Asian markets rose in early trading Tuesday, following record closing highs on Wall Street and more encouraging news on a trade deal.

The Dow Jones Industrial Average

DJIA, +0.42%

  hit its first record high in four months, joining the S&P 500

SPX, +0.37%

  and Nasdaq Composite

COMP, +0.56%

 , which both closed at record highs for the second day in a row. Stocks were boosted by better-than-expected third-quarter earnings and optimism over the likelihood of a “phase one” trade deal between the U.S. and China.

The Financial Times reported Monday that the U.S. was considering rolling back tariffs on $112 billion in Chinese goods as a concession to reach an initial deal, with China expected to show a similar good-faith effort. The Wall Street Journal later reported similar news, saying both sides would remove some tariffs if a deal was reached.

Japan’s Nikkei

NIK, +1.76%

  surged 2% as traders returned from a Monday holiday. Hong Kong’s Hang Seng Index

HSI, +0.50%

  rose 0.5%, while the Shanghai Composite

SHCOMP, +0.77%

  gained 0.7% and the Shenzhen Composite

399106, +0.63%

  advanced 0.4%. South Korea’s Kospi

180721, +0.51%

  edged up 0.3% while benchmark indexes in Taiwan

Y9999, +0.75%

 , Singapore

STI, +0.40%

  and Indonesia

JAKIDX, +0.62%

  all rose. Australia’s S&P/ASX 200

XJO, +0.15%

  rose 0.3%.

Among individual stocks, SoftBank

9984, +2.43%

  and oil producer Inpex

1605, +6.14%

  jumped in Tokyo trading. Honda

7267, +2.28%

  and Sony

6758, +1.12%

  also gained. In Hong Kong, Apple component makers Sunny Optical

2382, +1.81%

  and AAC

2018, +2.33%

  advanced, and LG Electronics

066570, +1.94%

  rose in South Korea. Beach Energy

BPT, +1.25%

  gained in Australia while Westpac

WBC, -2.55%

  sank.

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2019-11-04