Image copyright AFP

Asian markets traded higher in Tuesday's session, following overnight gains in the US markets.

The region's biggest market, Japan's Nikkei 225 index, rebounded from sharp losses on Monday to close 3.7% higher at 16,874.44

Hong Kong's Hang Seng index rose 1.3% to finish the day at 21,436.21 points.

In mainland China, the Shanghai Composite index edged up 0.3% to close at 3,042.82.

Over in South Korea, the Kospi index closed up 0.1% at 2,011.36.

In Australia, the benchmark S&P ASX 200 ended Tuesday's session 1% higher at 5,188.80.

Shares in commodity-related firms recovered from Monday's losses. BHP Billiton shares closed up 4.92%, reversing a 3% loss on Monday.

A quarterly update from mining company Rio Tinto showed an 11% rise in iron ore shipments for the three months to March.

Rio also cut its production guidance for next year from its iron ore mines in Australia. That is due to a delay in the rollout of new transport technology for its operations at the Pilbara mines. Rio Tinto shares finished up 3.8%.

Image copyright Getty Images

US earnings

US stocks closed higher overnight lifted by strong earnings from toy company Hasbro, as well as a recovery in oil prices. The Dow Jones rose 106.7 points to 18,004.16, its first close above 18,000 since July.

Internet firm Yahoo will release quarterly earnings later on Tuesday after the close of US markets. Attention will heavily be focused on what the company plans to do with its media assets, and if any announcements will be made on that front. According to various media reports, potential suitors range from private equity firm TPG to the owner of the UK's Daily Mail.

Other American companies reporting quarterly earnings on Tuesday include motorcycle manufacturer Harley Davidson and tobacco firm Philip Morris. Financial heavyweight Goldman Sachs will announce first quarter earnings before the start of regular trade on Wall Street.