Trade Tensions Ease, Asia Mostly Higher

Stocks in Asia were mostly higher on Tuesday as a temporary reprieve in U.S.-China trade tensions provided a breather.

In Japan, the Nikkei 225 stepped back 29.28 points, or 0.1%, to 21,272.45. Shares of Tokyo Electron fell 1.9%

The Japanese yen traded at 110.12 against the U.S. dollar after seeing highs below 109.2 last week.

In Hong Kong, the Hang Seng slumped 130.37 points, or 0.5%, to 27,657.24

Korean markets cleared breakeven, as shares of Samsung Electronics surged 2.7% following earlier news of Google suspending business activity with Huawei.

The Australian dollar last changed hands at $0.6877 U.S., off highs above $0.696 seen in the previous week. Australia’s central bank will consider the case for lower interest rates at its June policy meeting, Governor Philip Lowe said on Tuesday.

CHINA

In Shanghai, the CSI 300 index gained 48.99 points, or 1.4%, to 3,666.78

On Tuesday, the U.S. eased some restrictions on Huawei a day after Alphabet’s Google suspended business with Huawei that involves transferring hardware, software and other technical services.

The U.S. search giant’s decision followed last week’s move by U.S. President Donald Trump’s administration to add Huawei to a list that required U.S. companies get a license to do business with the Chinese company.

Bloomberg News also reported that companies like Intel, Qualcomm and Broadcom will not supply Huawei until further notice.

In other markets

In Korea, the Kospi index inched up 5.54 points, or 0.3%, to 2,061.25

In Singapore, the Straits Times Index deleted 22.2 points, or 0.7%, to 3,183.26

In Taiwan, the Taiex Index added 66.09 points to 0.6%, to 10,464.50

In New Zealand, the NZX 50 dropped 18.05 points, or 0.2% to 10,216.09

In Australia, the ASK 200 added 24.04 points, or 0.4%, to 6,500.14