Mainland Data Fuels Asian Rally, HSI Gains

Hong Kong stocks closed higher on Tuesday after stronger than expected trade data from the mainland.

The Hang Seng Index finished up 0.6 percent, to 24,435.

On the mainland, the Shanghai Composite Index added 1.6 percent, to 2,827 and the Shenzhen Composite Index rose 2.2 percent, to 1,745.

Regional bourses were also in positive territory as the mainland trade figures lifted the mood.

Tokyo closed up more than 3.1 percent to a one-month high after gains in US stock index futures in late trading ahead of earnings reports from major American banks later on Tuesday.

That data will be among the first to show the effects of the near-overnight economic shutdown in the country worst affected by the pandemic.

Sydney was up 1.9 percent despite the forecast doubling of Australia's unemployment rate to 10 percent in the second quarter, and a National Australia Bank survey showing record-low business confidence.

The Australian dollar has also rallied from last month's 18-year lows with the slowdown in new coronavirus infections and signs of returning industrial activity in China, said AxiCorp chief market strategist Stephen Innes. (AFP)