CANBERA (dpa-AFX) - Asian stocks ended mostly higher on Tuesday, even as tensions between Washington and Tehran continued to simmer ahead of a potential ceasefire deadline.
The dollar index was range-bound, and U.S. Treasury yields were little changed ahead of the release of U.S. retail sales data and a confirmation hearing for Federal Reserve chair nominee Kevin Warsh later in the day.
Gold fell below $4,800 an ounce and Brent crude futures Slipped below $94 a barrel as investors awaited clarity on U.S.-Iran peace talks.
U.S. President Trump has indicated that he is unlikely to extend the truce with Iran if no agreement is reached before its expiry Wednesday evening, Washington time.
China's Shanghai Composite index finished marginally higher at 4,085.08 after a choppy session. Hong Kong's Hang Seng index edged up by 0.48 percent to 26,487.48.
Japanese markets advanced as tech stocks surged on optimism over AI investments and technology advancements. The Nikkei average climbed 0.89 percent to 59,349.17 while the broader Topix index settled 0.18 percent lower at 3,770.38.
Tokyo Electron rallied 3.5 percent, SoftBank Group shares soared 8.5 percent and Kioxia Holdings jumped 7.3 percent. Nojima Corp soared 14.2 percent following reports that the electronics maker is planning to acquire a majority stake in Hitachi's consumer appliances unit.
Financials lagged, with Mitsubishi UFJ Financial falling 1.4 percent and Mizuho losing 1.9 percent.
Seoul stocks posted strong gains to close at a new record high on hopes of U.S.-Iran peace talks and the return of the AI trade.
The Kospi average surged 2.72 percent to 6,388.47, with Samsung Electronics, Hyundai Motor and SK Hynix rallying 2-5 percent.
Battery maker LG Energy Solution soared 11.4 percent and Samsung SDI jumped nearly 20 percent after the companies said they have won major deals to supply batteries to German luxury car maker Mercedes-Benz.
Australian markets ended on a flat note after yet another tepid trading session as Iranian Foreign Minister Abbas Araqchi said that 'continued violations of the ceasefire' by the U.S. are a major obstacle to continuing the diplomatic process.
Rio Tinto rose 0.8 percent after the mining giant reported higher copper, iron ore and alumina output in the first quarter.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index ended up 0.13 percent at 12,932.33, paring earlier gains.
Overnight, U.S. stocks ended modestly lower as oil prices jumped sharply following escalating tensions between Washington and Tehran.
After the U.S. attacked and seized an Iranian-flagged cargo ship in the Gulf of Oman, Iran reversed its decision to reopen the Strait of Hormuz and refused new face-to-face talks with the U.S.
Refusing to lift the U.S. blockade on Iranian ports, President Trump threatened to destroy Iran's power plants and bridges if the ceasefire lapses.
Trump also asserted that any new deal with Tehron would be 'far better' than the 2015 Joint Comprehensive Plan of Action (JCPOA).
The tech-heavy Nasdaq Composite dipped 0.3 percent to snap a 13-day winning streak, while the S&P 500 eased 0.2 percent and the Dow finished marginally lower.
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