HONG KONG (Nikkei Markets) -- Asian shares outside of Japan edged higher on Tuesday amid a rebound in Chinese companies and positive Wall Street cues.
The Nikkei Asia300 Index rose 0.1% to close at 1,234.14. An index of Chinese companies listed in Hong Kong, the Hang Seng China Enterprises Index, climbed 0.2% to more-than-two-week highs.
Asian shares were boosted by yet another positive day for U.S. equities. The S&P 500 Index rose for the third straight day on Monday, adding 1.2%. The U.S. benchmark gauge has advanced about 3% in the last three sessions, recouping all the losses suffered last Wednesday.
Over the last few days, risk assets have been boosted by hopes that major central banks could take measures to arrest the worsening global economic outlook. China's monetary authority last weekend announced a reform of the interest rate system that economists said is tantamount to a rate cut. The Federal Reserve is certain to cut rates once again next month, possibly by half a percentage points.
Central banks have been spurred into action on fears of a major economic downturn. Last week, the 10-year Treasury yield fell below the 2-year yield for the first time in 12 years, an indicator that traders are expecting growth to decelerate.
Meanwhile, Washington, in late U.S. hours on Monday, once again delayed a full ban on American corporations from doing business with Huawei Technologies, while adding more affiliates of the Chinese telecom equipment provider to the so-called Entity List.
In movers on the A300 on Tuesday, CNOOC rose 1.4% to lead energy-related companies higher on the back of yesterday's near 2% rally on Brent crude.
China Unicom (Hong Kong) climbed 0.5% after the telecom operator added a net 0.11 million mobile billing subscribers in July, bringing the aggregate number to 324.5 million.
US-listed Chinese search-engine major Baidu jumped almost 8% in extended trading. While the company reported a 62% decline in June quarter net profit, its revenue beat expectations.
CK Asset Holdings ended 0.8% higher. The Hong Kong developer late Monday announced plans to buy British pub operator Greene King in a deal that values the latter's share capital on a fully diluted basis at 2.7 billion pounds ($3.28 billion). CK Asset is the flagship of the CK Hutchison Group, the leading Hong Kong based multi-national conglomerate.