Asian stocks traded better after the Bank of Japan, earlier Tuesday, left the short-term interest rates unchanged at -0.1% and Chinese and South Korean companies did a rebound all the while investors are waiting on the Federal Reserve's rate decision and result of the trade talks between the US and China.
Japan's Nikkei went up by 0.7%. South Korea's Kospi (KOSPI) increased by 0.6% and Australia's S&P/ASX 200 rose by 0.3%.
Taiwan's Taiex reversed early gains and dropped 0.3% while Hong Kong's Hang Seng Index (HSI) and the Shanghai Composite Index (SHCOMP) went up by 0.5% and 0.7%, respectively.
In spite of the expected interest rate cut by the Fed, the Bank of Japan kept its short-term interest at at -0.1%. It plans to keep this the same through at least through next spring. However, the central bank is committed "not to hesitate" in making adjustments once it finds it necessary.
US-China trade talks resumed on Tuesday. Though discussions were held on the phone following Chinese President Xi Jinping and US President Donald Trump meeting at the sidelines of the G20 gathering last month, after which US suspended its plan to impose more tariffs on Chinese products, this meeting in Shanghai will be the first in-person meeting of the officials of the two countries.
Here are some of the other big movers on the Asian market at 11:30 a.m. Hong Kong time.
Tencent (TCEHY) went up by 1% in Hong Kong. The increase was brought about by the Chinese social media and gaming giant announcing on Monday a partnership with Qualcomm (QCOM).
Tencent and Qualcomm will "optimize" Tencent games on devices that use Qualcomm chips, among other endeavors. Tencent also announced renewal of a partnership with the NBA for five years.
The Chinese movie and TV production company Beijing Enlight Media rose 2%, building on its Monday gains. The company's film "Nezha" broke local records in its first three days of opening with $102 million in ticketing revenue giving their stock a boost.
The Japanese yen went up against the US dollar, turning around from that morning trading after the Bank of Japan's rate policy announcement. It was trading at ¥108.7500 per dollar after that.
Though Hong Kong is yet to announce its second-quarter GDP this week, analysts expect the local economy getting affected by the city's massive protests. Hong Kong stocks closed 1% lower on Monday.
Oil prices went up in early Asian trading. WTI crude and Brent crude rose, trading at $57.18 per barrel and $63.91 per barrel, respectively.
US stocks ended mixed on Monday. The Dow Jones Industrial Average was up by 0.1%. However, the S&P 500 index lost by 0.2%, and the Nasdaq Composite Index dropped by 0.4%.
