Asian stock markets are trading mostly lower on Monday, following the broadly positive cues from global markets on Friday, as traders seemed reluctant to make significant moves ahead of several key economic reports and corporate earnings numbers later in the week from the U.S. They are also looking for additional clarity about the outlook for the markets following the volatility seen in recent sessions. Asian markets closed mostly lower Friday.
The Australian stock market is modestly lower on Monday, extending the losses in the previous session, with the benchmark S&P/ASX 200 staying above the 7,300 level, despite the broadly positive cues from global markets on Friday, with losses in mining and energy stocks partially offset by gains in technology and financial stocks.
The benchmark S&P/ASX 200 Index is losing 9.60 points or 0.13 percent to 7,320.80, after hitting a low of 7,307.70 earlier. The broader All Ordinaries Index is down 12.00 points or 0.16 percent to 7,511.00. Australian stocks closed modestly lower on Friday.
Among the major miners, Rio Tinto is losing more than 3 percent, BHP Group is down more than 2 percent and Fortescue Metals is slipping almost 5 percent, while Mineral Resources is adding almost 1 percent. OZ Minerals is flat.
Oil stocks are mostly lower. Woodside Energy is edging down 0.4 percent, Santos is losing almost 1 percent and Beach energy is down more than 1 percent, while Origin Energy is edging up 0.2 percent.
Among tech stocks, WiseTech Global is gaining more than 1 percent, Xero is adding almost 1 percent and Afterpay owner Block is up almost 2 percent, while Appen is losing almost 2 percent. Zip is flat.
Gold miners are lower. Gold Road Resources is losing almost 3 percent and Resolute Mining is declining more than 2 percent, while Evolution Mining, Newcrest Mining and Northern Star Resources are down more than 1 percent each.
Among the big four banks, Commonwealth Bank, National Australia Bank and Westpac are gaining almost 1 percent each, while ANZ Banking is edging up 0.4 percent.
In other news, shares in South32 are losing more than 8 percent after the miner cut its March quarter production.
Shares in InvoCare are plunging more than 15 percent after reports that TPG Capital has formally withdrawn its takeover offer for the funeral services company.
In the currency market, the Aussie dollar is trading at $0.668 on Monday.
The Japanese stock market is modestly higher on Monday, recouping the losses in the previous session, with the Nikkei 225 moving above the 28,600 level, following the positive cues from global markets on Friday, with notable gains in heavyweight stocks.
The benchmark Nikkei 225 Index closed the morning session at 28,646.39, up 82.02 or 0.29 percent, after touching a high of 28,680.65 earlier. Japanese shares ended modestly lower on Friday.
Market heavyweight SoftBank Group is gaining almost 2 percent and Uniqlo operator Fast Retailing is edging up 0.3 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is edging up 0.1 percent.
In the tech space, Screen Holdings is losing more than 2 percent, while Advantest and Tokyo Electron are declining more than 1 percent each.
In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are edging down 0.2 to 0.3 percent each, while Mitsubishi UFJ Financial is flat.
The major exporters are mostly higher. Mitsubishi Electric is flat, while Sony, Panasonic and Canon are edging up 0.3 to 0.5 percent each.
Among the other major gainers, Chugai Pharmaceutical is gaining almost 4 percent and ANA Holdings is adding almost 3 percent.
Conversely, Kawasaki Kisen Kaisha is losing more than 4 percent and Nippon Yusen K.K. is down more than 3 percent.
In the currency market, the U.S. dollar is trading in the lower 134 yen-range on Monday.
Elsewhere in Asia, China, Singapore, Hong Kong and South Korea are lower by between 0.3 and 0.8 percent each. New Zealand and Taiwan are up 0.1 and 0.2 percent, respectively. Malaysia and Indonesia are closed for Eid-ul-Fitr holiday.
On Wall Street, stocks showed a lack of direction throughout the trading day on Friday after ending Thursday’s session mostly lower. The major averages spent the day bouncing back and forth across the unchanged line.
The major averages eventually ended the session slightly higher. The Dow crept up 22.34 points or 0.1 percent to 33,808.96, the Nasdaq edged up 12.90 points or 0.1 percent to 12,072.46 and the S&P 500 inched up 3.73 points or 0.1 percent to 4,133.52.
The major European markets also moved to the upside on the day. While the U.K.’s FTSE 100 Index edged up by 0.2 percent, the French CAC 40 Index and the German DAX Index both rose by 0.5 percent.
Crude oil prices climbed higher Friday, buoyed by fairly strong data on private sector activity in the U.K. and eurozone. West Texas Intermediate Crude oil futures for June ended higher by $0.50 or 0.7 percent at $77.87 a barrel. WTI lost 5.5 percent last week.
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