Asia stocks cling to nine-month high on China hopes, Wall Street dented by earnings

TOKYO - Asian stocks ticked up on Tuesday, staying near a nine-month high as hopes of stabilization in the Chinese economy helped investors shrug off Wall Street’s underperformance that followed disappointing bank earnings.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent, led by gains in China and India. “Recent Chinese data is boosting confidence in the Chinese economy while earnings have not been bad either,” said Yukino Yamada, senior strategist at Daiwa Securities. The U.S.-China trade dispute, signs of slowing global corporate earnings and business investment have all put pressure on riskier assets in the past year, so investors have been quick to lap up positive news.

The 10-year U.S. Treasury yield was at 2.548 percent, edging back from a four-week high of 2.574 percent reached on Monday. U.S. West Texas Intermediate crude futures were down 0.15 percent at $63.30 per barrel after losing nearly 0.8 percent the previous day.Oil had rallied on tightening global supplies, as output has fallen in Iran and Venezuela amid signs the United States will further toughen sanctions on those two OPEC producers, and on the threat that renewed fighting could stop production in Libya.

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