Asian stocks recovered from a weak start to close mostly higher on Tuesday as oil prices stabilized and political risks receded in Europe.
Investors took trade tensions in stride after U.S. President Donald Trump said in an interview with the Wall Street Journal that it was “highly unlikely” he would delay an increase in tariffs on Chinese goods to 25 percent from 10 percent.
Trump also suggested that the U.S. could slap 10 percent tariffs on Apple’s iPhones and laptops imported from China.
Chinese stocks fluctuated before finishing marginally lower. The benchmark Shanghai Composite Index edged down 1.13 points or less than a tenth of a percent to 2,574.68, while Hong Kong’s Hang Seng Index slipped 44.22 points or 0.2 percent to 26,331.96.
Meanwhile, Japanese shares rose notably as a strong start to the holiday season spurred optimism about the U.S. economy.
The Nikkei 225 Index climbed 140.40 points or 0.6 percent to 21,952.40 after reaching as high as 22,000 for the first time since November 12th in early trading. The broader Topix Index closed 0.7 percent higher at 1,644.16.
A weaker yen supported exporters, with Honda Motor, Toyota Motor, Sony and Panasonic rising 1-3 percent. Mitsubishi Motors rose 1.4 percent after ousting its chairman Carlos Ghosn.
Line Corp. surged up 13 percent on reports that the mobile chat app operator will tie up with Mizuho Financial Group to establish a bank.
Australian markets recovered from a weak start to close near the day’s highs. The benchmark S&P/ASX 200 Index rallied 56.70 points or 1 percent to close at 5,728.30, while the broader All Ordinaries Index ended up 53.20 points or 0.9 percent at 5,802.80.
Mining heavyweight BHP climbed 1.5 percent after announcing it has found new mineral deposits near an existing mine in Australia.
An overnight rally in oil prices helped lift energy stocks, with Oil Search, Beach Energy and Santos rising 1-2 percent. The big four banks rose 1-2 percent after recent heavy losses.
Harvey Norman Holdings jumped 3 percent. The housewares and electricals retailer said that comparable sales at its wholly or majority-owned stores rose 3 percent during the period from July 1st to November 23rd.
