Asian Markets Track Wall Street Higher

(RTTNews) - Asian stock markets are trading mostly higher on Tuesday, following the broadly positive cues from Wall Street overnight, as easing crude oil prices allayed concerns about global inflation and the corresponding outlook for interest rates. Markets were also boosted by technology stocks which mirrored their peers on tech-heavy NASDAQ amid renewed optimism about outlook for large AI hyperscalers. Asian markets closed mostly higher on Monday.

Traders also remain optimistic about diplomatic efforts to help de-escalate tensions in the Middle East ahead of a meeting between US President Donald Trump and Gulf-state leaders on the sidelines of the UN General Assembly later in the week.

Trump indicated potential for a meeting with Iranian President Masoud Pezeshkian in New York, adding that very big things could happen soon and he is in a "deciding mode" on military action.

The Australian stock market is modestly higher on Tuesday, extending the slight gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 index is moving above the 8,750 level, with gains in mining and technology stocks partially offset by weakness in energy and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 20.50 points or 0.23 percent to 8,752.40, after touching a high of 8,780.80 earlier. The broader All Ordinaries Index is up 23.40 points or 0.26 percent to 8,942.50. Australian stocks closed slightly higher on Monday.

Among the major miners, Rio Tinto and BHP Group are edging up 0.3 to 0.4 percent each, while Mineral Resources is gaining almost 2 percent and Fortescue is adding almost 1 percent.

Oil stocks are mostly lower. Beach energy, Woodside Energy and Santos are losing more than 1 percent each, while Origin Energy is declining more than 3 percent.

Among tech stocks, Afterpay owner Block and Zip are gaining almost 2 percent each, while Xero and WiseTech Global are advancing more than 4 percent each. Appen is surging almost 7 percent.

Gold miners are mostly higher. Evolution Mining is gaining almost 1 percent and Newmont is edging up 0.4 percent, while Northern Star Resources and Genesis Minerals are adding more than 1 percent each. Resolute Mining is losing more than 1 percent.

Among the big four banks, ANZ Banking, National Australia Bank, Commonwealth Bank and Westpac are edging down 0.3 to 0.5 percent each.

In the currency market, the Aussie dollar is trading at $0.711 on Tuesday.

The Japanese stock market is closed for National Citizen's Holiday on Tuesday. Japanese shares ended sharply higher on Friday ahead of the holiday on Monday.

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

Elsewhere in Asia, South Korea and Taiwan are up 1.7 and 1.4 percent, respectively. China, Hong Kong, Singapore, Malaysia and Indonesia are higher by between 0.3 and 0.5 percent each. New Zealand is bucking the trend and is down 0.1 percent.

On Wall Street, stocks moved firmly on Monday, supported by lower Treasury yields and easing concerns about inflation due to a sharp drop in oil prices. The major averages opened solidly higher and continued to track higher as the day progressed, ending at session highs.

The Dow climbed 366.19 points or 0.71 percent to finish at 52,048.83, while the NASDAQ soared 599.55 points or 2.26 percent to close at a record high of 27,122.09 and the S&P 500 gained 114.20 points or 1.49 percent to end at 7,764.70.

The major European markets also closed notably higher on Monday, rebounding strongly from previous session's losses on easing inflation concerns. The UK's FTSE was up 79.88 points or 0.75 percent to 10,739.01, while the German DAX jumped 270.95 points or 1.07 percent to 25,575.01 and the France's CAC 40 gained 73.92 points or 0.92 percent to 8,138.94.

Crude oil prices fell sharply on Monday amid hopes the diplomatic efforts by U.S. and Iran will help de-escalate tensions in the Middle East. West Texas Intermediate crude oil futures for October dropped to $95.70 a barrel, losing more than 4.5 percent.