In Hong Kong, the benchmark Hang Seng Index ended 299.38 points, or 1.51 percent, higher at 20,127.68, but that was well short of recouping Monday’s loss of more than 13 percent, the biggest one-day retreat since 1997.
The Hang Seng China Enterprises Index climbed 2.31 percent to end at 7,430.62 while the Hang Seng Tech Index jumped 3.79 percent to end at 4,568.38.
The Hang Seng Index’s gains came a day after equities across the world have been hammered since the US president unveiled sweeping levies against friend and foe, upending trading norms, sparking talk of a global recession and wiping trillions of company valuations.
Investors fought to claw back some of those losses as they try to assess the possibility that Washington could temper some of the tariffs.
Tokyo traded up more than six percent – recovering much of Monday’s drop – after Japanese Prime Minister Shigeru Ishiba held talks with Trump.
However, the US leader’s threat to hit China with an extra 50 percent tariffs – in response to its 34 percent retaliation in kind – ramped up the chances of a catastrophic stand-off between the two economic superpowers.
While uncertainty rules, investors in most markets took the opportunity to pick up some beaten-down stocks.
In Tokyo, Nippon Steel closely matched the Nikkei’s rebound after Trump launched a review of its proposed takeover of US Steel that was blocked by his predecessor Joe Biden.
Shanghai advanced 1.6 percent after China’s central bank promised to back major state-backed fund Central Huijin Investment in a bid to maintain “the smooth operation of the capital market”.
Sydney and Mumbai added more than two percent, while Manila gained three percent. Seoul and Wellington also edged up.
London, Paris and Frankfurt rose more than one percent, having dropped more than four percent on Monday. (AFP/Xinhua)
