CANBERA (dpa-AFX) - Asian stocks rose broadly on Tuesday, though markets pared early gains after China's commerce ministry said Vice premier Liu He, China's chief trade negotiator, held a call with his U.S. counterparts on core issues and that both sides agreed to keep in touch over 'remaining issues' for a 'phase one' trade deal.
Chinese shares eked out marginal gains led by technology companies. The benchmark Shanghai Composite index ended flat at 2,907.06 while Hong Kong's Hang Seng index slid 0.29 percent to close at 26,913.92.
Japanese shares hit their highest level in more than a year as the dollar hit a one-week high against the yen on growing optimism that China and the United States will soon announce a partial trade agreement.
The Nikkei average jumped as 80.51 points, or 0.35 percent, to 23,373.32 after hitting as high as 23,608.06, its highest level since Oct. 5, 2018, earlier in the day. The broader Topix index closed 0.16 percent higher at 1,705.71.
Electronics part and semiconductor-related stocks were among the prominent gainers. Tokyo Electron, TDK Corp and Murata Manufacturing jumped 3-5 percent. Exporter Sony rallied 2.7 percent and Panasonic gained 1.4 percent.
Hitachi rose 0.9 percent on a Nikkei report that the company is nearing a deal to sell its 51 percent stake in its chemical unit to Showa Denko in a deal worth about 950 billion yen (£6.82 billion). Hitachi Chemical shares soared 15.4 percent.
Australian markets gained ground as Westpac Banking Corp snapped four sessions of declines and rising oil prices helped lift energy stocks.
The benchmark S&P/ASX 200 index climbed 56.10 points, or 0.83 percent, to 6,787.50 while the broader All Ordinaries index ended up 54.20 points, or 0.79 percent, at 6,889.80.
Lender Westpac advanced 1.7 percent as its chief executive stepped down over a money laundering scandal. Bank of Queensland plunged 5.8 percent after announcing a A$250 million discounted placement.
Caltex Australia soared 13.4 percent after it received a revised unsolicited indicative takeover offer from Canadian convenience store operator Alimentation Couche-Tard Inc.
Energy stocks such as Origin Energy, Santos and Woodside Petroleum rose between 0.4 percent and 0.9 percent.
Mining giant BHP, which is set to increase its stake in SolGold, edged up slightly while Rio Tinto ended flat and Fortescue Metals Group gained 1.5 percent.
In the healthcare sector, CSL rallied 2.3 percent, Cochlear gained 2.2 percent and Resmed rose 1.3 percent.
In economic news, Reserve Bank of Australia Deputy Governor Guy Debelle said the lower wage growth has become the new normal. 'We expect wages growth to remain largely unchanged at its current level over the next couple of years,' Debelle said.
Seoul stocks edged lower as foreign investors extended their selling streak to a 14th consecutive session.
The Kospi average reversed early gains to end the session down 2.15 points, or 0.1 percent, at 2,121.35. Automakers fell, with Hyundai Motor falling 2 percent while its affiliate Kia Motors dropped 1.7 percent.
New Zealand shares rose sharply, with the benchmark S&P/NZX 50 index ending up 90.87 points, or 0.83 percent, at 11,044.54. Fuel distributor Z Energy rallied 3.8 percent and utility Meridian Energy advanced 1.7 percent.
New Zealand retail sales grew at a faster pace in the third quarter largely driven by electrical and electronic goods, data from Stats NZ showed today.
Retail sales volume increased by more-than-expected 1.6 percent sequentially in the September quarter, following a 0.2 percent rise in June. Economists had forecast a 0.5 percent rise.
U.S. stocks hit record highs overnight as traders cheered news on the merger and acquisition front as well as reports suggesting that China and the United States were 'very close' to a phase one trade deal.
The Dow Jones Industrial Average rose 0.7 percent, the tech-heavy Nasdaq Composite surged 1.3 percent and the S&P 500 added 0.8 percent.
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