US and Asian stocks rose on Tuesday as investors looked ahead to the second day of the US-China trade talks in London. Markets in Tokyo, Seoul, and Sydney all gained ground. At the same time, oil prices pumped as the dollar steadied.
On Monday, a U.S. delegation led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer met Chinese officials under Vice Premier He Lifeng.
The talks are aimed at resolving disputes over tariffs and market access that have weighed on global growth.
President Trump told reporters in London that the talks “were going well” and that he was “only getting good reports” from his team.
Trading in Asia was broadly positive
Tokyo’s Nikkei 225 climbed 1% to 38,473.97, and South Korea’s Kospi added 0.9% to 2,881.40.
In Hong Kong, the Hang Seng edged up 0.2% to 24,242.03, while Shanghai’s Composite index rose 0.1% to 3,403.51.
Taiwan’s Taiex led gains in the region with a 2% jump. Meanwhile, Australia’s S&P/ASX 200 gained 0.7%, finishing at 8,578.50.
U.S. stocks edged higher on Monday
The S&P 500 inched up 0.1% to 6,005.88, leaving it 2.3% below its all-time high set in February. The Dow Jones Industrial Average slipped by 1 point to 42,761.76, effectively flat for the day. The Nasdaq composite climbed 0.3%, reaching 19,591.24.
Hopes that President Donald Trump might roll back some tariffs if new trade deals are struck have helped the S&P 500 recover after a roughly 20% drop from its peak two months ago.
The index is now above levels seen after Trump’s surprise announcement of broad tariffs in April, a move he termed “Liberation Day.”
Some of the largest share movements on Monday came after takeover news. Qualcomm shares jumped 4.1% when the chipmaker said it would buy Alphawave Semi for $2.4 billion.
Electric vehicle maker Tesla also rallied, recovering from a sharp drop late last week. Shares climbed 4.6% following a day of mixed trading, after Tesla slid when CEO Elon Musk’s rapport with President Trump appeared to sour.
Oil prices ticked up while the dollar steadied
A successful deal between Washington and Beijing could lift the global growth outlook and spur demand for commodities.
Oil prices ticked up on Tuesday as traders awaited the outcome of the talks, which could ease trade worries and boost fuel consumption.
By 03:30 GMT, Brent crude futures were trading at $67.32 a barrel, up 28 cents or 0.4%, while U.S. West Texas Intermediate stood at $65.52, up 23 cents or 0.4%. On Monday, Brent had briefly reached $67.19, its highest since April 28.
The U.S. dollar firmed slightly, with the euro slipping 0.17% to $1.14 and sterling at $1.3543. The dollar index, which tracks the currency against six rivals, rose 0.2% to 99.189, remaining near the six-week low hit last week. It is down 8.7% so far this year as investors fret over the impact of trade barriers on U.S. growth.
At the same time, the Australian dollar held steady at $0.652, often seen as a gauge of risk appetite, while the New Zealand dollar eased slightly to $0.60425 but stayed close to the seven-month peak reached last week.
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