Asian markets were mixed Tuesday, as investors weighed the tariff truce between the U.S. and China and the potential for a trade deal.

President Donald Trump said Monday that renewed talks have “already begun,” CNBC reported, and added that any deal “has to be better for us than for them.” But days after the trade-war timeout was announced, details were still scarce, with no announcement of high-level negotiations and the looming possibility that new tariffs could still be imposed if talks are not successful.

Stocks rose on Wall Street, though off session highs, and Morgan Stanley analysts warned that barring concrete progress, the truce rally may be short-lived.

Japan’s Nikkei

NIK, +0.22%

rose 0.1%, while Hong Kong’s Hang Seng Index

HSI, +1.32%

 , which was closed for a holiday Monday, gained 1.3%, essentially making up lost ground as most Asian markets surged Monday. The territory appeared calm a day after protesters and police clashed again. The Shanghai Composite

SHCOMP, -0.04%

  was flat, while the smaller-cap Shenzhen Composite

399106, +0.23%

  rose 0.2%. South Korea’s Kospi

180721, -0.27%

 declined 0.3%, and benchmark indexes in Taiwan

Y9999, -0.34%

 and Singapore

STI, -0.45%

  fell, while Indonesia’s

JAKIDX, -0.05%

  was flat. Stocks rose in Malaysia

FBMKLCI, +0.31%

. Australia’s S&P/ASX 200

XJO, +0.35%

  gained 0.4% ahead of a monetary-policy announcement by the Reserve Bank of Australia, which cut interest rates 25 basis points to 1%, citing risks to growth from a global trade dispute.

Among individual stocks, Fujitsu

6702, +2.96%

  gained in Tokyo trading. Hitachi

6501, +2.35%

  also rose, while oil producer Inpex

1605, -1.04%

  fell. In Hong Kong, smartphone component makers Sunny Optical

2382, +9.29%

  and AAC

2018, +9.13%

  surged, as did casino operators Sands China

1928, +7.50%

  and Galaxy Entertainment

27, +7.60%

 . Chip maker SK Hynix

000660, +1.71%

  advanced in South Korea while Hyundai Motor

005380, -2.48%

  fell. Rio Tinto

RIO, +1.91%

  rose in Australia, while Westpac Banking

WBC, -1.37%


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