Asia shares mostly up, shrugging off weak China data – CNBC

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Major Asian markets traded higher Tuesday, digesting the surprise move by China’s central bank to cut banks’ reserve requirement ratio (RRR) to free up liquidity, and shrugging off fresh negative economic data from the mainland.

Japan’s benchmark Nikkei 225 retraced losses of over 1 percent to close up 58.75 points, or 0.37 percent, at 16,085.51. The South Korean market is closed for a public holiday.

Chinese markets wavered between positive and negative after the RRR cut and worse-than-expected manufacturing data. But they settled higher, with the Shanghai composite closing up 45.93 points, or 1.71 percent, at 2,733.91, while the Shenzhen composite finished up 38.11 points, or 2.32 percent, at 1,681.47.

Hong Kong’s Hang Seng Index added 295.53 points, or 1.55 percent, to 19,407.46.

Australia’s S&P/ASX 200 closed the trading day up 41.32 points, or 0.85 percent, at 4,922.25, with most sectors gaining. The heavily weighted financials sector finished up 1.6 percent, while the energy sector gained 1.81 percent.

Miners mostly rebounded, with Rio Tinto gaining 2.66 percent, Fortescue up 6.37 percent and BHP Billiton adding 2.95 percent. Gold miner Newcrest closed up 4.51 percent, with spot gold trading up 0.27 percent at $1,241.10 an ounce as of 3.22 p.m. HK/SIN time.

Elsewhere, the Reserve Bank of Australia kept its cash rate unchanged at a record low of 2 percent on Tuesday; the decision was widely expected by analysts. The Australian dollar didn’t react much, fetching $0.7129 as of 1.35 p.m. SIN/HK time, compared with around $0.7122 before the data.

Asia shares mostly up, shrugging off weak China data – CNBC}