Oil prices fell nearly 1 percent in Asian trading as demand worries overshadowed signs of escalating Middle East tensions.
Gold edged up slightly but hovered below recent record highs ahead of U.S. labor market data due this week that could offer more clarity on the pace of U.S. rate cuts.
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Mainland Chinese markets were closed for a week starting today for the National Day holidays.
Japanese markets bounced back as the yen extended losses for a second day running and the BoJ Summary of Opinions indicated no immediate plans for further rate hikes.
Also, a key survey showed that big manufacturer sentiment held steady in the third quarter.
The Nikkei average rose 1.93 percent to 38,651.97 after shedding 4.8 percent on Monday. The broader Topix index settled 1.69 percent higher at 2,690.78.
Heavy machinery maker Kawasaki Heavy Industries surged 8.3 percent and Mitsubishi Heavy Industries rallied 7.8 percent as Japan’s parliament formally elected former defense minister Shigeru Ishiba as the country’s new prime minister.
Automakers Honda Motor, Toyota and Nissan all rose around 2 percent on the back of a weaker yen. Chip-related heavyweights Advantest and Tokyo Electron climbed 2-3 percent.
The manufacturing sector in Japan continued to contract in September, and at a faster rate, the latest survey from Jibun Bank revealed on Tuesday with a manufacturing PMI score of 49.7.
That’s down from 49.8 in August and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
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First Published: Oct 01 2024 | 3:22 PM IST
