Benchmarks in Shanghai, Tokyo, Hong Kong and Sydney advanced as investors mulled the likely costs of U.S. and Chinese tariff hikes on hundreds of billions of dollars of each other's goods.
The Shanghai Composite Index rose 1.1% to 2,915.35 and Tokyo's Nikkei 225 added 0.2% to 21,100.80. Hong Kong's Hang Seng advanced 0.8% to 28,356.30 and Sydney's S&P-ASX 200 was 0.5% higher at 6,271.20.Trump threw financial markets into turmoil with his surprise May 5 announcement of plans to raise tariffs on $200 billion of Chinese imports to 25% from 10%. When that went ahead Friday, Beijing retaliated by raising duties on $60 billion of American goods.
On Wall Street, tech stocks led the way higher Tuesday after suffering a beating the previous day. Qualcomm and Cisco both rose, along with Oracle, Adobe and others. Banks also rose. JPMorgan Chase, Bank of America and others moved higher.