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Asian markets mostly lower after Wall Street gains

Beijing - Asian markets were mostly lower on Tuesday after Wall Street gained as Italy moved toward forming a Eurosceptic-led government.

The Shanghai Composite Index declined 0.4% to 3 201.11 and Tokyo's Nikkei 225 shed 0.1% to 22 979.20. Sydney's S&P-ASX 200 lost 0.8% to 6 036.80 and benchmarks in New Zealand, Taiwan and the Philippines also fell.

Markets in Hong Kong and South Korea were closed for holidays. India's Sensex gained 0.2% to 34 690.63.

Industrial and technology companies led gains after Washington and Beijing appeared to make progress in trade talks. The Dow Jones industrial average rose 1.2% to 25 013.29. The Standard & Poor's 500 gained 0.7% to 2 733.01 points.

The Nasdaq composite added 0.5% to 7 394.04. Boeing Co gained 3.6% and construction equipment maker Caterpillar rose 2.1%. General Electric Co rose 1.9% after announcing its train engine division will combine with railroad equipment maker Westinghouse Air Brake Technologies.

Treasury Secretary Steven Mnuchin said the United States postponed its proposal to raise tariffs on Chinese goods worth up to $150bn. That helped ease investor concerns the two biggest economies might be headed for a trade war.

President Donald Trump is threatening the tariff hike over complaints Beijing steals or pressures foreign companies to hand over technology. The two sides gave no indication how much progress they made toward ending their dispute and said hostilities could revive.

The Eurosceptic 5-Star Movement and the right-wing League identified a 53-year-old law professor with no political experience as their pick to become Italy's next premier.

League leader Matteo Salvini called the candidate, Giuseppe Conte, an expert in trimming bureaucracy, "which is what many companies are asking for." The prospect of a 5-Star-League government has weighed on markets. Their agenda includes pension changes, a minimum salary for struggling Italians and a flat tax. Economists and European Union policymakers worry that will increase Italy's debt burden.

Benchmark US crude gained 15 cents to $72.50 per barrel in electronic trading on the New York Mercantile Exchange. The contract jumped 98 cents on Monday to close at $72.35. Brent crude, used to price international oils, rose 13 cents to $79.35 per barrel in London. It added 71 cents the previous session to $79.22.

The dollar declined to ¥110.95 from Monday's ¥111.03. The euro edged down to $1.1777 from $1.1791.

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