Investing.com - Asia shares traded mixed Tuesday, but generall upbeat on signs that the U.S. Federal Reserve won't start raising interest rates until next year as expected.
The Nikkei 225 was flat as the yen slipped slightly.
Australia's S&P/ASX 200 was down a tad by 0.02%, with investors wary of the effect of weaker iron-ore prices on the resources sector due to slower growth in China's economy. Mining stocks dragged the index down 0.2% Monday.
South Korea's KOSPI was up 0.4% as investors bought up shipbuilder stocks.
Hyundai Heavy Industries (KS:009540) was up 3.4% and Samsung Heavy Industries (KS:010140) was up 3.1%, on expectations for new container-vessel order to replace older unprofitable contracts as overseas shipments from China, the world's biggest exporter, picks up. Those two stocks have slumped 48.1% and 32.2%, respectively, year-to-date.
Overnight, U.S. stocks rose after European Central Bank President Mario Draghi said late last Friday that monetary authorities stood ready to stimulate the economy to spur recovery, which drew applause on Wall Street, home to many companies with strong ties across the Atlantic.
The Dow 30 rose 0.44%, the S&P 500 index rose 0.48%, while the NASDAQ Composite index rose 0.41%.
The Federal Reserve Bank of Kansas City's annual Jackson Hole symposium wrapped up leaving investors preparing for looser monetary policy in Europe.
While Fed Chair Janet Yellen left investors concluding that stimulus programs will end around October while interest rates will rise some time in 2015, her counterparts in Europe and Japan were seen sticking with more expansionary policies going forward.
On Friday, Draghi said monetary authorities stood "ready to adjust our policy stance further" and will use all necessary tools to “ensure price stability over the medium term.”
Elsewhere, the U.S. Commerce Department reported earlier Monday that U.S. new home sales dropped by 2.4% to 412,000 units last month, confounding expectations for an increase of 5.7% to 430,000.