Asian shares were mostly higher on Tuesday, with the greenback holding on to its gains after better-than-expected US retail figures highlighted a steady recovery in the world’s largest economy.
Tokyo rose 0.24 per cent, Sydney gained 0.22 per cent, Hong Kong edged up 0.12 per cent but Shanghai was down 0.83 per cent. Seoul rose 1.00 per cent, with gains in South Korean car companies boosting the market.
Local auto giants -- which have been weak due to fears that a weaker yen would damage their competitiveness -- rose as the Japanese currency gained slightly, with Hyundai Motor adding 2.7 per cent in early trading.
An optimistic outlook for the US economy stirred Asian markets after the world’s largest economy reported a slight improvement in consumer spending for last month.
US retail sales in April were US$419.0 billion, up from US$418.7 billion the prior month, when sales dropped a revised 0.5 per cent, boosting the earnings outlook for Asian exporters.
Analysts had predicted a decline of 0.3 per cent as consumers dealt with a January 1 increase on payroll and other taxes.