CANBERA (dpa-AFX) - Asian stocks advanced on Tuesday after U.S. President Donald Trump has stated that the United States and China are on track for a significant trade agreement, adding that Beijing had been 'very respectful' and was already paying 'tremendous amounts of money' under existing tariffs.
'A lot of countries took advantage of the U.S., and they are not able to take advantage anymore. China's paying 55 percent and a potential 155 per cent come November 1 unless we make a deal,' Trump said.
China's Shanghai Composite index rallied 1.36 percent to 3,916.33 after data showed China's economy grew 4.8 percent in the third quarter of this year, outpacing consensus estimates driven by exports amid weak consumption and persistent deflation.
Hong Kong's Hang Seng index rose 0.65 percent to 26,027.55 as Chinese leaders gathered for a crucial four-day plenum to finalize the 2026-2030 five-year plan.
Japanese markets extended their record-breaking rally after fiscal dove Sanae Takaichi won a historic vote to become the country's first female prime minister.
The Nikkei 225 index closed up 0.27 percent at 49,316.06, after having hit a high of 49,945.95 earlier. The broader Topix index finished marginally higher at 3,249.50.
Among the top gainers, video game maker DeNA surged 6.6 percent and semiconductor manufacturer Renesas Electronics added 4.1 percent.
Seoul stocks eked out modest gains to extend gains for a fifth day running and hit a fresh record high, with automakers and defense stocks leading the surge.
The Kospi average edged up by 0.24 percent to 3,823.84. Hyundai Motor jumped 3.4 percent and Hanwha Aerospace advanced 2.2 percent.
Semiconductor-related shares such as Samsung Electronics and SK Hynix took a breather following recent rallies amid a global AI-driven memory-chip boom.
Australian markets rose notably to a record close, with mining stocks leading the way higher after the United States and Australia signed a deal intended to boost supplies of rare earths and other critical minerals.
The benchmark S&P/ASX 200 rose 0.70 percent to 9,094.70 while the broader All Ordinaries index settled 0.70 percent higher at 9,390.10. Heavyweight BHP jumped 2.3 percent while smaller rival South32 surged 4.5 percent after posting a better-than-expected manganese output for the first quarter.
Latrobe Magnesium soared 15.4 percent, and Evolution Mining added 4.4 percent. The excitement spilled over to New Zealand markets, where the benchmark S&P/NZX-50 index closed 0.25 percent higher at 13,377.85.
U.S. stocks rallied overnight as investors braced for key earnings and the release of key inflation data delayed by the government shutdown.
Investors cheered media reports suggesting that the Trump administration is quietly watering down some of the tariffs that underpin the president's signature economic policy.
After President Trump listed rare earths, fentanyl and soybeans as the U.S.'s top issues with China, Treasury Secretary Scott Bessent said relations with Beijing have 'deescalated' and that trade talks with the country will resume this week in Malaysia.
The tech-heavy Nasdaq Composite surged 1.4 percent as Apple's share price hit a record high on iPhone 17 optimism. The S&P 500 and the Dow both climbed around 1.1 percent.
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