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Asia shares higher as Shanghai up 2.72%


stockbroker on floor New York Exchange

stockbroker on floor New York Exchange Shares in Tokyo gained despite a downward revision in wages data with Hong Kong and Shanghai also up and Sydney down. The Nikkei 225 rose 0.66%, while the Shanghai Composite jumped 2.72% and the Hang Seng index gained 0.40%.

Offsetting the trend, the S&P/ASX 200 fell 0.24%. The strong Australian dollar and federal spending plans are the key variables in assessing the case for a further rate cut from a record low 2%, the Reserve Bank of Australia said in the minutes of its May meeting that were released on Tuesday. Since the May meeting, Australia released a federal budget that leaned more toward spending control than stimulus.

In Japan, March total wages were revised down to unchanged from a preliminary gain of 0.1%. Overnight, U.S. stocks were higher after the close on Monday, as gains in the Healthcare, Financials and Telecoms sectors led shares higher.

At the close in New York, the Dow Jones Industrial Average rose 0.14% to hit a new all time high, while the S&P 500 index climbed 0.30%, and the NASDAQ Composite index added 0.60%.

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