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Asian shares fail to follow US record highs China shares rally to hit four-month high
(about 4 hours later)
Shares across Asia were mixed on Tuesday despite stocks in the US closing at new record highs, helped by a rise in Apple shares. Mainland Chinese shares rallied to their highest in four months, boosted by Beijing's commitment to reform its financial markets this year.
The Nikkei index was up 0.66% in early trade at 20,021.76 points. China announced late on Monday that it had approved guidelines drafted for a range of reform policies, including measures to increase the yuan's role internationally.
Analysts put the positive investor sentiment in the US down to a belief the Federal Reserve will "hold off moving rates at the back end of 2015". The Shanghai Composite index closed up 3.2% at 4,417.55, leading Asian gains.
Hong Kong's benchmark Hang Seng index finished 0.4% higher at 27,693.54.
Included in the government's guidelines for economic reform is an experimental investment link between the Shenzhen and Hong Kong stock exchanges.
The investment link would follow one already established between Shanghai and Hong Kong.
However, there was still no official statement made about the timing of the much-anticipated new investment link between Shenzhen and Hong Kong.
China's approved guidelines for economic reform also pointed to changes in taxation, deposit rates and state-owned enterprises.
Tian Weidong, an analyst at Kaiyuan Securities in Xian said Beijing's "policy backdrop" would see investors "emboldened to stay in the market".
"You need a vibrant stock market to push forward economic reforms, whether it's about asset securitisation or industry consolidation," he said.
RBA minutes
In Japan, the Nikkei index closed up 0.68% at 20,026.38, bolstered by gains in the US where stocks continued to set record highs.
Analysts put the positive investor sentiment in the US down to a belief that the Federal Reserve will refrain from raising interest rates for some months yet.
"US growth isn't what you would call rapid or even solid," said Evan Lucas of IG Markets in Melbourne."US growth isn't what you would call rapid or even solid," said Evan Lucas of IG Markets in Melbourne.
"It is soft at best. The thought therefore is that 'data dependant' Fed can wait," he said."It is soft at best. The thought therefore is that 'data dependant' Fed can wait," he said.
In Australia, the S&P/ASX 200 index opened in positive territory, but soon turned negative, trading 0.34% lower at 5,639.60. In Australia, investor sentiment bucked the regional trend, with the S&P/ASX 200 closing down 0.77% at 5,615.50.
Minutes from the Reserve Bank of Australia (RBA) gave some insight into the central bank's decision to cut its benchmark lending rate to an all-time low of 2% earlier this month. Minutes from the Reserve Bank of Australia (RBA) released on Tuesday gave some insight into the central bank's decision to cut its benchmark lending rate to an all-time low of 2% earlier this month.
The RBA minutes noted that although recent economic data had been "generally positive" there were also signs that "future capital spending in both the mining and non-mining sectors would be weaker than expected".The RBA minutes noted that although recent economic data had been "generally positive" there were also signs that "future capital spending in both the mining and non-mining sectors would be weaker than expected".
"Overall, compared with the previous set of forecasts, growth was now expected to take longer to strengthen and the unemployment rate was likely to remain elevated for longer," the minutes said."Overall, compared with the previous set of forecasts, growth was now expected to take longer to strengthen and the unemployment rate was likely to remain elevated for longer," the minutes said.
Together with subdued growth of domestic costs, including wages, the central bank said "inflation was expected to be slightly lower than in earlier forecasts" and that "on the face of it, this meant that it would be appropriate to consider an easing of monetary policy".Together with subdued growth of domestic costs, including wages, the central bank said "inflation was expected to be slightly lower than in earlier forecasts" and that "on the face of it, this meant that it would be appropriate to consider an easing of monetary policy".
Elsewhere in Asia In South Korea, the benchmark Kospi index closed up 0.34% at 2,120.85.
South Korea's benchmark Kospi index was up 0.11% at 2,116.08.
An appeals court in the US upheld a jury's finding that South Korea's Samsung illegally copied some patented features in Apple's iPhone, but it said Apple was not entitled to damages for its claims that Samsung had copied the iPhone's overall appearance.An appeals court in the US upheld a jury's finding that South Korea's Samsung illegally copied some patented features in Apple's iPhone, but it said Apple was not entitled to damages for its claims that Samsung had copied the iPhone's overall appearance.
The ruling could reduce the $930m in damages the South Korean company has been ordered to pay.The ruling could reduce the $930m in damages the South Korean company has been ordered to pay.
In Greater China, Hong Kong's Hang Seng index was down 0.12% at 27,558.00 points in early trade and analysts said they expected it to remain flat for most of the day.
The Shanghai Composite was up 0.72% at 4,314.25 points. The index closed down on Monday as investors prepared for the release of a string of new initial share offerings.