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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
DJIA, +0.42%
hit its first record high in four months, joining the S&P 500
SPX, +0.37%
and Nasdaq Composite
COMP, +0.56%
, 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
NIK, +1.88%
surged 2% as traders returned from a Monday holiday. Hong Kong’s Hang Seng Index
HSI, +0.52%
rose 0.5%, while the Shanghai Composite
SHCOMP, +0.77%
gained 0.7% and the Shenzhen Composite
399106, +0.56%
advanced 0.4%. South Korea’s Kospi
180721, +0.51%
edged up 0.3% while benchmark indexes in Taiwan
Y9999, +0.75%
, Singapore
STI, +0.40%
and Indonesia
JAKIDX, +0.62%
all rose. Australia’s S&P/ASX 200
XJO, +0.15%
rose 0.3%.
Among individual stocks, SoftBank
9984, +2.58%
and oil producer Inpex
1605, +6.14%
jumped in Tokyo trading. Honda
7267, +2.35%
and Sony
6758, +1.24%
also gained. In Hong Kong, Apple component makers Sunny Optical
2382, +1.74%
and AAC
2018, +2.43%
advanced, and LG Electronics
066570, +1.79%
rose in South Korea. Beach Energy
BPT, +1.25%
gained in Australia while Westpac
WBC, -2.55%
sank.
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