CANBERA (dpa-AFX) - Asian stocks ended mostly higher on Tuesday, after having suffered heavy losses in the previous session on worries about the impact of a trade war on global growth.
Markets awaited more details on U.S. President Donald Trump's reciprocal tariff announcements set to be announced on Wednesday, which Trump has dubbed 'Liberation Day.'
Trump is expected to unveil tariffs targeting all nations, not just specific ones as previously planned.
Gold prices hit a new record high in Asian trade while the dollar was largely unchanged.
Copper gained on strong factory activity data from China while oil held steady at a one-month high following U.S. threats against Russia and Iran.
China's Shanghai Composite index rose 0.38 percent to 3,348.44 as a measure of Chinese manufacturing activity grew more than expected to a four-month high in March and Trump said he expects a deal regarding the sale of TikTok's U.S. operations to be finalized by the weekend. Hong Kong's Hang Seng index edged up by 0.38 percent to 23,206.84.
Japanese markets ended marginally higher after Prime Minister Shigeru Ishiba said the country will keep up a strong push for the United States to exempt it from auto tariffs.
Investors also digested the results of a central bank survey that showed a worsening in business sentiment among big manufacturers.
The Nikkei average ended little changed at 35,624.48 while the broader Topix index settled 0.11 percent higher at 2,661.73.
Seoul stocks rallied on bargain hunting to snap a three-session losing streak. The Kospi average jumped 1.62 percent to 2,521.39 after the Constitutional Court said it will deliver its ruling on President Yoon Suk Yeol's impeachment this Friday.
Tech stocks surged, with Samsung Electronics and SK Hynix rising 1.7 percent and 3.3 percent, respectively.
Australian markets rose sharply as the Reserve Bank left its cash rate unchanged amid hotly contested federal election campaign.
Investors also digested mixed data, with Australian retail sales rising slightly less than expected in February, while the manufacturing PMI hit its highest level since 2022.
The benchmark S&P/ASX 200 climbed 1.04 percent to 7,925.20, with miners and gold stocks leading the surge. The broader All Ordinaries index closed 0.92 percent higher at 8,126.90.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index rose 0.35 percent to 12,312.60.
U.S. stocks saw wild swings before ending mixed overnight on concerns about the economic impacts of tariffs.
The Dow jumped 1 percent and the S&P 500 added 0.6 percent but posted their worst quarterly performances since 2022 on uncertainty around the Trump administration's economic agenda. The tech-heavy Nasdaq Composite slid 0.1 percent.
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