Asian markets gained in early trading Tuesday following muted gains on Wall Street.

Investors awaited an announcement from Australia’s central bank later in the day, with investors expecting a 25-basis-point interest-rate cut.

Japan’s Nikkei

NIK, +0.77%

  rose 0.7% as the national sales tax was raised by 2 percentage points, despite worries that it could derail the country’s economic recovery and bring on recession. Prime Minister Shinzo Abe had previously postponed the hike, but said it had to be raised to cover rising health costs and national debt.

Markets in Hong Kong and mainland China were closed for a weeklong National Day holiday, celebrating 70 years of Communist rule in China.

South Korea’s Kospi

180721, +0.55%

  gained 0.4%. Benchmark indexes in Taiwan

Y9999, +1.03%

  and Singapore

STI, +1.06%

  rose about 1%, while stocks were about flat in Indonesia

JAKIDX, -0.12%

 . Australia’s S&P/ASX 200

XJO, +0.10%

  advanced 0.3%.

Among individual stocks, SoftBank

9984, +2.55%

  gained in Tokyo trading, along with Toyota

7203, +1.01%

  and Nintendo

7974, +1.70%

 . LG Electronics

066570, -1.19%

  and Hyundai Motor

005380, -0.75%

  slipped in South Korea while Taiwan Semiconductor

2330, +2.57%

  rose in Taiwan. In Australia, Oil Search

OSH, -1.78%


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