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Japan jumps, rest of Asia easier
By Alex Frew McMillan
HONG KONG, China (CNN) -- Japanese stocks are higher on Tuesday going into afternoon trade, as the market jumps back from the Culture Day holiday. The Nikkei average surged 2.94 percent to 8,940.87 at the noon break, a day after Monday's strong gains by South Korea, Hong Kong, Australia and Taiwan, the main markets that were open in Asia. The Topix is up 2.19 percent to 885.85, with other Asian markets again boosted by gains on Wall Street. Australia is clinging to a slight rise in early afternoon trade, bucking the regional trend ahead of its big Melbourne Cup horse race. Singapore is back in action after the Deepavali holiday, the festival of lights, with a negligible gain. But there are losses in the other main Asian markets, Hong Kong giving up 0.6 percent in late morning trade, after a 3.32 percent jump the day before. Stocks are down a similar amount in South Korea and Taiwan, both of which also enjoyed strong runs on Monday. U.S. stocks continue to riseU.S. tech stocks had another big day on Monday on the back of gains in Microsoft. Nasdaq ended 2.63 percent higher, with the Dow Jones industrial average moving forward 0.63 percent to 8,571.60. (U.S. roundup) Investors are still predicting an interest rate cut when the U.S. Federal Reserve's policy board meets Wednesday.
In Japan, tech stocks moved forward after a court upheld Microsoft's settlement with regulators. Specialty ceramics maker Kyocera is up 4.56 percent at 7,560 yen as Tokyo trading plays catchup with the region's run the day before. Chip-testing device maker Advantest is up its daily limit of 500 yen, an 11.6 percent leap to 4,810 yen. Chip and computer maker NEC Corp. is another strong gainer, up 4.37 percent to 478 yen. Sony Corp. is ahead 3.56 percent at 5,520 yen as investors figure in the likelihood of a rate cut in its key U.S. market when the Fed meets. Telecom stocks are storming ahead, too, NTT DoCoMo up 5.08 percent to 248,000 yen and parent NTT and rival KDDI also up. Tire maker Bridgestone is up 9.79 percent to 1,671 yen on a report it has come up with a way of doubling the drive time of an electric car. (Full story) The yen is trading at 121.72 to the U.S. dollar, just off its monthly high of 121.59 set on Friday. News higher ahead of earningsAustralia's S&P/ASX 200 index is up 0.16 percent at 3,059.6, propped up a by 2.31 percent climb in News Corp., to A$11.50. Sydney's largest listing reports earnings on Wednesday. Big cap mining stocks are also higher, BHP Billiton up 0.31 percent to A$9.73. despite making a downbeat outlook at its annual meeting on Monday. Volume is light in Australia ahead of the Melbourne Cup horse race on Tuesday afternoon, known as "the race that stops a nation." In New Zealand, the Top 40 ended down 2.99 percent at 1,975.38. The losses were led by a 9.58 slump in Telecom New Zealand, to NZ$4.72., after Wellington's largest listing warned on profits. ( Full story) Troubled insurer and fund manager Tower continued its slide, building on Monday's 44 percent fall with a 14.14 percent plunge to NZ$1.70. (Full story) Hang Seng takes a fallIn Hong Kong, the Hang Seng is off 0.6 percent at 9,662.82 in late morning trade as investors take profits after Monday's strong gains. Hutchison Whampoa is down 1.19 percent to HK$49.60 a day after downplaying suggestions it will miss a deadline to sign paying customers for its "third-generation" cell phone service in Britain. (Full story) Li Ka-shing stablemate Cheung Kong Holdings is down 1.83 percent to HK$53.50. But banks are doing well, with recent listing Standard Chartered Bank up 2.2 percent at HK$93.00. HSBC is ahead 0.29 percent to HK$87.50 ahead of the likely U.S. rate cut, with subsidiary Hang Seng Bank trading flat. Korea, Taiwan downIn South Korea, the Kospi is down 0.59 percent at 668.73 in early afternoon trade. SK Telecom and Samsung Securities are both lower after gains on Monday. Samsung Electronics is down 1.36 percent at 362,500 won after Monday's 7.7 percent surge. Steelmaker POSCO is a noteworthy blue-chip gainer, up 1.30 percent to 116,500 won. In Taiwan, the Taiex is down 0.56 percent at 4,557.92 as an early rise gave way to profit taking. But many of the biggest tickers are still trading up, TSMC ahead 1.91 percent to T$47.90 and UMC up 1.19 percent to T$25.50. Au Optronics is leading the volume again, this time with a slide. The screenmaker is down 3.33 percent to T$23.20. Singapore's Straits Times index is essentially flat, just in the black with a 0.1 percent rise in late morning trade, to 1,429.07. Property developer CapitaLand is higher after reporting better than expected earnings. NatSteel is also up 4 percent to S$2.03, as trader Oei Hong Leong bids for DBS Group's 14.7 percent stake in the company at S$2.03.
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