Investing.com - Asian shares gained on Tuesday as investors eyed events anew on the Korean peninsula for possible reaction by Pyongyang to fresh U.N. economic sanctions.
The Nikkei 225 rose 1.05% and the Kospi in South Korea posted 0.12% gain. In Australia, the S&P/ASX 200 jumped 0.72%. The Shanghai Composite was up 0.07%
"The new UN sanctions on oil exports to North Korea are relatively moderate in scope compared to the original US proposal regarding oil exports, and would be unlikely to have much impact on the operations of the North Korean military," said IHS Markit in a note to clients.
"Under the new sanctions resolution passed by the UN Security Council on 11 September, UN members would only need to cap oil exports to North Korea at the average level over the past 12 months, although the new UN resolution also bans exports of natural gas liquids and condensates and caps exports of refined petroleum products to North Korea at 2 million barrels per year for the 2018 calendar year and 500,000 barrels for the last quarter of 2017."
Overnight, U.S. stocks closed sharply higher as the fallout from Hurricane Irma didn’t appear to as bad as feared after Irma was downgraded to a tropical storm on Monday while easing geopolitical uncertainty on the Korean peninsula lifted sentiment.
The Dow Jones Industrial Average closed higher at 22,055. The S&P 500 closed 1.13% higher while the Nasdaq Composite traded at 6432.26, up more than 1%.
U.S. stocks made a bright start to the week as investors expressed relief that Hurricane Irma, which made landfall in Florida over the weekend, had weakened and has since been downgraded to a tropical storm as it continues to move its way across land.