ASIA MARKETS: Most Asia Stocks Rise On U.S. Cues, Alcoa Report

By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) -- Japanese and Australian stocks rebounded Tuesday after a higher finish on Wall Street and as better-than-expected results from Alcoa Inc. aided sentiment a day after Chinese economic worries dragged on regional markets.

Japan's Nikkei Stock Average and Australia's S&P/ASX 200 each rose 1%, catching up with extended gains on Wall Street, where stocks clinched a third straight day of gains Monday.

However, South Korea's Kospi slipped 0.1%

Alcoa (AA) began the U.S. reporting season at the end of the regular Wall Street trading session, with the aluminum major's adjusted second-quarter earnings topping estimates.

The region's stock gains Tuesday came ahead of the release of China's monthly inflation data for June.

The advance in Tokyo was helped by a recovery in real-estate, insurance and automobile shares.

Shares of Sumitomo Realty & Development Co. (8830.TO) climbed 3.4%, while Dai-ichi Life Insurance Co. (DCNSF) advanced 2.8%, aided by a Nikkei newspaper report Japanese insurers were likely to be excluded from new global capital requirements set to take effect in 2016.

Hino Motors Ltd. (HINOY) jumped 4.1% after a separate Nikkei report said it was expected to double its group operating profit in the quarter ended June 30.

Alumina Ltd. (AWC) jumped 4% in Sydney after Alcoa's results, as the two are joint-venture partners.

Also supporting the Australian advance, Commonwealth Bank of Australia (CBAUY) rose 1.4%, and BHP Billiton Ltd. (BHP) climbed 0.8%.

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