SINGAPORE — Asian shares were mostly lower Tuesday as investors questioned if a 90-day truce in a tariffs battle will allow the U.S. and China to resolve a range of issues from technology development to trade.
KEEPING SCORE: Japan's Nikkei 225 index shed 1.0
WALL STREET: A cease-fire in a trade dispute between the world's two largest economies lifted major U.S. indexes on Monday. The S&P 500 index jumped 1.1
U.S-CHINA TRUCE: On Saturday, a meeting between U.S. President Donald Trump and Chinese President Xi Jinping ended with a verbal agreement to hold off on further tariffs for at least 90 days. Trump was set to raise tariffs from 10 to 25
ANALYST'S TAKE: "Markets are reflecting a fragile truce between the U.S. and China after an initial sigh of relief. Investors are taking some money off the table as they figure out the details of what the leaders have agreed to and how long the truce can last," said Song Seng Wun, an economist at CIMB Private Banking.
ENERGY: Oil prices are rallying ahead of an OPEC meeting on Thursday, where members are expected to cut output in 2019. News that the Canadian province of Alberta will cut production by 325,000 barrels a day also boosted sentiment. Benchmark U.S. crude gained 56 cents to $53.51 per barrel in electronic trading on the New York Mercantile Exchange. It added $2.02 to settle at $52.95 a barrel on Monday. Brent crude rose 60 cents to $62.29 per barrel. It ticked up $2.23 to $61.69 a barrel in London.
CURRENCIES: The dollar weakened to 113.30 yen from 113.63 yen late Monday. The euro rose to $1.1372 from $1.1353.
Annabelle Liang, The Associated Press