By Marketwatch and Associated Press
Asian markets rose in early trading Tuesday, following record closing highs on Wall Street and more encouraging news on a trade deal.
The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.68% hit its first record high in four months, joining the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.64% and Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +1.00% , which both closed at record highs for the second day in a row. Stocks were boosted by better-than-expected third-quarter earnings and optimism over the likelihood of a “phase one” trade deal between the U.S. and China.
The Financial Times reported Monday that the U.S. was considering rolling back tariffs on $112 billion in Chinese goods as a concession to reach an initial deal, with China expected to show a similar good-faith effort. The Wall Street Journal later reported similar news, saying both sides would remove some tariffs if a deal was reached.
Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -0.73% surged 2% as traders returned from a Monday holiday. Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -2.27% rose 0.5%, while the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -1.45% gained 0.7% and the Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 -1.85% advanced 0.4%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.14% edged up 0.3% while benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 -0.62% , Singapore /zigman2/quotes/210597985/delayed SG:STI -0.99% and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX -1.06% all rose. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.74% rose 0.3%.
Among individual stocks, SoftBank /zigman2/quotes/207303954/delayed JP:9984 -0.73% and oil producer Inpex /zigman2/quotes/206689846/delayed JP:1605 +5.08% jumped in Tokyo trading. Honda /zigman2/quotes/200490352/delayed JP:7267 -3.74% and Sony /zigman2/quotes/201361720/delayed JP:6758 +0.66% also gained. In Hong Kong, Apple component makers Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 -3.86% and AAC /zigman2/quotes/201441510/delayed HK:2018 -3.84% advanced, and LG Electronics /zigman2/quotes/209966407/delayed KR:066570 -0.52% rose in South Korea. Beach Energy /zigman2/quotes/200513631/delayed AU:BPT +1.05% gained in Australia while Westpac /zigman2/quotes/203084975/delayed AU:WBC -0.42% sank.