Asian shares gain on stimulus hopes, Trump leaving hospital

Shares advanced Tuesday in Asia after hopes for fresh economic stimulus helped Wall Street recover its losses from the initial shock of learning President Donald Trump had tested positive for the coronavirus.

Trump left the hospital after spending less than three days there, returning to the White House late Monday despite uncertainty over his recovery and risks that he is still infectious.

Shares rose in Tokyo, Hong Kong and Seoul. Markets in mainland China are closed for a weeklong holiday.

Overnight, the S&P 500 climbed 1.8%. Treasury yields and oil all rose after Trump and House Speaker Nancy Pelosi both noted the importance over the weekend of additional support for the economy.

Australia’s S&P/ASX 200 rose 0.4% to 5,962.10 after the central bank kept its policies basically unchanged. Later Tuesday, the treasurer was set to reveal a big spending financial blueprint for the next few years that will drive business investment and job creation while repairing pandemic damage to the economy.

The annual budget is expected to contain a wage subsidy designed to get unemployed young Australians back to work. The government also hopes to bring forward planned income tax cuts.

Treasurer Josh Frydenberg will also reveal record debt is expected to accrue in the current fiscal year through next June.

Japan's Nikkei 225 climbed 0.5% to 23,433.73 and the Hang Seng in Hong Kong jumped 0.8% to 23,953.82. South Korea's Kospi added 0.3% to 2,364.11.

India's Sensex surged 0.8% to 39,294.51. Shares also rose in Taiwan and Southeast Asia.

“Asian markets are quiet with mainland China away and caution around potential negative headlines from the White House," Jeffrey Halley of Oanda said in a commentary.

Overnight, the S&P 500 jumped 60.19 points to 3,408.63, with nine...