Asian shares were mixed on Tuesday, with shares in Seoul back by concerns over a possible rate hike held this week, while gains in the Australian financial market plays favorable to Sydney for a 10-month high. In the materials sector, BHP Billiton rose 0.9% and Rio Tinto was 1.6% after the rise in London Metal Exchange copper prices to a record high Monday. Macquarie Group bucked the broader market, which is 0.2% after it said profit in the second half ending March 31 were probably down 5.0% year on year, effectively downgrading its prior guidance that fiscal 2011 earnings would be flat from one year ago.
The new guidelines mean that the group throughout the fiscal year 2010 earnings results could undershoot by 10%. Japanese stocks tracked Wall Street higher, but the Nikkei gains were expected to be limited around the 10,750 level, considering settlement options Thursday, said Takero Inaizumi, head of equities at Mizuho Investors Securities. While he expects that there is room for the Nikkei could rise further next week, he said: “The market is now much more characterized by the strength of support instead of resistance where possible, face” as optimism about U.S. economic prospects grow
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