Asia-Pacific markets were set to open mixed Tuesday, after Wall Street gained on hopes that U.S. President Donald Trump’s tariffs could be be softer than expected.

Australia’s S&P/ASX 200 started the day 0.63% higher. The country’s budget will be tabled by Treasurer Jim Chalmers later in the day.

Over in Japan, the benchmark Nikkei 225 was set to open higher, with the futures contract in Chicago at 37,805 while its counterpart in Osaka last traded at 37,720, against the index’s Monday close of 37,608.49.

Futures for Hong Kong’s Hang Seng index last traded at 23,609, pointing to a weaker open compared to the HSI’s close of 23,905.56.

U.S. futures edged down marginally after the three key Wall Street indexes logged gains overnight.

The Dow Jones Industrial Average jumped 597.97 points, or 1.42%, to end at 42,583.32. The S&P 500 added 1.76% and closed at 5,767.57, while the tech-heavy Nasdaq Composite gained 2.27% to settle at 18,188.59.

Shares of Tesla, which have fallen for nine straight weeks, rose nearly 12%, adding to their Friday gains. Meta Platforms and Nvidia climbed more than 3%.

— CNBC’s Pia Singh, Brian Evans and Hakyung Kim contributed to this report.