Cityscape and Tokyo Tower at sunset, Tokyo, Japan.
© Marco Bottigelli | moment | Getty Images
South Korea’s Kospi index rose more than 2% on Tuesday, hitting its sixth straight record high. It built on a rally boosted by optimism over an impending trade deal with the US
South Korean stocks have been on the rise since U.S. Treasury Secretary Scott Bessent told CNBC in an exclusive interview in the U.S. on Wednesday that Washington was “close to concluding” trade negotiations with the Asian country.
“The devil is in the details, but we are sorting out the details,” he added.
The Kospi index has risen by around 61% since the beginning of the year.
Auto stocks contributed to the index’s rise, with shares of Hyundai Motor gaining 6.45% while shares of Kia Corp gained 4.28%. Heavyweight Samsung Electronics also gained 1.73%.
Japan’s benchmark Nikkei 225 rose 1.5% to a new record after closing at an all-time high on Monday. The Topix also gained 0.73% and hit a record high.
Broader Asia-Pacific markets also opened higher, tracking Wall Street’s gains led by a year-to-date rally Apple Shares.
Investors are awaiting Japan’s parliamentary vote in which Sanae Takaichi is likely to become the country’s next prime minister, after the right-wing opposition Japan Innovation Party said on Monday it was ready to support her as prime minister.
Australia’s ASX/S&P 200 rose 0.50%. Shares of the country’s rare earths companies rose after Prime Minister Anthony Albanese and US President Donald Trump signed a critical minerals deal on Tuesday aimed at countering China’s dominance.
Australia Lynas Rare Earths 3.8% added, Iluka Resources rose by almost 6%, Pilbara minerals rose by 4.7%. VHM rose over 30% while Northern minerals increased by almost 15%.
Hong Kong Hang Seng Index rose 1.17% in early trading, while the Hang Seng Tech index gained 1.84%. Mainland’s CSI 300 was 0.3% higher.
Hong Kong-listed shares of CATL rose 4.73% after the battery maker reported strong third-quarter earnings late Monday. The Tesla The battery supplier’s net profit rose 41% to 18.5 billion yuan ($2.6 billion) in the July-September period.
Indian markets are closed due to a public holiday.
U.S. stock futures were little changed in the early hours in Asia, ahead of a busy week of big-name company earnings and inflation data.
Overnight, the three major US benchmarks rose on a rally in Apple shares after Loop Capital upgraded them to “buy” from “hold”.
The Dow Jones Industrial Average closed 515.97 points, or 1.12%, higher at 46,706.58. The S&P 500 also rose 1.07% to close at 6,735.13, while the Nasdaq Composite gained 1.37% to close at 22,990.54.
—CNBC’s Sean Conlon and Pia Singh contributed to this report.
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