Asian shares climbed in early trade on Tuesday after Wall Street hit record highs overnight, as investors awaited the second-quarter earnings season and a batch of economic data, including key U.S. inflation figures later in the day.
Investors are bracing for an eventful week which will include the start of the U.S. earnings season, inflation data from several countries and a testimony by Federal Reserve Chair Jerome Powell. The testimony will be scrutinised for any clues on the timing of potential U.S. tapering.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.5%, tracking a Wall Street rally overnight. The index is down 3.1% so far this month.
Australian shares were up 0.49%, while Japan’s Nikkei stock index rose 0.79%.
China’s blue-chip CSI300 index was down 0.1%, while Hong Kong’s Hang Seng index rose 0.65%.
Overnight, Wall Street’s main indexes closed at their highest levels ever, lifted by Tesla and bank stocks. Tesla rallied over 4% and was the top contributor to gains in the S&P 500 and Nasdaq.