Asian stocks rise after Koreas, US make diplomatic overtures

By YURI KAGEYAMAEnergyAssociated Press

Asian shares rose Tuesday as both Koreas and the U.S. appeared to indicate a willingness to defuse the crisis over North Korea's nuclear program. A rally on Wall Street, on the back of strong technology shares, also helped.

KEEPING SCORE: Japan's benchmark Nikkei 225 gained 1.3 percent to 19,789.13 in morning trading. Australia's S&P/ASX 200 added 0.5 percent to 5,757.50. South Korea's markets were closed for a national holiday. Hong Kong's Hang Seng added 0.2 percent to 27,308.04, while the Shanghai Composite was up 0.2 percent at 3,242.26.

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NORTH KOREA: North Korea said Tuesday leader Kim Jong Un was briefed on his military's plans to launch missiles into waters near Guam. But the comments also appeared to signal a path to defuse the deepening crisis with Washington, holding out the possibility that friction could ease if the U.S. made some gesture that Pyongyang considered a move to back away from previous "extremely dangerous reckless actions."

WALL STREET: The S&P 500 jumped 24.52 points, or 1 percent, to 2,465.84. The Dow Jones industrial average gained 135.39 points, or 0.6 percent, to 21,993.71. The Nasdaq composite added 83.68 points, or 1.3 percent, to 6,340.23.

THE QUOTE: "The markets continue to recover from last week's disorder as U.S. equities orchestrated a splendid showing recouping some of the sharp losses from last Friday, as investor confidence returns with the de-escalation of North Korea tension," says Stephen Innes, head of trading for Asia at OANDA.

ENERGY: U.S. crude oil added 2 cents to $47.61 a barrel. It lost $1.23 to $47.59 a barrel in New York Monday. Brent crude, the international standard, rose 4 cents to $50.77 a barrel in London.

CURRENCIES: The dollar rose to 110.40 yen from 109.57 yen late Monday in Asia. The euro fell to $1.1756 from $1.1816.


This story has been corrected to say South Korean markets were closed Tuesday.


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