The United States began imposing 15 per cent tariffs on a variety of Chinese goods on Sunday - including footwear, smart watches and flat-panel televisions - as China began imposing new duties on USA crude.
Financial, industrial and health care stocks were among the big winners.
The about-face by Macri, who had previously lifted many protectionist practices of his predecessor, Cristina Fernandez de Kirchner, came after the government failed to stem heavy investment outflows and to shore up its tumbling currency. South Korea's main index was unchanged.
USA markets were closed Monday for a holiday. -China trade war took effect.
Washington imposed 15% tariffs on a variety of Chinese goods and China began to impose new duties on a $75 billion target list.
Adding to gold's safe-haven appeal was USA manufacturing data that showed activity contracted for the first time in three years last month and President Donald Trump's threat that he would be "tougher" on Beijing in a second term if trade talks dragged on. Germany's DAX was 0.1% higher. The VIX is up 1.66 to 20.64 after the previous close of 18.98. As U.S. markets reopen after a long weekend, dollar strength buoyed by rising risks of Brexit may add pressure on the yuan, China Construction Bank (Asia) said in a note on Tuesday. -China trade tensions and weakening economic growth.
The shipbuilding and aerospace industries were the best performers on the market. But the official manufacturing survey still shows factory activity contracted for a fourth straight month.
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The dollar index against a basket of six major currencies was down 0.1 per cent, while Wall Street stock futures weakened in early trade on Monday, setting a dour tone for Asian markets.
Gold futures were also down to $1534.70/ troy ounce while USA dollar index, an index that measures the greenback against the basket of six other major currencies was constant at 98.472 having it the highest overnight in almost a month. Hong Kong's Hang Seng lost 0.1% to 25,601.70. The most heavily traded options this morning are for the S&P 500 SPDR (SPY), with 12,581 9/20/2019 $280.00 puts on the board. A pledge by China's State Council to boost support for the economy helped.
The ISM said its purchasing managers index fell to 49.1 in August after dipping to 51.2 in July, with a reading below 50 indicating a contraction in manufacturing activity.
Following the recent imposition of new tariffs by both the United States and China over the weekend, prices for gold immediately reacted and inched higher on Monday.
Gold reserves held by Venezuela's central bank fell by $1 billion in the first half of 2019, official data released this week showed, amid opposition accusations that the government is selling the precious metal overseas to raise revenue in the face of USA sanctions.
Global stock markets were mostly lower Tuesday amid revived jitters over U.S.
"(The market move) goes to show you how many data mining algos are involved with equity-linked compared with forex-linked.