Asian markets are mixed on trade hopes, economy woes

Japan's Nikkei (N225) rose 1.4%, while South Korea's Kospi (KOSPI) was up about 1%. But China's Shanghai Composite (SHCOMP) was down 0.2% after trading slightly higher earlier in the morning.

Hong Kong was dragged down by disappointing economic figures. The Hang Seng (HSI) fell 0.3% in early morning trade.

The Financial Times reported on Tuesday that Trump administration officials are debating removing some existing tariffs on Chinese goods to help seal a partial deal that would pause the trade war with Beijing as early as this month.

The United States is assessing current tariffs as it works to finalize "phase one" of a trade deal, officials told CNN, but no decisions have been made beyond the tariff relief announced last month.

Meanwhile in Hong Kong, investors reacted to a plunge in manufacturing data. Growth output from the financial hub's manufacturing sector fell in October, the latest sign that five months of massive protests are hitting Hong Kong's economy hard. The latest purchasing managers index (PMI) fell to 39.3 in October, from 41.5 in September. The protests have pushed Hong Kong into its first recession since the global financial crisis.

CNN's Kevin Liptak contributed to this report.

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