Shares in Asia traded unevenly on Tuesday after a fall in oil prices helped push US markets to their strongest session since the war in Iran began.
The relief in crude prices proved short-lived, however. Brent crude climbed nearly 4% to $104.21 a barrel early Tuesday, while US benchmark crude rose to $97.61 per barrel after dipping to around $93 on Monday.
In Asian markets, Tokyo’s Nikkei 225 surrendered early gains to slip 0.2% to 53,630.16, while South Korea’s Kospi jumped 1.6% to 5,639.77.
Elsewhere, Hong Kong’s Hang Seng edged 0.2% higher to 25,892.88, while the Shanghai Composite fell 0.6% to 4,058.31.
In Australia, the S&P/ASX 200 rose 0.4% to 8,614.30 after the Reserve Bank of Australia lifted its benchmark interest rate to 4.1%.
The central bank raised the cash rate from 3.85%, citing rising fuel costs and persistent inflation pressures. The increase marks Australia’s first rate hike since November 2023.
Elsewhere in the region, Taiwan’s Taiex gained 1.5%, while India’s Sensex slipped 0.1%.
Overnight on Wall Street, US markets posted solid gains. The S&P 500 rose 1% to 6,698.38, its biggest increase in five weeks. The Dow Jones Industrial Average added 0.8% to 46,946.41, while the Nasdaq Composite climbed 1.2% to 22,374.18.
