Global markets today, Aug. 12 -- Asian markets opened on a higher note on Tuesday as investors reacted to the overnight extension of the U.S.-China trade truce, giving the two largest global economies more time to work toward an agreement.

Attention remains on Australian markets, with the Reserve Bank of Australia widely anticipated to cut cash rates later in the day.

Japan's Nikkei 225 hits record high as market resumes after a holiday. The index gained 1.26 per cent, while the broader Topix index climbed 0.74 per cent.

In South Korea, the Kospi rose 0.66 per cent and the Kosdaq added 0.4 per cent. Meanwhile, Australia's S&P/ASX 200 benchmark traded flat.

U.S. markets update

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