Asian markets were mixed in early trading Tuesday, after the U.S. said China is no longer a currency manipulator ahead of the signing of a “phase one” trade agreement this week.

The U.S. Treasury Department stepped back from the decision it made last year, saying in a statement that it “has determined that China should no longer be designated as a currency manipulator at this time.”

The U.S. and China are expected to sign a “phase one” trade deal Wednesday in Washington, which the Treasury Department said will include enforceable commitments by China to refrain from currency devaluation and not target its exchange rate for competitive purposes.

“Investors’ unquenchable appetite for stocks is in hyperdrive, triggered by a further thawing in U.S.-China trade tension,” Stephen Innes, chief Asia market strategist for AxiTrader, wrote in a note.

Japan’s Nikkei

NIK, +0.73%

  gained 0.7% as traders returned from a holiday Monday. Hong Kong’s Hang Seng Index

HSI, -0.31%

  gave up early gains and was last down about 0.2%, while the Shanghai Composite

SHCOMP, -0.19%

  was about flat and the Shenzhen Composite

399106, +0.01%

 dipped slightly after data showed China’s exports rose 5% in 2019 on yuan terms, the slowest growth in three years. South Korea’s Kospi

180721, +0.37%

  rose 0.4%, while benchmark indexes in Taiwan

Y9999, +0.55%

 , Singapore

STI, +0.46%

 , Malaysia

FBMKLCI, -0.66%

  and Indonesia

JAKIDX, +0.15%

  were mostly positive. Australia’s S&P/ASX 200

XJO, +0.85%

  advanced 0.7%.

Among individual stocks, Sony

6758, +2.46%

  Fast Retailing

9983, +2.18%

  and SoftBank

9984, +3.51%

  advanced in Tokyo trading, while Nissan

7201, -2.97%

  sank. In Hong Kong, casino operators Galaxy Entertainment

27, +2.95%

  and Sands China

1928, +3.03%

  rose, while AAC

2018, -5.03%

  and Geely Automobile

175, -1.71%

  fell. LG Electronics

066570, +2.85%

  and SK Hynix

000660, +0.00%

  advanced in South Korea, and Taiwan Semiconductor

2330, +1.32%

  gained in Taiwan. Beach Energy

BPT, +1.87%

  and Rio Tinto

RIO, +1.85%

  rose in Australia.

On Monday, the S&P 500 index

SPX, +0.70%

  rose 22.78 points, or 0.7%, to 3,288.13. The Nasdaq composite

COMP, +1.04%

  climbed 95.07 points, or 1%, to 9,273.93, and the Dow Jones Industrial Average

DJIA, +0.29%

  gained 83.28 points, or 0.3%, to 28,907.05.

Benchmark crude oil

CLG20, +0.03%

  rose 13 cents to $58.21 a barrel, after falling 96 cents to $58.08 a barrel on Monday. Brent crude oil

BRNH20, +0.09%

 , the international standard, rose 19 cents to $64.39 a barrel.

The dollar

USDJPY, +0.13%

  rose to 110.09 Japanese yen from 109.89 yen on Monday.

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