A slight improvement in risk sentiment lifted Asian stocks as the U.S. expressed a willingness for trade discussions with key partners, raising hopes of de-escalating global trade tensions. US Treasury Secretary Scott Bessent added that nearly 70 countries have contacted the White House seeking tariff negotiations. However, this positive momentum was countered by Trump's refusal to suspend tariffs and his threat of additional measures against Chinese imports. Japan ( NKY:IND ) rose 5.68% to around 33,000 while the broader Topix Index gained 3.5% to 2,370 on Tuesday, recouping losses from the previous session. The Japanese yen climbed toward 147 per dollar on Tuesday, reversing losses from the previous session, and tracked a global rise in yields driven by shifting sentiment on the economic outlook. In the latest developments, US President Trump has agreed to meet with Japanese officials to initiate trade talks, with Japan expected to be given priority in upcoming US tariff negotiations. US Treasury Secretary Scott Bessent believes Japan's swift engagement could expedite the negotiations. On the domestic front, Japan’s current account surplus jumped to a record high in February, as exports surged and imports declined—adding further weight to bond market moves and investor sentiment. The gauge for Japan’s service sector sharply declined to 45.1 in March 2025 from 45.6 in the previous month, marking the lowest level since August 2022, marking its third consecutive month of decline and the lowest level since July 2022. China ( SHCOMP ) rose 0.55% to around 3,115 and the Shenzhen Component climbing 0.45% to 9,400, as markets recovered some ground from the previous session despite intensifying trade tensions with the U.S. , and the offshore yuan held its recent decline around 7.35 per dollar, hovering near its lowest level in two months, weighed down by escalating US-China trade tensions. On Monday, President Trump threatened to slap an additional 50% tariff on Chinese goods starting Wednesday, building on top of existing duties totaling 54%. In response, China pledged further retaliation, warning it would "fight to the end" to defend its interests. Chinese state-owned holding firms and listed companies have announced share buybacks and investment pledges amid rising U.S. tariff pressure. Chengtong Holdings and Guoxin pledge to increase stakes in stocks and ETFs, with Guoxin pledging CNY 80 billion. Hong Kong ( HSI ) rose 0.91% to 20,304 in Tuesday morning trade, attempting to recover from a historic 13.2% plunge in the previous session—the steepest one-day loss since 2008. India ( SENSEX ) rose 1.08% to 73,877 in morning trade, halting losses from the previous three sessions. Sectors, led by consumer durables, moved into the green, following its steepest single-day fall in 10 months. Australia ( AS51 ) rose 1.89% to above 7,420 on Tuesday, recouping some losses from the previous session amid hopes that major trading partners could reach a deal with the US on tariffs. The Australian dollar climbed back above $0.60 on Tuesday after a sharp two-day decline. Australia’s NAB business confidence index edged down to -3 in March 2025 from a revised -2 in the previous month, marking the lowest level since last November. Australia's Westpac-Melbourne Institute Consumer Sentiment Index fell by 6.0% mom to a six-month low of 90.1 in April 2025. In the U.S., on Monday, all three major indexes ended mostly lower as markets reacted to President Donald Trump's escalating trade war with China, including a threat to impose an additional 50% tariff if Beijing did not back down from its retaliatory measures. U.S. stock futures sharply rose on Tuesday after Wall Street's S&P 500 posted its third consecutive loss overnight in the wake of President Trump’s latest tariff announcement: Dow +1.46% ; S&P 500 +1.14% ; Nasdaq +0.93% . Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: Asia stocks under pressure; China, Japan see significant losses, down about 7% amid trade war Asia panic selling: Circuit breakers triggered in Japan, South Korea and Taiwan Chinese markets only winner in the aftermath of Trump's tariff carnage China, EU revive EV tariff talks following U.S. trade actions Japan's Mar services PMI revised higher to 50; yen rallies amid trade war concerns
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