By Marketwatch and Associated Press
Asian markets gained in early trading Tuesday following muted gains on Wall Street.
Investors awaited an announcement from Australia’s central bank later in the day, with investors expecting a 25-basis-point interest-rate cut.
Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -0.18% rose 0.7% as the national sales tax was raised by 2 percentage points, despite worries that it could derail the country’s economic recovery and bring on recession. Prime Minister Shinzo Abe had previously postponed the hike, but said it had to be raised to cover rising health costs and national debt.
Markets in Hong Kong and mainland China were closed for a weeklong National Day holiday, celebrating 70 years of Communist rule in China.
South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.05% gained 0.4%. Benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 -0.02% and Singapore /zigman2/quotes/210597985/delayed SG:STI -0.18% rose about 1%, while stocks were about flat in Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.79% . Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -1.63% advanced 0.3%.
Among individual stocks, SoftBank /zigman2/quotes/207303954/delayed JP:9984 +0.10% gained in Tokyo trading, along with Toyota /zigman2/quotes/203803129/delayed JP:7203 -3.13% and Nintendo . LG Electronics /zigman2/quotes/209966407/delayed KR:066570 +1.37% and Hyundai Motor /zigman2/quotes/206684590/delayed KR:005380 +0.82% slipped in South Korea while Taiwan Semiconductor /zigman2/quotes/207385621/delayed TW:2330 -0.68% rose in Taiwan. In Australia, Oil Search /zigman2/quotes/204702973/delayed AU:OSH +1.46% fell.