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Asia Markets: Asian markets mostly gain as Wall Street keeps pushing higher

Asia Markets

Nikkei and Kospi slip, but stocks rise in Hong Kong and Sydney

Samsung heir Lee Jae-yong, center, vice chairman of Samsung Electronics, arrives at court for a hearing Tuesday in Seoul. A court found insufficient evidence to arrest him on new corruption charges.

AFP/Getty Images

Asian markets mostly gained early Tuesday after Wall Street continued to rally.

Japan’s Nikkei 225
dipped 0.6% while Hong Kong’s Hang Seng Index
rose 1%. The Shanghai Composite
advanced 0.2%, as the Shenzhen Composite
edged up 0.1%. South Korea’s Kospi
retreated slightly, while benchmark indexes in Singapore
and Indonesia
gained. Taiwan’s Taiex
bounced between slight gains and losses, and Australia’s S&P/ASX 200
jumped 2.2% as traders returned from a Monday holiday.

Samsung Electronics
and Samsung Biologics
gained while Samsung C&T fell
after a South Korean court refused to issue an arrest warrant for Lee Jae-yong, head of the Samsung Group, citing a lack of evidence for corruption charges, according to Yonhap News Agency. Lee was imprisoned for about a year in 2017 on related bribery and embezzlement charges, but was freed pending a retrial.

Geopolitical tensions also rose after North Korea said it would cut off communications channels with South Korea over the South’s inability to stop activists from sending anti-North leaflets across the border in balloons.

“With risk sentiment at overly bullish levels, broader markets will remain extremely sensitive to bad news on any front, be it economic or geopolitical,” Stephen Innes, chief global markets strategist at AxiCorp, wrote in a note.

On Monday, U.S. stock benchmarks finished above, or near, their all-time closing highs as the country continued to reopen from coronavirus-related shutdowns, raising hopes for a quick economic rebound.

The Dow Jones Industrial Average
climbed 461.46 points, or 1.7%, to end at 27,572.44, its sixth straight gain. The S&P 500
rose 38.46 points, or 1.2%, finishing at 3,232.39. The tech-heavy Nasdaq Composite Index
gained 110.66 points, or 1.1%, ending at 9,924.74, a new all-time closing record.

In energy markets, benchmark U.S. crude
rose to $38.66 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude
, the benchmark for international oils, rose to $41.24 a barrel in London.

The dollar
declined to 108.16 yen.

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