BEIJING (dpa-AFX) - Asian stocks rallied on Tuesday as falling oil prices and a rebound in AI and semiconductor shares boosted investors' appetite for risk.
Amid growing expectations for a Federal Reserve rate hike in December, investors awaited the release of October U.S. CPI report later in the day as well as Friday's PPI report for further direction.
Following upbeat U.S. jobs data released last week, markets currently price in an 84 percent chance of a rate hike at the Fed's December 8-9 meeting.
The U.S. dollar held on to overnight losses while gold prices slipped toward $4,100 an ounce after a strong rally.
Brent crude prices fell below $91 a barrel after falling almost 6 percent in the previous session to reach the lowest level since late August amid ongoing diplomatic efforts to end the Middle East conflict.
After meeting Qatar's Prime Minister at the White House, U.S. President Trump said there is positive momentum toward ending the Iran conflict.
China's Shanghai Composite index finished marginally higher at 3,663.72 while Hong Kong's Hang Seng index rose 0.44 percent to 24,557.04.
Beijing rejected allegations of a Chinese intelligence operation targeting Nvidia's chief executive as unsubstantiated and a smear campaign against the country.
Japanese markets rose sharply as dismal household spending data undermined the yen and tech stocks recovered from Friday's sharp sell-off. The Nikkei average soared 2.87 percent to 60,459.58 while the broader Topix index closed 1.98 percent higher at 3,893.71.
While technology investment giant SoftBank Group jumped nearly 14 percent, Advantest, Tokyo Electron, Lasertec, Disco Corp and Kioxia Holdings climbed 5-9 percent.
Seoul stocks snapped a three-day losing streak, with the Kospi index closing up 4.39 percent at 5,239.13, led by chipmaking stocks.
Samsung Electronics, Samsung SDI and SK Hynix surged 5-10 percent after U.S. semiconductor shares rose for the second consecutive session overnight.
Earlier in the day, the Korea Exchange activated a buy-side sidecar, suspending program trading for five minutes after the index jumped as much as 5 percent.
Australian markets hit a more than two-month high, with mining, real estate and tech stocks leading the surge.
The benchmark S&P/ASX 200 climbed 1.10 percent to 9,129 despite a measure of consumer sentiment falling in November to its lowest level in four years on concerns over inflation and higher borrowing costs. The broader All Ordinaries index settled 1.14 percent higher at 9,267.80.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index surged 1.39 percent to 14,167.41 - climbing to a new record led by Infratil and Meridian Energy.
U.S. stocks soared overnight, extending Friday's partial recovery from a sharp technology sell-off as falling oil prices helped ease inflation concerns.
Front-month Brent crude futures slumped nearly 6 percent after President Trump downplayed the prospect of further U.S. strikes on Iran but warned U.S. forces remained 'locked and loaded.'
Trump described the war as militarily 'effectively over' but emphasized the continuation of the U.S. naval blockade and Operation Iron Gate.
Iran's security chief, however, accused the United States of fabricating reports of negotiations and demanded acceptance of Tehran's seven conditions to end the conflict.
The tech-heavy Nasdaq Composite jumped 2.7 percent, the S&P 500 climbed 2.4 percent and the Dow surged 2.2 percent despite allegations of espionage involving Nvidia CEO Jensen Huang.
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