Investing.com - Asian stock markets were mixed in holiday-thinned trade on Tuesday, as ongoing concerns over the weakening global growth outlook continued to weigh on appetite for riskier assets, but markets in Australia ended up 1% after the Reserve Bank of Australia announced an unexpected rate cut.
During late Asian trade, Australia’s ASX/200 Index ended up 1%, while Japan’s Nikkei 225 Index retreated 0.1%. Trading volumes were thinner than usual as markets in Hong Kong, China and India remained closed for a public holiday.
In Australia, financials gained after the RBA cut its benchmark interest rate to 3.25% from 3.50%. Most market analysts had expected the central bank to stay pat on interest rates this month.
In its accompanying rate statement, RBA Governor Glenn Stevens said, “The board judged that, on the back of international developments, the growth outlook for next year looked a little weaker, while inflation was expected to be consistent with the target.”
The big four banks all rose, with Australia's biggest lender, the Commonwealth Bank of Australia adding 0.35%, while shares in Westpac Banking Group and ANZ Banking Group climbed 0.9% and 0.8% respectively.
Global miners contributed to gains, tracking commodity prices higher. BHP Billiton and Rio Tinto advanced 1.3% and 1.15% respectively, while gold producer Newcrest Mining added 0.95%.
Shares in Qantas Airways rallied 2.5% after the company sold its 50% holding in freight business StarTrack for approximately AUD413 million.
Elsewhere, in Tokyo, the Nikkei reversed earlier losses to end modestly lower, as losses in retail sector stocks weighed.
Index heavyweight Fast Retailing declined 1.5%, while shopping complex operator Parco dropped 3.2%.
Meanwhile, in Europe, regional markets were broadly lower after the open, as uncertainty over whether Spain will request a bailout lingered.
The EURO STOXX 50 dipped 0.25%, France’s CAC 40 shed 0.45%, London’s FTSE 100 eased down 0.15%, while Germany's DAX retreated 0.1%.
Later in the day, the euro zone was to release data on producer price inflation, while the U.S. was to produce a report on total vehicle sales for September.
During late Asian trade, Australia’s ASX/200 Index ended up 1%, while Japan’s Nikkei 225 Index retreated 0.1%. Trading volumes were thinner than usual as markets in Hong Kong, China and India remained closed for a public holiday.
In Australia, financials gained after the RBA cut its benchmark interest rate to 3.25% from 3.50%. Most market analysts had expected the central bank to stay pat on interest rates this month.
In its accompanying rate statement, RBA Governor Glenn Stevens said, “The board judged that, on the back of international developments, the growth outlook for next year looked a little weaker, while inflation was expected to be consistent with the target.”
The big four banks all rose, with Australia's biggest lender, the Commonwealth Bank of Australia adding 0.35%, while shares in Westpac Banking Group and ANZ Banking Group climbed 0.9% and 0.8% respectively.
Global miners contributed to gains, tracking commodity prices higher. BHP Billiton and Rio Tinto advanced 1.3% and 1.15% respectively, while gold producer Newcrest Mining added 0.95%.
Shares in Qantas Airways rallied 2.5% after the company sold its 50% holding in freight business StarTrack for approximately AUD413 million.
Elsewhere, in Tokyo, the Nikkei reversed earlier losses to end modestly lower, as losses in retail sector stocks weighed.
Index heavyweight Fast Retailing declined 1.5%, while shopping complex operator Parco dropped 3.2%.
Meanwhile, in Europe, regional markets were broadly lower after the open, as uncertainty over whether Spain will request a bailout lingered.
The EURO STOXX 50 dipped 0.25%, France’s CAC 40 shed 0.45%, London’s FTSE 100 eased down 0.15%, while Germany's DAX retreated 0.1%.
Later in the day, the euro zone was to release data on producer price inflation, while the U.S. was to produce a report on total vehicle sales for September.