(fxcue news) - Asian stock markets are trading mostly higher on Tuesday, following the mixed cues from Wall Street overnight, as traders remain cautious ahead of U.S. reciprocal tariff announcements on its trading partners, primarily the 25 percent tariffs on auto and auto parts imports, which are set to be imposed on Wednesday. Some traders also picked up stocks at a bargain after heavy selling in the previous sessions. Asian markets closed mostly lower on Monday. U.S. President Donald Trump's top spokesperson said the announcement would feature "country-based" tariffs but added that the president is also "committed" to implementing sectoral duties at another time. It is feared that Trump's tariffs and possible retaliatory actions by targeted countries will fuel inflation, keep interest rates elevated and drag down global economic growth. Several key indicators that experts are monitoring suggest that the U.S. was being pushed into a recession. The Australian stock market is trading notably higher on Tuesday, reversing the losses in the previous session, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying just below the 7,900 level, with gains across most sectors led by mining and energy stocks amid spiking commodity prices. The benchmark S&P/ASX 200 Index is gaining 38.40 points or 0.49 percent to 7,881.80, after touching a high of 7,919.70 earlier. The broader All Ordinaries Index is up 32.30 points or 0.40 percent to 8,185.50. Australian stocks closed sharply lower on Monday. Among the major miners, BHP Group is gaining almost 2 percent, Rio Tinto is up more than 1 percent and Fortescue Metals is advancing more than 2 percent, while Mineral Resources is edging down 0.2 percent. Oil stocks are mostly higher. Origin Energy is adding almost 2 percent, while Beach energy, Woodside Energy and Santos are gaining almost 1 percent each. Among tech stocks, WiseTech Global is edging up 0.3 percent and Zip is gaining more than 1 percent, while Xero is edging down 0.1 percent and Appen is losing almost 4 percent. Afterpay owner Block is flat. Gold miners are mostly higher. Evolution Mining is gaining more than 2 percent, Northern Star resources is edging up 0.1 percent, Newmont is gaining more than 1 percent and Gold Road Resources is edging up 0.5 percent, while Resolute Mining is losing more than 2 percent. Among the big four banks, , National Australia Bank is edging up 0.2 percent and ANZ Banking is gaining almost 1 percent, while Westpac is losing almost 1 percent. Commonwealth Bank is flat. In other news, shares in AVJennings are surging more than 8 percent after the homebuilder announced US real estate giant Proprium Capital and its local development arm, Avid Property, would acquire 100 percent in its shares. In economic news, the Reserve Bank of Australia will wrap up its monetary policy meeting and then announce its decision on interest rates. The RBA is widely expected to keep its benchmark lending rate steady at 4.10 percent. The manufacturing sector in Australia continued to expand in March, and at a faster pace, the latest survey from S&P Global revealed on Tuesday with a manufacturing PMI score of 52.1. That's up from 50.4 in February and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. The Australian Bureau of Statistics said the value of retail sales in Australia was up a seasonally adjusted 0.2 percent on month in February, coming in at A$37.129 billion. That missed expectations for an increase of 0.3 percent, which would have been unchanged from the January reading. On a yearly basis, retail sales were up 3.6 percent. In the currency market, the Aussie dollar is trading at $0.625 on Tuesday. The Japanese stock market is trading notably higher on Tuesday, snapping a three-session losing streak, following the mixed cues from Wall Street overnight, with the Nikkei 225 moving above the 35,800 level, with gains across most sectors led by index heavyweights and exporter stocks. The benchmark Nikkei 225 Index closed the morning session at 35,825.59, up 208.03 points or 0.58 percent, after touching a high of 36,052.54 earlier. Japanese shares ended sharply lower on Monday. Market heavyweight SoftBank Group is edging up 0.5 percent and Uniqlo operator Fast Retailing is gaining almost 1 percent. Among automakers, Honda is adding almost 1 percent and Toyota is also gaining almost 1 percent. In the tech space, Advantest is slipping almost 3 percent and Tokyo Electron is edging down 0.5 percent, while Screen Holdings is edging up 0.4 percent. In the banking sector, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are edging up 0.2 to 0.3 percent each, while Mizuho Financial is gaining more than 1 percent. The major exporters are mostly higher. Canon is adding more than 1 percent, Sony is gaining almost 2 percent and Mitsubishi Electric is up almost 1 percent, while Panasonic is edging down 0.3 percent. Among the other major gainers, Nomura Research Institute is soaring 11.5 percent and Chubu Electric Power is surging almost 6 percent, while Daiichi Sankyo and NEC are gaining more than 3 percent each. Nintendo, Mitsui Fudosan, Toppan Holdings and NTT Data are adding almost 3 percent each. Conversely, there are no other major losers. In economic news, large manufacturing in Japan slowed slightly in the first quarter of 2025, the Bank of Japan's quarterly Tankan Survey of business sentiment showed on Tuesday with a diffusion index score of +12. That was in line with forecasts and was down from +14 in the previous three months. The outlook also came in at +12, easing from +13 in the previous quarter. The large non-manufacturers index came in at +35, beating forecasts for +33 - which would have been unchanged. The outlook was unchanged at +28. The small manufacturing index was at +2, while the small non-manufacturing index was at +9. Large industry capex is seen higher by 3.1 percent, in line with forecasts and slowing from 11.3 percent in Q4. Small industry capex was down 10.0 percent after rising 4.0 percent in the three months prior. Meanwhile, the manufacturing sector in Japan continued to contract in March, and at a faster pace, the latest survey from Jibun Bank revealed on Tuesday with a manufacturing PMI score of 48.4. That's down from 49.0 in February and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction. In the currency market, the U.S. dollar is trading in the higher 149 yen-range on Tuesday. Elsewhere in Asia, Taiwan and South Korea are up 2.2 and 1.9 percent, respectively. China and Hong Kong are up 0.4 and 0.8 percent, respectively. New Zealand and Singapore are down 0.7 and 0.8 percent, respectively. Malaysia and Indonesia remain closed for Eid-ul-Fitr holidays. On Wall Street, stocks showed a significant rebound over the course of the trading day on Monday after moving sharply lower early in the session. The major averages climbed well off their worst levels of the day to close mixed. The Dow jumped 417.86 points or 1 percent to 42,001.76 and the S&P 500 climbed 30.91 points or 0.6 percent to 5,611.85, while the Nasdaq bounced well off its lows but still ended the day down 23.70 points or 0.1 percent at 17,299.29. Meanwhile, the major European markets showed significant moves to the downside. While the U.K.'s FTSE 100 Index is down by 1.0 percent, the German DAX Index and the French CAC 40 Index are down by 1.6 percent. Crude oil prices ticked higher on Monday on concerns that supply may not be able to keep up with demand. West Texas Intermediate for May delivery was up $0.17 or 0.25 percent to $69.53 per barrel.