Asia-Pacific equities gained ground on Tuesday, as Tokyo and Sydney shrugged off a lacklustre lead from Wall Street and Hong Kong and China swung into positive territory, despite early declines and amid concern over the latest round of US-China trade talks.
In Tokyo, the Topix index gained 2.2 per cent with industrials up 2.9 per cent and Japanese exporters buoyed by a weaker currency. Sydney’s ASX/S&P 200 rose 0.3 per cent, led by utilities.
The Kospi Composite in Seoul was 0.5 per cent higher with gains for the technology and industrials segments offsetting declines for most major segments.
The Hang Seng fell in early trading before climbing to be up 0.2 per cent in Hong Kong while in China the CSI 300 index of Shanghai- and Shenzhen-listed stocks slipped 0.1 per cent before rising to be up 0.9 per cent.
The moves followed a nearly flat finish on Wall Street, where the S&P 500 eked out a 0.1 per cent gain alongside a similar small rise for the Nasdaq Composite.
And in the US, lawmakers announced a tentative deal to avert another government shutdown.
US trade officials are meeting their Chinese counterparts in Beijing this week to resolve the simmering trade dispute between the world’s two biggest economies before the end of the month — after which tariffs on about $200bn of Chinese exports to the US are set to increase from 10 per cent to 25 per cent.
Earlier, ING analysts said they expected investors to “stay defensive on Tuesday, awaiting fresh developments on the US-China trade front”.
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