Asian markets trade higher following fiscal spending comments by the Japanese Prime Minister
All Asian stock markets were trading higher on 12 July 2016Reuters

All Asian stock market indices were trading higher on Tuesday (12 July). The Shanghai Composite Index was up 0.57% at 3,012.09 as of 5.47am GMT. The market received a boost from Japanese Prime Minister Shinzo Abe's stimulus comments.

After winning the upper house elections in Japan, Abe said he would make some bold investments in the country. While he did not mention the size of the planned spending, analysts opined it could be huge as it is intended to push through Abe's economic agenda, called Abenomics.

Japan's Mizuho Bank was quoted by CNBC as saying: "Abe's rousing victory is far more important in reviving Abenomics as a dynamo for economic recovery." Apart from this, investors in the region are expecting that this would be followed by a fresh monetary stimulus package from the Bank of Japan.

Asian stock markets are also said to have got a boost from Wall Street which closed at new highs in its previous trading session. Overnight (11 July), the Dow Jones Industrial Average closed at 18,226.93, up 0.44%, while the FTSE 100 closed at 6,682.86, up 1.40%.

Indices in the rest of Asia traded as follows on 12 July at 5.57am GMT:

CountryIndexPriceUp/Down%Change
Hong KongHang Seng Index21,045.71Up0.79%
JapanNikkei 22516,129.21Up2.68%
South KoreaKOSPI1,989.99Up0.07%
IndiaCNX Nifty8,489.65Up0.26%
AustraliaS&P/ASX 2005,361.80Up0.46%

Among commodities, oil prices gained after touching two-month lows amid oversupply fears. On Tuesday (12 July), WTI crude oil was trading higher by 0.07% at $44.79 (£34.23, €40.41) a barrel while Brent crude was trading 0.15% higher at $46.32 a barrel as of 6.11am GMT.