BEIJING (dpa-AFX) - Asian stocks rose broadly on Tuesday as investors shrugged off concerns over mounting geopolitical tensions in the Middle East and sought direction from upcoming Nvidia earnings, a key U.S. inflation reading and Federal Reserve Chairman Kevin Warsh's debut speech at the annual Jackson Hole conference.
The U.S. dollar struggled for traction in Asian trade while gold was subdued at $4,630 an ounce after reaching its highest level in more than three months earlier.
Brent crude futures traded lower at $91.57 a barrel after falling more than 2 percent on Monday to snap a six-day winning streak.
Investors are preparing for the possibility of a prolonged escalation in tensions between Washington and Tehran after U.S. Treasury Secretary Scott Bessent announced a wave of new sanctions to isolate the Iranian regime and warned that countries and companies that help Iran move or hide money could face U.S. actions and potentially lose access to the U.S. dollar system.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf brushed off the U.S. threats and mocked Donald Trump with a 'Make America Hungry Again' remark. Economy Minister Ali Madanizadeh said Tehran is 'fully prepared' to counter sanctions.
China's Shanghai Composite index edged up 0.19 percent to 3,889.44 after a choppy session. Hong Kong's Hang Seng index fluctuated before finishing marginally lower at 25,511.10.
Japanese markets recovered from an early slide to close higher, led by chip-related stocks, with heavyweight SoftBank Group rallying 2.3 percent. The Nikkei average and the broader Topix index both rose half a percent to close at 65,856.43 and 4,093.67, respectively.
Seoul stocks recouped sharp early losses to end higher as chip stocks recovered from a sell-off ahead of earnings from Nivida and Marvel Technology. The Kospi index closed 0.68 percent higher at 6,742.74.
Australian markets rose notably after minutes from the Reserve Bank of Australia's August meeting showed the board unanimously held the cash rate at 4.35 percent.
The benchmark S&P/ASX 200 surged 0.68 percent to 9,164.60, extending gains for a second day running. The broader All Ordinaries index closed 0.62 percent higher at 9,374.90.
Financials paced the gainers ahead of domestic inflation data due on Wednesday. Coles jumped 4.9 percent after the supermarket giant reported strong full-year results and flagged a major network expansion.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index climbed 0.80 percent to 13,992.72, erasing losses in the previous session.
U.S. stocks ended mixed overnight as a drop in oil prices was offset by concerns over AI-driven debt issuance and the U.S. government's attempts to influence the bond market through aggressive buybacks.
Media reports suggested that the Treasury could use its near $1 trillion General Account to help fund its recently announced bond buyback program.
The tech-heavy Nasdaq Composite fell 0.8 percent to hit a three-week closing low and the S&P 500 dipped 0.3 percent while the narrower Dow gained 0.3 percent.
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