Asian Shares End Mostly Higher On Iran Ceasefire Hopes

(RTTNews) - Asian stocks ended mostly higher on Tuesday as major regional markets resumed trading after a long holiday weekend.

Investors grew hopeful about a possible end to the Iran war as the 8 p.m. EDT Tuesday deadline set by U.S. President Donald Trump approaches.

Trump broadened his warning against Iran to include potential strikes on infrastructure such as power plants and bridges, if Tehran fails to reach a deal and the Strait of Hormuz, a crucial global energy route, is not reopened.

Gold dipped below $4,650 an ounce in Asian trading as the U.S. dollar index held above the 100 mark on reduced expectations of Federal Reserve rate cuts this year.

Brent crude futures for June delivery were up 1.5 percent at $111.39 a barrel.

China's Shanghai Composite index edged up by 0.26 percent to 3,890.16, with energy and chipmaking stocks rising as the U.N. Security Council prepares to vote on securing commercial shipping in the Strait of Hormuz.

Japanese markets ended a choppy session on a flat note as the yen weakened toward 160 per dollar, prompting intervention and rate hike fears. The Nikkei average finished marginally higher at 53,429.56 while the broader Topix index settled 0.25 percent higher at 3,654.02.

Seoul stocks rose notably, led by gains in technology shares. The Kospi average rose by 44.45 points, or 0.82 percent, to 5,494.78.

Chipmaker Samsung Electronics climbed 1.8 percent after reporting stellar earnings. The company projected its first-quarter earnings would exceed its entire profit for last year.

Australian markets rallied to reach a near four-week high due to short covering. The benchmark S&P/ASX 200 jumped 1.74 percent to 8,728.80, led by heavyweight banks and mining stocks. The broader All Ordinaries index closed up 1.67 percent at 8,921.20.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index ended up 1.30 percent at 13,069.66, hitting a three-week high.

Overnight, U.S. stocks edged higher, adding to the strong gains posted last week, as fighting continued in the Middle East and data showed U.S. employers hired more workers last month than economists had expected.

U.S. services sector growth slowed in March, while prices paid by businesses for inputs increased by the most in more than 13 years, separate set of data revealed.

Iran rejected a U.S. proposal for ceasefire and sent back a 10-point proposal that outlines demands, including ending regional conflicts, a protocol governing safe passage through the Strait of Hormuz, the lifting of international sanctions and a commitment to reconstruct war-affected areas.

The tech-heavy Nasdaq Composite gained half a percent while the S&P 500 and the Dow both added around 0.4 percent.