Asian Markets Track Global Markets Higher

(RTTNews) - Asian stock markets are trading mostly higher on Monday, following the broadly positive cues from global markets on Friday, amid easing concerns about the outlook for interest rates following recent comments from Federal Reserve officials and the latest economic data. The markets also reflected optimism about the outlook for the global economy following upbeat data from China and Europe. Asian markets closed mostly higher Friday.

A private survey showed activity in China's services sector expanded at the fastest pace in six months in February, while a separate report showed a reading on eurozone business activity reached an eight-month high.

Atlanta Fed Bank President Raphael Bostic backed smaller 25 basis point rate increases and said the central bank could be in a position to pause rate hikes sometime this summer.

The Australian stock market is notably higher on Monday, extending the gains in the previous two sessions, with the benchmark S&P/ASX 200 moving above the 7,300 level, following the broadly positive cues from global markets on Friday, with gains in financial and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 56.40 points or 0.77 percent to 7,340.00, after touching a high of 7,336.10 earlier. The broader All Ordinaries Index is up 53.30 points or 0.71 percent to 7,537.30. Australian stocks closed notably higher on Friday.

Among the major miners, Rio Tinto is losing almost 2 percent, Fortescue Metals is declining more than 2 percent, BHP Group is down almost 1 percent and Mineral Resources is slipping more than 1 percent. OZ Minerals is flat.

Oil stocks are mostly lower. Santos and Beach energy are losing almost 1 percent each, while Origin Energy is edging up 0.2 percent. Woodside Energy is edging down 0.1 percent.

Among tech stocks, Appen and Xero are gaining almost 5 percent each, while Afterpay owner Block is surging more than 5 percent, WiseTech Global is adding almost 2 percent and Zip is up almost 1 percent.

Gold miners are mixed. Gold Road Resources and Evolution Mining are edging up 0.2 to 0.5 percent each, while Northern Star Resources is edging down 0.3 percent. Newcrest Mining and Resolute Mining are flat.

Among the big four banks, Commonwealth Bank is gaining almost 1 percent and National Australia Bank is adding 1.5 percent, while Westpac and ANZ Banking are adding more than 1 percent each. In the currency market, the Aussie dollar is trading at $0.677 on Monday. The Japanese stock market is significantly higher on Monday, extending the gains in the previous session, with the Nikkei 225 staying above the 27,400 level, following the broadly positive cues from global markets on Friday, with gains across most sectors, led by financial and technology stocks. The benchmark Nikkei 225 Index closed the morning session at 28,259.97, up 332.50 or 1.19 percent, after touching a high of 28,288.62 earlier. Japanese shares ended sharply higher on Friday.

Market heavyweight SoftBank Group is gaining more than 3 percent, while Uniqlo operator Fast Retailing is adding more than 1 percent. Among automakers, Honda is gaining more than 1 percent and Toyota is also adding more than 1 percent.

In the tech space, Screen Holdings is gaining almost 1 percent, while Advantest is adding more than 1 percent and Tokyo Electron is advancing almost 3 percent.

In the banking sector, Sumitomo Mitsui Financial is adding 1.5 percent, Mitsubishi UFJ Financial is gaining more than 1 percent and Mizuho Financial is up almost 1 percent.

The major exporters are mostly higher. Canon and Mitsubishi Electric are gaining almost 1 percent each, while Sony is advancing 2.5 percent and Panasonic is edging up 0.2 percent.

Among the other major gainers, Tokai Carbon and Kobe Steel are gaining almost 3 percent each.

Conversely, Sumitomo Pharma is losing almost 3 percent.

In the currency market, the U.S. dollar is trading in the higher 135 yen-range on Monday.

Elsewhere in Asia, Taiwan is up 1.2 percent, while New Zealand, Hong Kong, South Korea, Malaysia and Indonesia are higher by between 0.1 and 0.9 percent each. China is bucking the trend and is down 0.4 percent. Singapore is relatively flat. On Wall Street, stocks showed another strong move to the upside during trading on Friday after turning positive over the course of Thursday's session. With the rally on the day, the major averages climbed further off their recent lows.

The major averages finished the session just off their best levels of the day. The Dow jumped 387.40 points or 1.2 percent to 33,390.97, the Nasdaq soared 226.02 points or 2.0 percent to 11,689.01 and the S&P 500 surged 64.29 points or 1.6 percent to 4,045.64.

The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index closed just above the unchanged line, the French CAC 40 Index advanced by 0.9 percent and the German DAX Index jumped by 1.6 percent.

Crude oil prices reversed an early sell-off after the United Arab Emirates denied a report that was thinking of leaving OPEC. West Texas Intermediate crude for April delivery surged $1.52 or 1.9 percent to $79.68 a barrel. For the week, crude oil spiked 4.4 percent.