(RTTNews.com) - Asian stock markets are higher on Tuesday following the overnight rally on Wall Street as well as the positive cues from European markets. The markets in Japan are closed for the Culture Day holiday.
The Australian market advanced in a broad-based rally, following the positive cues overnight from Wall Street as well as European markets and ahead of the Reserve Bank of Australia's monetary policy decision later in the day. The RBA is widely expected to keep its benchmark lending rate on hold at 2.00 percent.
In the mining sector, BHP Billiton (BHP) is adding 1.6 percent, Rio Tinto (RIO) is higher by 1.2 percent and Fortescue Metals is gaining 1.7 percent.
Meanwhile, gold miner Newcrest Mining is down 0.4 percent and Evolution Mining is lower by almost 1 percent after gold prices fell to four-week lows overnight.
Among oil stocks, Santos is gaining more than 3 percent, Woodside Petroleum is adding 1.5 percent and Oil Search is up 0.5 percent.
In the banking space, ANZ Banking, National Australia Bank, Commonwealth Bank and Westpac (WBK) are higher in a range of 1.2 percent to 1.5 percent.
Graincorp said it expects a fall in full-year profit amid challenging conditions in global grain markets and lower grain production in eastern Australia. Shares of the grain handler are down 0.6 percent.
Construction giant CIMIC's Leighton Contractors unit has secured a contract from BG Group'sQueensland Gas Company for setting up gas infrastructure in Queensland's Surat basin. Shares of Leighton are higher by 1.7 percent.
Port and rail operator Asciano's board has reiterated its support for Canadian giant Brookfield Infrastructure'sA$8.9 billion takeover bid for the company after logistics company Qube Holdings last week acquired an almost 20 percent stake in Asciano to block the Brookfield bid. Shares of Asciano are advancing almost 1 percent.
In the currency market, the Australian dollar has edged lower against the U.S. dollar on Tuesday, ahead of the RBA's interest rate decision. In early trades, the local unit was trading at US$0.7136, down from US$0.7140 on Monday.
Elsewhere in Asia, Hong Kong, Singapore, Indonesia and Taiwan are higher by more than 1 percent each. Shanghai, South Korea, Malaysia and New Zealand are up with modest gains.
On Wall Street, stocks closed sharply higher on Monday, partly reflecting a positive reaction to news on the merger-and-acquisition front, which suggests companies are optimistic. Traders were also reacting to the latest U.S. economic news, including a report from the Institute for Supply Management showing a slight expansion in manufacturing activity in the month of October.
The Dow climbed 165.22 points or 0.9 percent to 17,826.6, the Nasdaq soared 73.40 points or 1.5 percent to 5,127.15 and the S&P 500 jumped 24.69 points or 1.2 percent to 2,104.05.
The major European markets also ended Monday in positive territory. While the U.K.'s FTSE 100 Index closed just above the unchanged line, the French CAC 40 Index rose 0.4 percent and the German DAX Index advanced by 0.9 percent.
Crude oil prices fell Monday, holding in a stubborn trading range amid global demand worries. WTI oil futures for December delivery fell 45 cents, or 1 percent, to settle at $46.14 a barrel.
Private Money Lenders continue earning higher interest rates. Borrowers are enjoying the opportunities these lenders offer in times when the Institutional Lenders are busy managing new TRID regulations.
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