Asian Markets Trade Mixed

(RTTNews) - Asian stock markets are trading mixed on Monday, following the broadly positive cues from Wall Street on Friday, amid renewed escalation in U.S-Iran tensions after U.S. President Donald Trump and Iran rejected each other's latest peace proposals to end the war in the Middle East. Keeping the Strait of Hormuz largely closed is also sending crude oil prices surging and raising global inflationary concerns. Asian markets closed mostly lower on Friday.

Trump dismissed Iran's response to the US proposal to end the war. Trump described the response as "totally unacceptable" and accused Tehran of playing games, dampening hopes for an imminent resolution to the 10-week-long conflict.

Tehran reportedly offered transferring part of its highly enriched uranium stockpile to a third country while refusing to dismantle its nuclear infrastructure.

Meanwhile, Israeli Prime Minister Benjamin Netanyahu warned that the conflict with Iran was "not over," heightening concerns over further military escalation.

The Australian stock market is notably lower on Monday, extending the sharp losses in the previous session, despite the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling below the 8,700.00 level, with weakness in financial and technology stocks partially offset by gains in iron ore miners and energy stocks.

The benchmark S&P/ASX 200 Index is losing 46.80 points or 0.54 percent to 8,697.60, after hitting a low of 8,643.50 earlier. The broader All Ordinaries Index is down 44.70 points or 0.50 percent to 8,935.80. Australian stocks closed sharply lower on Friday.

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

Oil stocks are mostly higher. Beach energy, Origin Energy and Santos are edging up 0.1 to 0.3 percent each, while Woodside Energy is gaining almost 1 percent.

Among tech stocks, Afterpay owner Block is gaining more than 1 percent, while Xero is declining more than 4 percent, Zip is down more than 3 percent, WiseTech Global is losing almost 3 percent and Appen is slipping almost 2 percent.

Gold miners are mostly lower. Northern Star Resources and Evolution Mining are edging down 0.3 to 0.4 percent each, while Genesis Minerals is losing almost 2 percent. Resolute Mining is gaining more than 1 percent. Newmont is flat.

Among the big four banks, Commonwealth Bank and ANZ Banking are edging down 0.3 to 0.5 percent each, while National Australia Bank and Westpac are declining more than 1 percent each.

In other news, shares in CSL are tumbling more than 19 percent after it downgraded its outlook for the 2026 fiscal year. It has flagged US$S5 billion (A$6.91 billion) in additional non-cash pre-tax impairments over FY26 and FY27.

In economic news, the seasonally adjusted number of total dwellings approved in Australia fell 10.5 percent on month to 17,300 units in March 2026, reversing a 31.0 percent surge in February. This marked the steepest decline since late December. Meanwhile, total dwelling approvals were still up 9.0 percent on year, following a 16.1 percent gain in the previous period.

Private house approvals in Australia rose by 0.9 percent on month to 10,194 units in March 2026, confirming preliminary estimates and easing from a 2 percent increase in the previous month. This marked the fifth consecutive monthly gain. On an annual basis, private house approvals climbed 12 percent, accelerating from a 9.3 percent increase in the previous month.

In the currency market, the Aussie dollar is trading at $0.723 on Monday.

The Japanese stock market is trading modestly lower on Monday after opening in the green, reversing the losses in the previous session, despite the broadly positive from Wall Street on Friday, with the Nikkei 225 falling well below the 62,500 level, with weakness in automakers and technology stocks partially offset by gains in financial stocks.

The benchmark Nikkei 225 Index closed the morning session at 62,486.84, down 226.81 points or 0.36 percent, after touching a high of 62,437.20 earlier. Japanese shares ended modestly lower on Friday.

Market heavyweight SoftBank Group is tumbling more than 5 percent, while Uniqlo operator Fast Retailing is edging up 0.3 percent. Among automakers, Honda is losing more than 1 percent and Toyota is declining almost 2 percent.

In the tech space, Advantest is declining almost 2 percent, while Screen Holdings and Tokyo Electron are edging down 0.2 to 0.3 percent each.

In the banking sector, Sumitomo Mitsui Financial, Mitsubishi UFJ Financial and Mizuho Financial are gaining almost 1 percent each.

The major exporters are mixed. Mitsubishi Electric and Panasonic are losing almost 1 percent each, while Sony is surging almost 10 percent and Canon is gaining almost 1 percent.

Among the other major gainers, Konami Group is soaring almost 13 percent, while Kioxia Holdings and Ajinomoto are jumping more than 7 percent each. Mitsubishi Motors, Japan Tobacco and Nitori Holdings are surging almost 6 percent each, while Teijin, Tokai Carbon, Sumitomo Pharma are advancing almost 5 percent each. Tokuyama and Alps Alpine are gaining more than 4 percent each, while Toyota Tsusho, Yokogawa Electric and Pan Pacific International are adding almost 3 percent each.

Conversely, IHI is tumbling more than 7 percent and Nintendo is sliding more than 6 percent, while Keisei Electric Railway and NH Foods are slipping almost 5 percent. Sumitomo Metal Mining is declining more than 4 percent, while JFE Holdings and Taiyo Yuden are losing almost 4 percent each. Sumco, Yamato Holdings and Kawasaki Heavy Industries are down more than 3 percent each, while Keyence and Mitsubishi Heavy Industries are falling 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 is surging 4.6 percent, while China, Singapore and Taiwan are higher by between 0.1 and 0.7 percent each. New Zealand Hong Kong, and Indonesia are lower by between 0.1 and 1.1 percent each. Malaysia is relatively flat.

On Wall Street, stocks showed a strong move back to the upside during trading on Friday following the pullback seen over the course of the previous session. The tech-heavy Nasdaq led the way higher and reached a new record closing high along with the S&P 500.

The Nasdaq saw further upside going into the end of the day, surging 440.88 points or 1.7 percent to 26,247.08. The S&P 500 also advanced 61.82 points or 0.8 percent to 7,398.93, while the narrower Dow posted a more modest gain, inching up 12.19 points or less than a tenth of a percent to 49,609.19.

Meanwhile, the major European markets all moved to the downside on the day. While the U.K.'s FTSE 100 Index fell by 0.4 percent, the French CAC 40 Index slumped by 1.1 percent and the German DAX Index tumbled by 1.3 percent.

Crude oil prices inched higher Friday as Middle East tensions renewed between the U.S. and Iran. Iran is also delaying its response to a U.S. peace proposal, adding to the uncertainty. West Texas Intermediate crude for June delivery was up $0.36 or 0.36 percent at $95.17 per barrel.