Most of the Asian equity benchmarks are trading higher on Tuesday despite the mixed cues overnight from Wall Street. The US dollar hovered near a 14-year high and Treasury yields extended their rise as investors braced for higher inflation in the United States amid expectations of fiscally expansionary polices under Donald Trump's presidency. Meanwhile, crude oil prices rebounded in Asian trades after falling overnight. Chinese markets were in negative territory due to release of its October foreign direct investment (FDI) figures later in the day. Japanese shares edged down in choppy trade as investors took profits from sharp gains in the past few days that were driven by hopes that Donald Trump's economic policies would favour Japanese exports by strengthening the dollar. Among the other Asian markets, Hong Kong, Indonesia, Malaysia, Singapore, and Taiwan are trading higher. While, the South Korea market is in negative territory.
Hang Seng added 108.21 points or 0.49% to 22,330.43, Jakarta Composite surged 45.50 points or 0.89% to 5,161.24, Taiwan Weighted increased 21.21 points or 0.24% to 8,961.61, FTSE Bursa Malaysia KLCI rose 15.42 points or 0.95% to 1,632.06, and Straits Times was up by 12.90 points or 0.46% to 2,800.17.
On the flip side, Nikkei 225 dropped 19.25 points or 0.11% to 17,653.37, KOSPI Index slipped 1.78 points or 0.09% to 1,972.62, and Shanghai Composite was down by 5.56 points or 0.17% to 3,204.82.