Asia Mostly Up on Trade Developments

Stocks in Asia edged up on Tuesday as investors watched closely for developments on the U.S.-China trade war following a recent escalation.

In Tokyo, the Nikkei 225 index regained 195.04 points, or 1%, to close Tuesday at 20,456.08, as shares of index heavyweight and conglomerate Softbank Group jumped 2.4%

The Japanese yen traded at 105.65 against the U.S. dollar following a weakening from levels below 105 in the previous session.

In Hong Kong, the Hang Seng Index fell 16.26 points, or 0.1%, to 25,664.07.

South Korea’s Kospi closed higher as chipmaker SK Hynix saw its stock rise 1.7%

The Australian dollar changed hands at $0.6749 after rising from levels below $0.672 yesterday.

CHINA

In Shanghai, the CSI 300 re-stocked 51.04 points, or 1.4%, to 3,816.95

Investors watched for further developments on the ongoing trade war between Beijing and Washington. U.S. President Donald Trump said Monday that American trade officials received overnight calls from the Chinese saying Beijing was ready to return to the negotiating table.

On the part of the Chinese, however, Foreign Ministry spokesman Geng Shuang said he was unaware that a phone call between the two parties had occurred.

The Chinese yuan was closely watched on Tuesday, after offshore trading of the currency touched a record low on Monday amid the trade turmoil. It last traded at 7.1750 per dollar.

The official midpoint reference for the onshore yuan by the People’s Bank of China was set at 7.0810 against the dollar, a fresh 11-and-a-half year low but still stronger than expected, Reuters reported. The currency last traded at 7.1613.

In other markets

In Korea, the Kospi index recouped 8.29 points, or 0.4%, to 1,924.60

In Taiwan, the Taiex moved back upwards 32.66 points, or 0.3%, to 10,387.23

In Singapore, the Straits Times Index nicked ahead 2.19 points, or 0.1%, to 3,067.52

In New Zealand, the NZX 50 gained 29.69 points, or 0.3%, to 10,513.16

In Australia, the ASX 200 acquired 31.16 points, or 0.5%, to 6,471.22