HONG KONG—Asian stock markets mostly rose for a second straight day on Tuesday after another Wall Street rally followed a better-than-expected batch of US consumer spending data.
A slight rebound in confidence and news of merger plans in Greece’s banking sector also boosted risk sentiment, while oil prices edged up on hopes for demand growth in the United States.
Tokyo rose 1.16 percent, or 102.55 points, to 8,953.90 while Seoul ended 0.78 percent, or 14.32 points, higher at 1,843.82 and Sydney added 0.14 percent, or 5.9 points, to 4,269.2.
Hong Kong climbed 1.71 percent, or 339.06 points, to 20,204.17.
But ongoing concerns about liquidity send Shanghai down to end 0.38 percent, or 9.82 points, lower at 2,566.59.
The advances extended gains from Monday, when dealers were cheered by comments from US Federal Reserve chief Ben Bernanke that stopped short of fresh stimulus for the US but left the door open for measures further down the line.
On Monday the US Commerce Department reported that consumer spending, a pillar of the world’s largest economy, rebounded 0.8 percent in July, after a 0.1 percent dip in June, the fastest pace since February.
The data sent Wall Street higher. The Dow jumped 2.26 percent, the S&P 500 surged 2.83 percent and the Nasdaq shot up 3.32 percent.
Dealers will now be looking to the upcoming release of key data from the United States, including jobs, consumer confidence, manufacturing and factory orders, for a clearer idea of the state of the economy.
“Signs of a market-based and economic recovery are in the wind as a turbulent month draws to a close,” said Ben Le Brun, market analyst at CMC Markets in Sydney.
Global markets have suffered a torrid August, with massive selling as the United States’ credit rating was downgraded, eurozone debt fears continued to weigh and economic indicators pointed to a possible new worldwide recession.
On the forex market the dollar dipped to 76.70 yen, down from 76.83 yen in New York late Monday.
The euro fetched $1.4487 after $1.4510, and 111.14 yen compared with 111.52 in New York.
Meanwhile, there was some positive news from Europe, where the sovereign debt crisis has been weighing on market sentiment.
Two Greek banks, Alpha Bank and Eurobank, announced that they were merging and receiving a sizeable Qatari investment, the first good news from Greece’s banking sector for some time.
Currency rates were unmoved by data Tuesday showing that Japan’s jobless rate stood at 4.7 percent in July, up 0.1 percentage point from the previous month, excluding figures from the disaster-hit northeast of the country.
On oil markets in afternoon trade, New York’s main contract – light sweet crude for October delivery – added 29 cents to $87.56 a barrel, and Brent North Sea crude for October delivery gained 49 cents to $112.37.
Gold closed at $1,793-$1,794 an ounce in Hong Kong, down from Monday’s close of $1,821-$1,822.
On other markets:
— Mumbai rose 1.59 percent, with the benchmark 30-share Sensex on the Bombay Stock Exchange closing up 260.42 points to 16,676.75, its second straight day of gains.
India’s top property firm DLF rose 6.5 percent or 12 rupees to 196.5 while the largest private aluminium producer Hindalco rose 4.79 percent or 6.9 rupees to 151.
India’s largest private firm Reliance Industries closed up 3.85 percent or 29.05 rupees to 783.1.
— Taipei rose 0.90 percent, or 68.18 points, to 7,646.19.
Hon Hai rose 6.85 percent to Tw$68.6 while Taiwan Semiconductor Manufacturing Co fell 0.58 percent to Tw$69.0.
— Wellington closed 0.35 percent, or 11.73 points, higher at 3,317.73.
Nuplex gained 4.4 percent to NZ$2.85 but Telecom fell 1.3 percent to NZ$2.73.
— Bangkok fell 1.01 percent, or 10.66 points, to 1,044.97.
— Manila, Singapore, Kuala Lumpur and Jakarta were closed for public holidays.