Asian Markets Mixed Amid Cautious Trades

(RTTNews) - Asian stock markets are trading mixed on Tuesday, following the broadly positive cues from Wall Street overnight, as traders remain optimistic about the outlook for interest rates following last week's weaker-than-expected US jobs data. They also remain cautious ahead of key U.S. inflation readings due later in the week that could influence the US Fed's rate trajectory. Asian markets closed mostly higher on Monday.

CME Group's FedWatch Tool is currently indicating a 90.2 percent chance the Fed will lower rates by a quarter point later this month.

The Australian stock market is trading notably lower on Tuesday, extending the losses in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling well below the 8,850 level, with weakness in iron ore miners, financial and energy stocks partially offset by gains in gold miners.

The benchmark S&P/ASX 200 Index is losing 40.80 points or 0.46 percent to 8,808.80, after hitting a low of 8,786.80 earlier. The broader All Ordinaries Index is down 39.60 points or 0.43 percent to 9,087.30. Australian stocks closed modestly lower on Monday.

Among the major miners, BHP Group and Rio Tinto are losing more than 1 percent each, while Mineral Resources is edging down 0.5 percent. Fortescue is gaining almost 1 percent.

Oil stocks are mostly lower. Beach energy is losing more than 1 percent and Origin Energy is edging down 0.3 percent, while Santos and Woodside Energy are declining almost 1 percent each.

Among tech stocks, Zip is losing almost 2 percent, WiseTech Global is declining almost 2 percent and Appen is slipping more than 2 percent, while Afterpay owner Block is gaining almost 1 percent. Xero is flat.

Gold miners are mostly higher. Northern Star resources and Evolution Mining are gaining almost 1 percent each, while Gold Road Resources is edging up 0.4 percent and Resolute Mining is surging more than 9 percent. Newmont is edging down 0.3 percent.

Among the big four banks, Commonwealth Bank is declining more than 1 percent and National Australia Bank is edging down 0.1 percent, while ANZ Banking and Westpac are losing almost 1 percent each.

In the currency market, the Aussie dollar is trading at $0.660 on Tuesday.

The Japanese stock market is trading modestly higher on Tuesday, extending the gains in the previous three sessions, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 43,700 level, after Prime Minister Shigeru Ishiba announced his resignation, with gains across most sectors led by exporters and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 43,732.80 up 88.99 points or 0.20 percent, after touching a record all-time high of 44,185.73 earlier. Japanese shares ended sharply higher on Monday.

Market heavyweight SoftBank Group is losing more than 1 percent and Uniqlo operator Fast Retailing is flat. Among automakers, Honda is gaining 1.5 percent and Toyota is edging up 0.4 percent.

In the tech space, Screen Holdings is climbing more than 6 percent, Advantest is surging more than 7 percent and Tokyo Electron is adding 3.5 percent.

In the banking sector, Mitsubishi UFJ Financial is gaining almost 1 percent and Mizuho Financial is edging up 0.1 percent, while Sumitomo Mitsui Financial is edging down 0.1 percent.

The major exporters are mostly higher. Mitsubishi Electric and Sony are adding more than 2 percent each, while Panasonic is gaining almost 1 percent. Canon is losing more than 1 percent.

Among the other major gainers, Tokuyama and Kanadevia are surging more than 5 percent each, while IHI is gaining more than 4 percent. Kawasaki Heavy Industries is adding almost 4 percent, while OKUMA, Renesas Electronics and Japan Airlines are aadvancing almost 3 percent each.

Conversely, Citizen Watch is tumbling more than 5 percent.

In the currency market, the U.S. dollar is trading in the lower 147 yen-range on Tuesday.

Elsewhere in Asia, Hong Kong, South Korea and Taiwan are higher by between 0.8 and 1.2 percent each, while New Zealand, Singapore and Indonesia are lower by between 0.3 and 0.9 percent each. China and Malaysia are relatively flat.

On Wall Street, stocks moved moderately higher during trading on Monday, regaining ground after ending last Friday's session well off their worst levels but still mostly lower. With the upward move, the tech-heavy Nasdaq reached a new record closing high.

The major averages all ended the day in positive territory. The Nasdaq climbed 98.31 points or 0.5 percent to 21,978.70, the Dow increased 114.09 points or 0.3 percent to 45,514.95 and the S&P 500 rose 13.65 points or 0.2 percent to 6,495.15.

The major European markets also moved to the upside on the day. While the German DAX Index and the French CAC 40 Index advanced by 0.9 percent and 0.8 percent, respectively, the U.K.'s FTSE 100 Index inched up by 0.1 percent.

Crude oil prices moved higher Monday on the threat of sanctions hanging over Russia on its oil exports, although the upside was limited by OPEC's decision Sunday to increase output. West Texas Intermediate crude for October delivery was up $0.53 or 0.86 percent at $62.40 per barrel.