Asian shares rose on Tuesday as recent selling drew bargain hunters, but investors were cautious ahead of more U.S. economic reports and a Federal Reserve policy decision later in the week that may offer clues to the Fed’s stimulus plans.
The MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.7 percent to snap a four-day losing streak, led by a 1.1 percent jump in Australian shares to a fresh 21-month high on gains in financials shares.
South Korean shares, which slumped to an 8-week low on Monday, rebounded 0.8 percent.
Japan’s Nikkei stock average reversed earlier declines and rose 0.6 percent, buoyed by optimism over earnings of major banks. It briefly touched a fresh 32-month high above 11,000 on Monday.