Investing.com - Asian shares rose slightly on Tuesday with regional data bolstering Tokyo and Sydney, but caution prevailing overall as markets look ahead to nonfarm payroll data from the U.S. at the end of the week for further clues on the timing this year of a possible Fed rate hike.
The Nikkei 225 edged up 0.03% as Japan said household spending fell 0.05% in July year-on-year, less than the 0.9% decline expected, and gained 2.5% month-on-month, beating the 1.1% increase seen. The unemployment rate fell to 3.0%, below the expected 3.1% level seen.
Also in Japan, retail sales dipped 0.2% in July month-on-month, compared with a 0.9% drop expected.
The better trend in the data in Japan however was not enough to stoke a rally as eyes remain on the U.S. Fed after Chair Janet Yellen on Friday said the case for a rate hike based on data was possible this year and with Vice Chair Stanley Fischer set to make further remarks on Tuesday.
The S&P/ASX 200 rose 0.46% as Australia reported building approvals for July soared 11.3%, compared withwith a 0.5% decline expected month-on-month.
In China, the Shanghai Composite Index gained 0.04% and Hong Kong's Hang Seng Index was 0.51% higher. The yuan was slightly higher after the People's Bank of China strengthened the fixing at 6.6812, compared with a central parity of 6.6856 on Monday.
Overnight, U.S. stocks were higher after the close on Monday, as gains in the Basic Materials, Financials and Telecoms sectors led shares higher.
At the close in NYSE, the Dow Jones Industrial Average added 0.58%, while the S&P 500 index climbed 0.52%, and the NASDAQ Composite index added 0.26%.