Investing.com – Asian stocks rose on Tuesday in relatively light trading with leads from the U.S. markets overnight and despite lower than expected CSP index in Japan.
The Bank of Japan reported on Tuesday that country’s corporate services price index that measures the change in the price of goods sold by corporations fell to 0.8% in January. Markets had forecast it to be at 1.2% after it stood at 1.1% in December.
Japanese stocks were still lower when compared to where they were in December but on Tuesday Toyota Motor rose 1%, Astellas Pharma was up 2.1%, while Public works builders Makino Milling was up 2.5% and Sho-Bond rose 1%.
In Hong Kong, HSBC Holding fell 2.7% after lower than expected profits.
In New Zealand, the inflation and growth expectations rose to 2.03% in the first quarter of this year from 1.94% in the fourth quarter of 2013. The expectations however did not change for the two-year series at 2.33%, as highlighted by the Reserve Bank of New Zealand''s latest survey.
Nikkei rose 1.55%, Shanghai was up 0.10%, while hang Seng rose 0.42%.
On Monday U.S. stocks shot up after investors applauded mergers and acquisitions announcements in a session that also saw heavy demand for healthcare stocks due to bullish regulatory news.
At the close of U.S. trading, the Dow Jones Industrial Average rose 0.64%, the S&P 500 index rose 0.62%, while the Nasdaq Composite index rose 0.69%.
Meanwhile, Washington regulators are reportedly proposing cuts to Medicare rates that are less than many were expecting, which sent healthcare stocks climbing, insurance providers especially.
Insurers have been expecting reimbursement cuts of around 7% though talk of a proposed 4% figure helped fuel Monday''s rally.
Elsewhere, eBay shares rose after noted investor Carl Icahn urged the online retailer to spin off its payment unit Pay-Pal.
Leading Dow Jones Industrial Average performers included UnitedHealth, up 2.97%, Nike, up 1.78%, and Pfizer, up 1.70%.
On Tuesday, the U.S. is to release data on consumer confidence and a private sector report on house price inflation.