Asian markets jumped on Tuesday while oil and gold prices pared losses amid rising geopolitical concerns in the Middle East.
Japan’s Nikkei 225 jumped 1.60% to close at 23,575.72 of Tuesday, after a decline of nearly 2% a day earlier. The Topix index rose 1.62%.
Most sectors gained, with tech stocks trading up. Nintendo pared some earlier gains to rise 0.47%, while Softbank was up 1.69%, and Sony surged 3.17%.
Auto stocks in Japan also strengthened, with major stocks up more than 1%. Mazda surged 2.30%, Honda jumped 2.73%, Toyota was up 1.98%, and Nissan rose 1.76%.
South Korea’s Kospi was up 0.95% to close at 2,175.54, led by the tech and cosmetics sectors.
Chinese stocks were also in positive territory. The Shanghai composite rose 0.69% to 3,104.80, while the Shenzhen composite jumped 1.31% to 1,791.85. The Shenzhen component surged 1.22% to 10,829.04.
Hong Kong’s Hang Seng index rose 0.34% in its final hour of trade.
Australia’s S&P/ASX 200 jumped 1.35% to close at 6,826.40. Oil stocks saw gains, with Santos up 2.33%, Woodside Petroleum rising 0.76% and Oil Search gaining 2.35%. The heavily weighted financials sector was up 1.48%.
Meanwhile, bushfires are set to affect the country’s major dairy industry, with fire-affected regions accounting for around a third of Australia’s output, according to a Reuters report. Australia is the world’s seventh-largest dairy exporter.
Shares of Australia’s largest processor Bega Cheese fell as much as 10% on Monday, but pared losses on Tuesday to rise 2.81% by the close. It said Monday that its production facilities have not suffered any impact from the fires, but a number of its suppliers were affected.
Overall, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.74%.