Asian shares traded mostly higher on Tuesday, following a rally on Wall Street.
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Traders are cautiously optimistic again about the potential for progress in the costly trade war between the U.S. and China.
Japan’s benchmark Nikkei rose 1.2 percent, Hong Kong’s Hang Seng rose at first but reversed course and was down nearly 0.2 percent and China’s Shanghai Composite was up 1.1 percent.
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U.S. equity futures were searching for direction Tuesday morning
Monday’s rally on Wall Street got its start early after President Trump said his negotiators had received encouraging calls from China on Sunday, though China’s foreign ministry denied knowledge of any such calls.
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| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 25898.83 | +269.93 | +1.05% |
| SP500 | S&P 500 | 2878.38 | +31.27 | +1.10% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7853.735283 | +101.97 | +1.32% |
The S&P 500 rose 31.27 points, or 1.1 percent, the Dow Jones Industrial Average gained 269.93 points, or 1.1 percent and the Nasdaq, which is heavily weighted with technology stocks, rose 101.97 points, or 1.3 percent.
The major U.S. indexes are each on track for losses of 3 percent or more in August, in what has been a volatile month for the market as investors try to gauge whether trade conflicts and slowing economies around the world will drag the U.S. into a recession.
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Global markets appeared headed for another wave of selling early Monday, when indexes in Asia closed lower, until Trump said his trade negotiators had received two “very good calls” from China.
The Associated Press contributed to this article.
