Asia-Pacific markets rose on Tuesday, with several benchmarks in the region rising, tracking gains on Wall Street.
South Korea’s Kospi led the region’s gains, jumping more than 6%, after triggering a temporary buy call earlier in the session that temporarily halted buy orders. The Korea Stock Exchange said the trigger occurred after KOSPI 200 futures rose more than 5% for more than a minute. On Monday, a temporary call was also activated on the sell side after Kospi 200 futures fell by as much as 5%.
Meanwhile, the small-cap Kosdaq rose 2.59%.
India’s Nifty 50 rose nearly 5% at the open after US President Donald Trump said Washington and New Delhi had reached a trade deal and would immediately start reducing tariffs on each other’s goods.
Trump added that Indian Prime Minister Narendra Modi had agreed to increase purchases of American products, according to a post by Truth Social on Monday following a call between the two leaders.
Under the deal, India will also stop buying Russian crude and instead buy more from the US and potentially Venezuela, Trump added.
The Nifty 50 was last up 2.73%, while the Sensex added 2.66%, SEEBiz reports.
Japan’s Nikkei 225 rose more than 3% to a record high, while the Topix added 2.34%.
Hong Kong’s Hang Seng index advanced 0.48%, while the mainland’s CSI 300 gained 0.75%.
Australia’s S&P/ASX 200 rose 1.3%. Australia’s central bank on Tuesday raised its benchmark interest rate by 25 basis points to 3.85%, the Reserve Bank of Australia’s first rate hike since November 2023, as inflation remains elevated.
The Reserve Bank of Australia’s move matched Reuters estimates and followed data showing inflation at its highest level in six quarters.
Senior RBA officials have repeatedly contradicted expectations of a rate cut. Earlier this year, Reserve Bank of Australia Deputy Governor Andrew Hauser said the likelihood of a rate cut in the near term was “probably very low”, citing persistently high inflation. The central bank has an inflation target of 2.5%.
