(RTTNews) - Asian markets turned in a mixed performance on Tuesday as technology heavyweights tracked overnight declines in their U.S. peers.
Oil prices eased but remained at elevated levels after Tehran reportedly sent a new peace proposal via Pakistan and U.S. President Donald Trump said he has postponed a planned attack on Iran at the request of Qatar, Saudi Arabia and the United Arab Emirates. Trump said "serious negotiations" are underway to end the war.
Gold fell toward $4,550 an ounce as Treasury yields edged up and the dollar steadied after a decline in the previous session on expectations that the Federal Reserve will keep interest rates higher for longer.
China's Shanghai Composite Index climbed 0.9 percent to 4,169.54 and Hong Kong's Hang Seng Index closed up 0.5 percent at 25,797.85.
Standard Chartered shares rallied 2.3 percent in Hong Kong after the banking giant announced it would cut more than 15 percent of its corporate functions roles by 2030.
Japanese markets ended slightly lower as technology stocks followed their U.S. peers lower ahead of Nvidia earnings. Banks advanced, helping limit overall losses in the broader market.
The Nikkei 225 Index gave up early gains to close 0.4 percent lower at 60,550.59. The broader Topix Index rose by 0.6 percent to 3,850.67 as government bond yields fell across the curve and data showed the Japanese economy grew faster than expected in the first quarter.
Seoul stocks tumbled as foreign-selling spree of major technology stocks continued. The Kospi plunged 3.3 percent to 7,271.66. Samsung Electronics shares fell nearly 2 percent, SK Hynix lost 5.2 percent and SK Square plummeted 6.7 percent.
Australian markets bounced back from a more-than-one-month low, with financials, retail and healthcare stocks leading the surge. The benchmark S&P/ASX 200 Index rallied 1.2 percent to 8,604.70, while the broader All Ordinaries Index settled 1.1 percent higher at 8,829.50.
Mineral Resources jumped 2.6 percent after the miner said it would spend about AU$20 million to restart its Western Australia site.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 Index jumped 1.7 percent to 12,974.32, snapping a five-session losing streak.
U.S. stocks ended mixed overnight as technology stocks extended losses from the previous session on concerns over surging oil prices and bond yields.
The 10-year Treasury yield climbed to its highest level since February 2025 early in the session after President Trump warned Iran the "clock is ticking" on a deal.
Trump later said he had paused a planned attack against Iran at the request of several Arab leaders, adding the U.S. military has been instructed to go forward with a full, large-scale assault on Iran in the event that an acceptable deal is not reached.
While the Dow rose 0.3 percent, the S&P 500 finished marginally lower and the tech-heavy Nasdaq Composite shed half a percent.
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