacks.

On Tuesday Brent crude was still down but West Texas Intermediate rebounded to rise 0.4 per cent.

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