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Updates at 05:35 GMT to include details on Japan PM vote outcome, latest price moves
Investing.com-- Asian stocks extended strong gains on Tuesday, buoyed by easing U.S.-China trade tensions and a robust Wall Street lead, while Japanese shares maintained record levels as fiscal dove Sanae Takaichi won the lower house vote to become the country’s prime minister.
Major U.S. stock indices had a strong finish on Wall Street overnight, where easing worries about U.S. regional banks and upbeat corporate earnings boosted risk appetite.
U.S. stock index futures traded slightly higher as of 05:35 GMT.
Japan stocks hit record as Takaichi poised to become PM
Veteran conservative politician Sanae Takaichi secured a victory in the lower house of Japan’s parliament on Tuesday, paving the way for her to become the country’s first female prime minister.
She picked up 237 votes in the 465-member lower chamber, clearing the majority threshold and effectively confirming her elevation to the premiership, media reports stated.
Takaichi, leader of the ruling Liberal Democratic Party (LDP), formed a coalition with the right-wing Japan Innovation Party (Ishin) to shore up support ahead of the vote. She will now await approval from the upper house and is expected to be sworn in later today as Japan’s 104th prime minister.
Japan’s Nikkei 225 climbed as much as 1.5% to a fresh peak of 49,945.95 points, after surging more than 3% a day earlier. The broader TOPIX index added 0.8%, also hitting a fresh all-time high.
Investors cheered expectations that Takaichi, viewed as fiscally dovish, would push for additional stimulus measures to sustain Japan’s fragile recovery.
However, both indices shed some gains during the vote amid some uncertainty on Takaichi’s future policy.
Investors cheer signs on easing US-China tensions
In Washington, U.S. President Donald Trump said he expected to reach a “very strong” and “fair” trade deal with Chinese President Xi Jinping at the upcoming APEC summit in South Korea.
That tamped down near-term fears of an escalating Washington-Beijing trade war and boosted investor risk appetite in the region.
China’s blue chip Shanghai Shenzhen CSI 300 rose 1.5%, while the Shanghai Composite index advanced 1.2%.
Hong Kong’s Hang Seng jumped 1.8% with tech heavyweights like Alibaba Group (HK:9988) leading gains.
S. Korea’s KOSPI hits record high
In South Korea, the benchmark KOSPI jumped as much as 2.1% to hit a record high of 3,893.06 points, but pared most gains to trade 0.4% up at the time of writing.
The rally was supported by robust earnings in the semiconductor sector and optimism over global tech demand. Samsung (KS:005930) and SK Hynix (KS:000660) shares gained further on Tuesday.
Elsewhere, Australia’s S&P/ASX 200 rose 0.8%, with local mining stocks hitting a record high, after the U.S. and Australia signed a new critical minerals supply pact aimed at reducing dependence on China.
Singapore’s Straits Times Index jumped 1.4%, while India’s Nifty 50 gained 0.5%.