Asian markets were muted in early trading Tuesday amid positive developments on the U.S.-China trade front.

President Donald Trump said Monday that trade negotiations on a “phase one” deal are going faster than expected, and said the deal would “take care of “ U.S. farmers and bankers. Later in the day, the U.S. Trade Representative’s office said it is considering extending tariff exemptions that were approved last December on $34 billion in Chinese goods.

The news did not boost Chinese stocks though. Hong Kong’s Hang Seng Index

HSI, -0.40%

  slipped 0.3% after administrator Carrie Lam said the ongoing pro-democracy protests risked sending the city into recession, while the Shanghai Composite

SHCOMP, -0.40%

  fell 0.4% and the smaller-cap Shenzhen Composite

399106, -0.29%

  retreated 0.3%. Japan’s Nikkei

NIK, +0.43%

  rose 0.5% and South Korea’s Kospi

180721, +0.01%

  slipped 0.2%. Benchmark indexes in Taiwan

Y9999, -0.14%

 , Singapore

STI, +0.53%

  and Indonesia

JAKIDX, -0.03%

  were up slightly. Australia’s S&P/ASX 200

XJO, +0.15%

  was little changed.

Among individual stocks, Mazda Motor

7261, +2.54%

  and Kobe Steel

5406, +2.70%

  gained in Tokyo trading while Canon

7751, -1.02%

  fell. In Hong Kong, food processor WH Group

288, +7.16%

  surged while HSBC

5, -1.58%

  and Tencent

700, -1.37%

  dropped. Samsung

005930, -0.78%

  inched down in South Korea, while BHP

BHP, +1.23%

  and Rio Tinto

RIO, +1.03%

  gained in Australia.

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2019-10-28