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Asian shares higher ahead of company earnings Asian shares higher ahead of company earnings
(about 2 hours later)
Asian markets reversed early losses to trend higher despite investors being cautious ahead of company earnings reports. Asian markets were trading mixed on Tuesday as investors stayed cautious ahead of company earnings reports.
A strong US dollar and economic woes in Europe could have had an impact on profits for firms in the third quarter, according to analysts.A strong US dollar and economic woes in Europe could have had an impact on profits for firms in the third quarter, according to analysts.
In Japan, the Nikkei 225 was flat ahead of the Bank of Japan's (BOJ) policy meeting, while the Topix gained 0.45%. In Japan, the benchmark Nikkei 225 was lower 0.7% after the Bank of Japan (BOJ) painted a bleaker outlook for the economy.
The Japanese yen weakened against the dollar, rising to 109.15. The Japanese yen weakened against the dollar, rising to 109.10.
The yen's movements will be closely watched as the BOJ meets to discuss its monetary stimulus plans. The BOJ maintained its massive monetary easing plans, but said that weak consumer spending was impacting factory output and business sentiment.
"We expect the BOJ to keep monetary policy on hold, but it could lower its economic assessment to reflect continuing data weakness" since the tax hike, strategists at Barclays said. "It's true the effect [of the sales tax hike] on the economy is being prolonged. There's also the effect of bad summer weather," said BOJ Governor Haruhiko Kuroda.
In Hong Kong, stocks were higher 0.5%, ending a two-day rally after pro-democracy protests in the city started to taper. In Hong Kong, stocks were higher 0.5% as pro-democracy protests in the city started to taper.
The Hang Seng Index gained 94.81 points to 23,409.85 in morning trade. The Hang Seng Index gained 116.09 points to 23,431.13 in afternoon trade
RBA holds ratesRBA holds rates
Australian shares led losses in the region after the Reserve Bank of Australia's (RBA) kept interest rates at a record low of 2.5% on Tuesday. Australian shares were lower after the Reserve Bank of Australia's (RBA) kept interest rates at a record low of 2.5% on Tuesday.
The benchmark S&P/ASX200 index was down 0.5% at 5,267 points. The benchmark S&P/ASX200 index was down 0.2% at 5,284 points.
The RBA was widely expected to keep interest rates unchanged after a private gauge of consumer prices on Monday showed inflation slowed in September.The RBA was widely expected to keep interest rates unchanged after a private gauge of consumer prices on Monday showed inflation slowed in September.
A cooling mining sector and lower export prices have also been a drag on the Australian economy.A cooling mining sector and lower export prices have also been a drag on the Australian economy.
The Australian dollar, meanwhile, weakened further to $0.8755 against the US dollar on the RBA's comments that it was still too strong.The Australian dollar, meanwhile, weakened further to $0.8755 against the US dollar on the RBA's comments that it was still too strong.
In South Korea, Kospi shares were up 0.2% despite heavyweight Samsung Electronics reporting a big fall in expected third quarter profit.In South Korea, Kospi shares were up 0.2% despite heavyweight Samsung Electronics reporting a big fall in expected third quarter profit.
The world's largest smartphone maker said its quarterly operating profit is estimated to have fallen 60% from the previous year as sales for its Galaxy handsets slowed.The world's largest smartphone maker said its quarterly operating profit is estimated to have fallen 60% from the previous year as sales for its Galaxy handsets slowed.