Asian Markets Mostly Higher

(RTTNews) - Asian stock markets are trading mostly higher in thin holiday trade on Tuesday, following the lack of cues from major global markets overnight after the extended holiday weekend, as traders continue to react to indications that U.S. inflation may be receding after data showed consumer spending and inflation slowed in November. However, this may not enough to discourage the US Fed from driving interest rates to higher levels next year. Asian markets closed mostly higher on Monday.

The Australian stock market is closed on Tuesday as a substitute holiday for Christmas Day. Australian stocks closed notably lower on Friday.

In the currency market, the Aussie dollar is trading at $0.675 on Tuesday.

The Japanese stock market is modestly higher in choppy trading on Tuesday, extending the gains in the previous session, with the Nikkei 225 moving above the 26,500 level, following the lack of cues from major global markets after the extended holiday weekend, with traders largely staying cautious and refrained from making significant moves.

The benchmark Nikkei 225 Index closed the morning session at 26,543.47, up 137.60 points 0.52 percent, after touching a high of 26,620.49 earlier. Japanese shares ended notably higher on Monday.

Market heavyweight SoftBank Group and Uniqlo operator Fast Retailing are gaining more than 1 percent each. Among automakers, Honda and Toyota are edging down 0.2 to 0.3 percent each.

In the tech space, Advantest is losing more than 1 percent, Screen Holdings is down almost 1 percent and Tokyo Electron is edging down 0.5 percent. In the banking sector, Mitsubishi UFJ Financial is gaining more than 1 percent, while Sumitomo Mitsui Financial and Mizuho Financial are adding almost 1 percent each.

The major exporters are mixed. Canon is edging up 0.5 percent and Mitsubishi Electric, Sony and Panasonic are edging down 0.1 to 0.3 percent each. Among the other major losers, Takashimaya is soaring more than 8 percent and Isetan Mitsukoshi Holdings is surging almost 8 percent, while Shiseido and J. Front Retailing are advancing almost 7 percent each. Keisei Electric Railway and West Japan Railway are gaining more than 3 percent, while Keio, Aeon, M3, Marui Group and ANA Holdings are adding almost 3 percent each.

Conversely, there are no major losers.

In the currency market, the U.S. dollar is trading in the higher 132 yen-range on Tuesday.

Elsewhere in Asia, China, Singapore, South Korea, Malaysia, Taiwan and Indonesia are higher by between 0.1 and 0.7 percent each. New Zealand and Hong Kong are closed.

The Wall Street and all the major European markets were closed on Monday for Christmas Holiday.