Asia-Pacific markets moved higher on Tuesday as investors looked ahead to further trade updates from the United States and China, which are scheduled to continue for a second day in London.
Officials from both nations met in the UK capital on Monday, with U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer engaging with Chinese Vice Premier He Lifeng and other top officials.
By 11:30 am AEST (1:30 am GMT), Australia’s S&P/ASX 200 had risen 0.6%, trading above its previous record close set in February.
Japan’s Nikkei 225 was up 0.8%, and South Korea’s Kospi 200 gained 0.7%.
In economic data, the Westpac-Melbourne Institute Consumer Sentiment Index in Australia edged up 0.5% to 92.6 in June from 92.1 in May. The report noted that consumers remained locked in a pattern of "cautious pessimism".
Meanwhile, National Australia Bank's Monthly Business Survey showed business conditions edging down by 1 point to 0 index points in May, driven by a 3-point decline in the employment sub-index, while business confidence rose 3 points to +2, with gains across all sectors except manufacturing, mining, and wholesale.
Overnight on Wall Street, the Dow Jones Industrial Average ended flat. The S&P 500 rose 0.1%, while the Nasdaq Composite gained 0.3%, offering a mild lead-in for Asia.
Among commodities, Brent crude rose 0.9% to a seven-month high of US$67.04 per barrel, while spot gold advanced 0.5% to US$3,325.68 per ounce.
Chinese markets also saw modest gains on Monday, with the Shanghai Composite climbing 0.4% to 3,399.8 - its highest level in several weeks - and the CSI 300 index adding 0.3% to 3,885.2.
Hong Kong’s Hang Seng Index outperformed, rising 1.6% to 24,181.4. Meanwhile, India’s BSE Sensex edged up 0.3% to 82,445.2.
In contrast, European markets softened on Monday. London’s FTSE 100 slipped 0.1% to 8,832.3, Germany’s DAX dropped 0.5% to 24,174.3, and France’s CAC 40 fell 0.2% to 7,791.5.
