Asian Markets Track Wall Street Higher

(RTTNews) - Asian stock markets are trading mostly higher on Monday, following the broadly positive cues from Wall Street on Friday, boosted by sharp gains in technology shares which mirrored their peers on the tech-heavy Nasdaq amid solid earnings news and easing concerns of a tech bubble. Optimism about more monetary easing by the US Fed following soft inflation data continues to lift the markets. Asian markets closed mostly higher on Friday.

The Australian stock market is significantly higher on Monday, adding to the gains in the previous two sessions, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving well above the 8,650.00 level, with gains across most other sectors led by mining and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 79.20 points or 0.92 percent to 8,700.60, after touching a high of 8,708.90 and a low of 8,599.60 earlier. The broader All Ordinaries Index is up 82.00 points or 0.92 percent to 9,000.30. Australian stocks closed modestly higher on Friday.

Among the major miners, BHP Group is gaining almost 1 percent, Rio Tinto is adding more than 1 percent, Fortescue is advancing almost 2 percent and Mineral Resources is surging almost 4 percent.

Oil stocks are mostly higher. Beach energy and Santos are gaining almost 1 percent each, while Woodside Energy and Origin Energy are edging up 0.2 to 0.5 percent each.

Among tech stocks, Afterpay owner Block is advancing almost 2 percent, Zip is gaining more than 1 percent, Xero is edging up 0.2 percent and Appen is surging almost 7 percent, while WiseTech Global is losing almost 4 percent.

Gold miners are mostly higher. Northern Star Resources and Genesis Minerals are adding almost 3 percent each, while Resolute Mining is up 2.5 percent, Evolution Mining is gaining more than 2 percent and Newmont is advancing almost 4 percent.

Among the big four banks, Westpac and National Australia Bank edging down 0.1 to 0.3 percent each, while ANZ Banking is gaining almost 1 percent and Commonwealth Bank is edging up 0.4 percent.

In other news, shares in NextDC are jumping more than 7 percent after the data centre operator announced an increase in contracted utilization, reaching 412MW following recent customer contract wins, significantly exceeding earlier expectations.

In the currency market, the Aussie dollar is trading at $0.661 on Monday.

The Japanese stock market is trading sharply higher on Monday, extending the gains in the previous session, following the broadly positive cues from Wall Street on Friday, with the Nikkei 225 moving well above the 50,450 level, with gains across most sectors led by index heavyweights, financial and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 50,480.76, up 973.55 points or 1.97 percent, after touching a high of 50,590.88 earlier. Japanese shares ended significantly higher on Friday.

Market heavyweight SoftBank Group is surging almost 7 percent and Uniqlo operator Fast Retailing is adding more than 1 percent. Among automakers, Honda is gaining more than 2 percent and Toyota is up more than 1 percent.

In the tech space, Advantest is gaining more than 3 percent, Screen Holdings is advancing almost 4 percent and Tokyo Electron is surging almost 5 percent.

In the banking sector, Sumitomo Mitsui Financial is gaining more than 1 percent, Mitsubishi UFJ Financial is advancing more than 2 percent and Mizuho Financial is adding almost 3 percent.

The major exporters are mostly higher. Mitsubishi Electric is gaining almost 3 percent, Canon is up more than 1 percent and Panasonic is advancing more than 3 percent, while Sony is edging down 0.1 percent.

Among the other major gainers, Toppan Holdings is surging almost 7 percent, while Sumitomo Electric Industries and Resonac Holdings are jumping more than 6 percent each. Mitsui Kinzoku, Fujikura are advancing almost 6 percent each, while Lasertec, Ibiden and Furukawa Electric are gaining almost 5 percent each. Japan Steel Works, Disco, Fanuc and Sumitomo Metal Mining are adding almost 4 percent.

Conversely, Nitori Holdings is tumbling almost 5 percent, SHIFT is declining almost 4 percent and M3 is losing more than 3 percent, while NH Foods and Aeon are down almost 3 percent each.

In the currency market, the U.S. dollar is trading in the lower 157 yen-range on Monday.

Elsewhere in Asia, South Korea and Taiwan are up 1.8 and 1.3 percent, respectively. New Zealand, China, Hong Kong, Singapore and Indonesia are higher by between 0.1 and 0.9 percent each. Malaysia is bucking the trend and is down 0.1 percent.

On Wall Street, stocks showed a strong move to the upside during trading on Friday, extending the significant rebound seen over the course of Thursday's session. With the upward move, the major averages further offset the weakness seen earlier in the week.

The tech-heavy Nasdaq reached new highs for the session going into the end of the day, closing up 301.26 points or 1.3 percent at 23,307.62. The S&P 500 also jumped 59.74 points or 0.9 percent to 6,834.50, while the narrower Dow rose 183.04 points or 0.4 percent to 48,134.89.

The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index climbed by 0.6 percent, the German DAX Index rose by 0.4 percent and the French CAC 40 Index closed just above the unchanged line.

Crude oil prices increased on Friday amid concerns of a supply side disruption due to brewing U.S.-Venezuela tensions. West Texas Intermediate crude for January delivery was up by $0.47 or 0.84 percent at $56.62 per barrel.