Asian stocks mostly higher following Japanese data; Nikkei up 0.63%

Most Asian stocks traded higher Tuesday following a spate of regional data points, including some that helped boost Japanese shares. 

In Asian trading Tuesday, Japan’s Nikkei 225 rose 0.63 after data released earlier Tuesday showed household spending in Japan fell 0.4% last month. Economists were expecting a 1.4% increase. 

Another report showed Japanese industrial production dropped 3.3%, far worse than the 1.5% decline forecast by economists. 

Separately, Japan’s Statistics Bureau said unemployment in the world’s third-largest economy fell to 3.9% in June from 4.1% in May. Economists expected the June reading to come in at 4%. 

Hong Kong’s Hang Seng fell 0.15%, but the Shanghai Composite rose 0.24%. Australia’s S&P/ASX 200 Index dropped 0.4% after AAP reported taders are pricing in a 79 per cent chance of an interest rate cut at the next Reserve Bank of Australia meeting on August 6. Australia’s benchmark interest rate is currently a record low of 2.75%. 

In a report released earlier Tuesday, the Australian Bureau of Statistics said that Australian building approvals fell 6.9% following a decline of 4.3% in the prior week. Analysts had expected Australian building approvals to rise to 2.3% last week.

New Zealand’s NZSE 50 slipped 0.47% as the kiwi continued to fall after Prime Minister John Key called the currency overvalued in remarks made Monday. 

South Korea’s Kospi added 0.52% after the Korea National Statistical Office said that South Korean industrial production rose 0.4% in June. The May reading was revised up to -0.1% from -0.4%. Analysts had expected South Korean industrial production to rise 0.4% last month. 

Singapore’s Straits Times Index added 0.25% while S&P 500 futures rose 0.10% a day after the benchmark U.S. index lost 0.37%.