Asian Shares Mixed In Cautious Trade

(RTTNews) - Asian stocks ended mixed on Tuesday despite the White House flagging imminent trade talks with China and calling for best-offer proposals from trade partners to fast-track trade negotiations.

The dollar recovered slightly, and gold slipped from a nearly four-week high hit the previous day while oil prices continued their sharp rise due to escalating geopolitical tensions, stalled Iran nuclear talks and wildfire-related supply disruptions.

China's Shanghai Composite index rose 0.43 percent to 3,361.98 as weak PMI data as well as looming trade risks spurred stimulus hopes.

China's manufacturing activity in May shrank at its fastest pace since September 2022, a private survey showed earlier today.

Hong Kong's Hang Seng index rallied 1.53 percent to 23,512.49, led by tech stocks with Tencent and Alibaba rising around 1 percent.

Japanese markets gave up early gains to end on a flat note ahead of a fifth round of ministerial-level talks in the U.S. to be held this week.

The Nikkei average finished marginally lower at 37,446.81 while the broader Topix index settled 0.22 percent lower at 2,771.11.

A firmer yen weighed on the auto sector, with Honda and Mitsubishi Motors falling around 1 percent each. Chip-related stocks followed their U.S. peers higher, with Nvidia supplier Advantest climbing 2.6 percent and Screen Holdings adding 1.4 percent.

Seoul stocks ended marginally higher after a choppy session due to tariff woes and amid anxiety on eve of the presidential election triggered by former president Yoon Suk Yeol's impeachment over his failed martial law bid. Market bellwether Samsung Electronics and its SK Hynix both rose over 1 percent.

Australian markets rose notably to hit a three-month high on optimism surrounding possible U.S.-China trade discussions.

Investors also reacted to the Reserve Bank of Australia's May meeting minutes that showed the board preferred policy to be cautious and predictable.

The benchmark S&P/ASX 200 gained 0.63 percent to close at 8,466.70, with banks and miners leading the surge. The broader All Ordinaries index ended 0.62 percent higher at 8,690.90.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index fell 0.74 percent to 12,327.23 as investors returned from a long weekend.

U.S. stocks shrugged off weak manufacturing data as well as mounting global trade and geopolitical tensions to end modestly higher overnight.

The tech-heavy Nasdaq Composite climbed 0.7 percent, the S&P 500 rose 0.4 percent and the Dow inched up marginally after a White House official told CNBC that U.S. President Trump and Chinese President Xi Jinping will probably speak soon to address tariff disputes and improve relations.