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Asian shares gain,geopolitical tensions drop

Hong Kong - Asian shares were mostly higher on Tuesday, tracking rallies on Wall Street and in Europe as easing geopolitical tensions lifted investor confidence.

Tokyo stocks gained 0.32%, extending their rally in the previous session after US air strikes on Iraq, aimed at beating back rampaging Islamic State extremists, prompted sharp falls last week.

Sydney climbed 1.09% and Seoul traded 0.31% higher, but Shanghai shed 0.42% and Hong Kong slipped a tad as investors booked profits following recent gains.

Bangkok was closed for a public holiday.

US President Barack Obama, who reluctantly ordered the air strikes last week, welcomed the nomination of a new Iraqi prime minister Monday to replace controversial leader Nuri al-Maliki.

Obama voiced hope that a new Iraqi leadership would forge an "inclusive government" and begin to ease the sectarian divisions that have fuelled the crisis.

Investors were also tracking the crisis in conflict-torn Ukraine as Russia said on Monday it would dispatch a humanitarian convoy to the eastern part of the country, despite fierce warnings from the West that Moscow not act alone as a cover for sending in troops.

Russia insists its military would not be involved in the convoy, but Kiev said Moscow could only play a role as part of a broader Red Cross mission.

US stocks finished higher on Monday as subsiding geopolitical tensions boosted market confidence.

The Dow Jones Industrial Average rose 0.10% at 16 569.98, while the broad-based S&P 500 gained 0.28% to 1 936.92.

On currency markets, the dollar was at ¥102.24 in early Tokyo trade, compared with ¥102.21 in New York late on Monday.

The dollar rallied against the yen and euro on Monday after the unit plunged in the wake of last week's announcement of US air strikes in Iraq.

The euro bought $1.3384 and ¥136.81 against $1.3383 and ¥136.79.

On oil markets, US benchmark West Texas Intermediate for September delivery eased 16 cents to $97.92 while Brent crude for September was down 12c to $104.56.
 
Gold traded at $1 306.66 an ounce by 024:54 compared to $1 307.68 an ounce on Monday.

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