Investing.com – Asian stocks were mixed on Tuesday, as financial sector stocks led gains in Japan after the Bank of Japan decided to cut its benchmark interest rate, while property developers declined in Hong Kong.
Hong Kong's Hang Seng Index was up 0.21%, South Korea's Kospi Composite shed 0.02%, while Japan’s Nikkei 225 Index jumped 1.47%.
Earlier in the day, the BoJ said it was lowering its benchmark interest rate to a range of 0.0% to 0.1%, the lowest level since 2006. The central bank also announced it would buy up to 5 trillion yen in government bonds and other assets in an effort to combat deflation and stimulate the economy.
Following the announcement, shares in Japan’s largest lender Mitsubishi UFJ Financial Group soared 2.36%, stocks in the nation’s third-biggest bank Mizuho Financial Group jumped 3.57%, while rivals Sumitomo Mitsui Financial Group saw its shares gain 3.03%.
Many of the big name Japanese exporters also posted gains, as the yen weakened against the dollar. Electronics giant Sony advanced 1.36%, Panasonic, the world’s largest maker of plasma televisions, rallied 1.89%, while shares in Tokyo Electron Ltd. gained 3.99%, after the company said orders rose by 10% to 15% in the second quarter.
In Hong Kong, property developers led declines, amid steps to curb property-price inflation in the country. Shares in Hong Kong's biggest property developer Sun Hung Kai Properties tumbled 2.36%, shares in rivals Cheung Kong Holdings plunged 2.95% while rivals Sino Land Company saw its shares fall 0.97%.
In Europe, equity markets opened higher. The EURO STOXX 50 was up 0.50%, France’s CAC 40 gained 0.59%, the FTSE 100 rose 0.43% and Germany's DAX advanced 0.33%.
Later in the day, the euro zone was to release official data on retail sales.
Hong Kong's Hang Seng Index was up 0.21%, South Korea's Kospi Composite shed 0.02%, while Japan’s Nikkei 225 Index jumped 1.47%.
Earlier in the day, the BoJ said it was lowering its benchmark interest rate to a range of 0.0% to 0.1%, the lowest level since 2006. The central bank also announced it would buy up to 5 trillion yen in government bonds and other assets in an effort to combat deflation and stimulate the economy.
Following the announcement, shares in Japan’s largest lender Mitsubishi UFJ Financial Group soared 2.36%, stocks in the nation’s third-biggest bank Mizuho Financial Group jumped 3.57%, while rivals Sumitomo Mitsui Financial Group saw its shares gain 3.03%.
Many of the big name Japanese exporters also posted gains, as the yen weakened against the dollar. Electronics giant Sony advanced 1.36%, Panasonic, the world’s largest maker of plasma televisions, rallied 1.89%, while shares in Tokyo Electron Ltd. gained 3.99%, after the company said orders rose by 10% to 15% in the second quarter.
In Hong Kong, property developers led declines, amid steps to curb property-price inflation in the country. Shares in Hong Kong's biggest property developer Sun Hung Kai Properties tumbled 2.36%, shares in rivals Cheung Kong Holdings plunged 2.95% while rivals Sino Land Company saw its shares fall 0.97%.
In Europe, equity markets opened higher. The EURO STOXX 50 was up 0.50%, France’s CAC 40 gained 0.59%, the FTSE 100 rose 0.43% and Germany's DAX advanced 0.33%.
Later in the day, the euro zone was to release official data on retail sales.