Asian Shares Mostly Higher As Commodity, Auto Stocks Surge

(RTTNews) - Asian stocks recovered from an early slide to end mostly higher on Tuesday after China's Premier Li Qiang said the country is capable of achieving the full year growth target of around 5 percent.

The dollar was firm in Asian trading and gold dipped while oil was little changed after closing higher in the previous session on supply concerns stemming from tensions in the Middle East and Ukrainian attacks on Russian refineries.

China's Shanghai Composite index dropped 0.44 percent to 2,950 ahead of May industrial profits and June manufacturing survey results due this weekend.

Hong Kong's Hang Seng index ended 0.25 percent higher at 18,072.90 - recovering from an early slide after reports emerged that the Biden Administration was investigating major Chinese telecom firms over potential security concerns.

Japanese markets ended sharply higher ahead of Tokyo inflation data due on Friday. The reading assumes significance after the minutes of the Bank of Japan's latest meeting showed debate among board members on rate hikes.

The Nikkei average jumped 0.95 percent to 39,173.15, reaching a five-month high as the yen rose for the second straight session against the dollar, helping ease some concerns over possible government intervention in the currency market. The broader Topix index settled 1.72 percent higher at 2,787.37.

Seoul stocks eked out modest gains despite tech stocks coming under selling pressure following recent gains.

The Kospi average rose 0.35 percent to 2,774.39, with automaker Hyundai Motor surging 2.7 percent as investors awaited the outcome of a bilateral finance minister meeting with Japan.

Australian markets climbed as firmer commodity prices boosted mining and energy stocks. Investors awaited Wednesday's CPI reading after a measure of Australian consumer sentiment improved slightly in June.

The benchmark S&P/ASX 200 rallied 1.36 percent to 7,838.80 while the broader All Ordinaries index closed up 1.28 percent at 8,076.90.

Banking behemoth Commonwealth rose 1.4 percent to hit a new record high. Uranium miner Paladin Energy lost 5.1 percent after it agreed to buy Canada's Fission Uranium.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index settled 0.76 percent higher at 11,716.44.

U.S. stocks ended mixed overnight as a selloff in tech shares led by Nvidia continued, offsetting bets on Federal Reserve interest rate cuts this year.

The Dow climbed 0.7 percent to extend gains for a fifth straight session while the S&P 500 dipped 0.3 percent and the tech-heavy Nasdaq Composite shed 1.1 percent.