Investing.com – Asian equities were mixed in morning trade on Tuesday as Wall Street gave up most of its gain following reports that the Federal Bureau of Investigation raided the offices and home of U.S. president Donald Trump's personal lawyer Michael Cohen. Meanwhile, investors are keenly awaiting Chinese President Xi Jinping’s speech at the Boao Forum on Tuesday, which is scheduled to kick off at 9:30PM ET (01:30GMT).
The S&P 500 retreated from its intraday high and end up gaining just 0.3% after surging as much as 1.9% earlier in the day. The Dow finished 0.2% higher and the Nasdaq edged up 0.5%.
The Federal Bureau of Investigation is looking into whether members of Trump's 2016 campaign colluded with Russia during the U.S. presidential election, according to reports. In response, Trump called the probe a "witch hunt" and denied any collusion. "It's a disgraceful situation. It’s a total witch hunt. I’ve been saying it for a long time," Trump said.
Earlier in the day, U.S. president Trump said he is optimistic the U.S. and China would be able to reach a deal to diffuses trade tensions between the two nations. His comments were cited as tailwind for U.S. stocks as they eased concerns over trade tensions.
Japan’s Nikkei 225 gained 0.2% by 9:25PM ET (01:25 GMT). The country’s machine tool orders data is due later in the day.
In China, President Xi Jinping’s upcoming keynote speech at the opening ceremony of the 2018 Boao Forum in south China's Hainan Province is expected to be closely watched, as investors await to hear his first reaction on the tariff standoff with the U.S. China’s M2 money supply is due at 3:00AM ET (07:00 GMT).
Elsewhere, South Korea’s KOSPI slipped 0.1%. U.S. President Trump said on Monday that he expects to meet with North Korean leader Kim Jong Un in May or early June, according to reports.
Down under, Australia's S&P/ASX 200 climbed 0.4% in morning trade, with the basic materials sector up 0.2% while financials dipped 0.3%.