Market Report - Asian Shares Up Before Key Earnings

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In today’s market report… Asian stocks touched their highest levels since mid-May. It comes on hopes of strong regional earnings and the biggest jump in new U.S. home sales data in 30 years, but most markets edged back by the closing bell Tuesday.

Tokyo's Nikkei declined slightly, on jitters about the strong yen, and ahead of earnings from Canon, steelmaker JFE Holdings and Daiwa Securities.

JFE announced a return to profit, while Canon reported a doubling in income after the markets closed.

Some support came from Singapore Airlines' strong earnings and rosy outlook.

The world's second largest airline posted a stronger than anticipated S$256 million in 1st-quarter profit, and expects a recovery in passenger and cargo demand to continue for the rest of the year.

Meanwhile, Australia's Macarthur Coal called off a $100 million coal joint venture with China's CITIC Resources, after resistance from minority shareholders.

India's central bank hiked rates more aggressively than expected, raising the reverse repo rate by 50 basis points to fight stubborn inflation.

But it lifted the repo rate by 25 basis points, as expected.

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