Asian Markets Trade Mixed

(RTTNews) - Asian stock markets are trading mixed on Monday, despite the broadly positive cues from Wall Street on Friday, on renewed geopolitical tension in the Middle East after reports of U.S.-Iran airstrikes and Tehran's closure of the critical Strait of Hormuz, which will raise global inflationary pressures amid spiking crude oil prices. The latest escalation also delays the broader resolution to the conflict. Asian markets closed mostly higher on Friday.

The US and Iran exchanged fresh missile strikes over the weekend amid the ongoing dispute on the control over the Strait of Hormuz, while conflicting claims over the status of the Strait of Hormuz heightened uncertainty.

The Australian stock market is modestly lower on Monday, reversing some of the gains in the previous session, despite the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is well falling below the 8,800.00 level, with weakness in gold miners and technology stocks partially offset by gains in iron ore miners and energy stocks.

The benchmark S&P/ASX 200 Index is losing 29.40 points or 0.33 percent to 8,776.60, after hitting a low of 8,771.50 earlier. The broader All Ordinaries Index is down 30.90 points or 0.34 percent to 8,972.80. Australian stocks closed notably higher on Friday.

Among the major miners, Fortescue is gaining more than 1 percent, while BHP Group and Rio Tinto are edging up 0.1 to 0.4 percent each. Mineral Resources is down more than 1 percent.

Oil stocks are mostly higher. Beach energy is gaining more than 1 percent, while Woodside Energy and Santos are edging up 0.1 to 0.5 percent each. Origin Energy is losing almost 2 percent.

Among tech stocks, Afterpay owner Block edging down 0.3 percent, Xero is declining more than 3 percent and Appen is down more than 1 percent, while WiseTech Global and Zip are losing almost 2 percent each.

Gold miners are mostly lower. Resolute Mining is slipping more than 3 percent, Northern Star Resources is declining almost 3 percent, Evolution Mining is losing more than 2 percent and Newmont is edging down 0.3 percent, while Genesis Minerals is gaining more than 2 percent.

Among the big four banks, Commonwealth Bank and ANZ Banking are edging up 0.1 to 0.4 percent each, while Westpac and National Australia Bank are edging down 0.1 to 0.2 percent each. In other news, shares in Dateline Resources are jumping almost 26 percent after receiving some welcome support from the US Government. The US DoJ filed documents opposing a legal challenge surrounding the Colosseum project, the 100%-owned gold and rare earths project in California.

In the currency market, the Aussie dollar is trading at $0.694 on Monday.

The Japanese stock market is significantly lower on Monday, reversing some of the sharp gains in the previous two sessions, despite the broadly positive cues from Wall Street on Friday. The Nikkei 225 is falling well below the 67,850 level, with weakness in exporter and technology stocks partially offset gains in financial stocks.

The benchmark Nikkei 225 Index closed the morning session at 67,786.86, down 770.87 points or 1.12 percent, after hitting a low of 67,230.45 earlier. Japanese shares ended significantly higher on Friday.

Market heavyweight SoftBank Group is edging up 0.2 percent, while Uniqlo operator Fast Retailing is losing more than 2 percent. Among automakers, Honda is edging up 0.1 percent, while Toyota is edging down 0.4 percent.

In the tech space, Advantest is losing almost 2 percent and Tokyo Electron is edging down 0.5 percent, while Screen Holdings is edging up 0.2 percent.

In the banking sector, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are gaining more than 2 percent each, while Mizuho Financial is adding almost 2 percent.

The major exporters are mostly lower. Mitsubishi Electric is losing more than 2 percent, Canon is down almost 1 percent, Panasonic is edging down 0.2 percent and Sony is declining more than 1 percent.

Among the other major losers, Yaskawa Electric is tumbling more than 14 percent, Taiyo Yuden is sliding almost 10 percent and Kioxia Holdings is slipping more than 6 percent, while Renesas Electronics, TDK and Minebea Mitsumi are declining almost 4 percent each. Chubu Electric Power, Ibiden and Omron are losing more than 3 percent each, while Chugai Pharmaceutical, Mitsui Kinzoku, Murata Manufacturing, Kajima and NGK are down almost 3 percent each.

Conversely, Ryohin Keikaku is soaring more than 15 percent, while Lasertec and Mitsubishi Motors are advancing more than 4 percent each. Sumco is gaining almost 3 percent each.

In the currency market, the U.S. dollar is trading in the lower 162 yen-range on Monday.

Elsewhere in Asia, South Korea is tumbling 4.5 percent, while China, New Zealand and Singapore are down 0.1 and 0.7 percent each. Taiwan is up 1.4 percent, while Hong Kong, Malaysia and Indonesia are higher by between 0.1 and 0.7 percent each.

On Wall Street, stocks showed a lack of direction early in the session on Friday but moved mostly higher over the course of the trading day. The major averages all moved to the upside, although buying interest remained relatively subdued.

The major averages pulled back off their best levels going into the end of the day but still posted modest gains. The Dow rose 149.60 points or 0.3 percent to 52,637.01, the Nasdaq increased 74.72 points or 0.3 percent to 26,281.61 and the S&P 500 climbed 31.75 points or 0.4 percent to 7,575.39.

Meanwhile, the major European markets turned in a mixed performance on the day. While the German DAX Index dipped by 0.2 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index both rose by 0.2 percent.

Crude oil prices slumped on Friday, thanks to efforts by third-party mediators to bring the U.S. and Iran back to the negotiating table. West Texas Intermediate crude for August delivery was down $0.75 or 1.04 percent at $71.33 per barrel.