Asia-Pacific markets up on gains in commodities-related shares

Asia-Pacific equities markets saw gains on Tuesday after higher metals prices sent commodities-related shares higher and on fewer concerns about subprime-connected losses by banks. India’s Sensex was up 0.15 percent to 18,075.66. The FTSE Straits Times Index was 0.48 percent higher to 3,098.06 while in Australia the Sydney Ordinaries added 0.97 percent to 5,688.6 and the S&P/ASX200 gained 1.09 percent to 5,619.1. In South Korea the Kospi was up 1.43 percent to 1,720.52 while Hong Kong’s Hang Seng index was 1.53 percent higher to 24,123.17. The Taiex added 1.69 percent to 8,024.41 and the Shanghai Composite gained 2.1 percent to 4,664.3.

In Tokyo the Nikkei was up 0.9 percent to 13,757.91 and the Topix index was 0.92 percent higher to 1,345.29 but the Mothers market of small and mid-caps dropped 0.67 percent to 688.83. Traders were higher on jumps in the prices of metals and oil. The oil sector was also higher, as were banks and real estate investors.

Most European equities markets were higher, but Madrid’s IBEX dropped 0.32 percent to 13,269.7. The Paris CAC-40 was up 0.49 percent to 4,885.83 and the Dax added 0.5 percent to 7,002.29. The pan-European FTSE Eurofirst 300 was 0.17 percent higher to 1,337.54. Car and truck makers were higher on the session. The oil and insurance sectors also saw gains, while the semiconductors and telecommunications sectors were lower.

In London, the FTSE 100 added 0.34 percent to 5,966.9 while the FTSE 200 jumped 1.24 percent to 10,208.6. The oil and mining sectors saw gains, with miners higher on gains in metals prices. Banks and the retail sector were also mostly higher. Hotels saw gains as operating profits were reported higher, but confectioners were down on declines in profits. Medical device manufacturers and stock exchange operators were also lower.

Wall Street was helped by news from the retail sector that could mean consumers are less pessimistic than generally assumed. In early afternoon trade in New York the Dow Jones Industrial Average was 0.72 percent higher to 12,436.62 while the Nasdaq Composite gained 0.58 percent to 2,335.24 and the S&P 500 had added 0.67 percent to 1,359. Retailers saw gains after Wal Mart (NYSE: WMT) said that sales was up in the most recent quarter. The software sector saw gains but internet companies declined on bids news. Bond insurers and some investment banks saw declines.

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