Asian Markets Trade Mostly Higher

(RTTNews) - Asian stock markets are trading mostly higher on Tuesday, following the broadly positive cues from Wall Street overnight, as the markets extend their gains boosted continued strength among technology stocks. Major currencies in the region also strengthened against the US dollar. Asian markets closed mostly higher on Monday.

Overall trading activity was subdued with a lack of any major economic data and the Christmas Day holiday keeping traders on the sidelines. Reports on durable goods orders, third quarter GDP, industrial production and consumer confidence from the US are still likely to attract attention later in the day.

The Australian stock market is trading significantly higher on Tuesday, adding to the gains in the previous three sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 8,750 level, with gains across most sectors led by financial and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 89.20 points or 1.03 percent to 8,789.10, after touching a high of 8,793.80 earlier. The broader All Ordinaries Index is up 85.70 points or 0.95 percent to 9,086.40. Australian stocks closed significantly higher on Monday.

Among the major miners, BHP Group and Rio Tinto are gaining more than 1 percent each, while Fortescue is edging up 0.1 percent. Mineral Resources is edging down 0.2 percent. Oil stocks are mostly higher. Woodside Energy and Beach energy are advancing almost 2 percent each, while Santos is adding almost 1 percent. Origin Energy is edging down 0.1 percent.

Among tech stocks, Afterpay owner Block is losing more than 1 percent, while Zip is adding almost 2 percent, Xero is edging up 0.3 percent, WiseTech Global is gaining almost 2 percent and Appen is up more than 1 percent.

Gold miners are mostly higher. Evolution Mining and Northern Star resources are edging down 0.1 to 0.2 percent each. Genesis Minerals and Resolute Mining are adding almost 1 percent each, while Newmont is gaining almost 2 percent.

Among the big four banks, Commonwealth Bank is advancing almost 2 percent and ANZ Banking is adding almost 1 percent, while National Australia Bank and Westpac are gaining more than 1 percent each. In other news, shares in Goodman Group are jumping almost 9 percent after inking a A$14 billion partnership with CPP Investments to develop data centres across Europe, tapping into the booming demand for cloud and AI capabilities.

In the currency market, the Aussie dollar is trading at $0.667 on Tuesday.

The Japanese stock market is trading slightly higher on Tuesday, extending the gains in the previous two sessions, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving well above the 50,400 level, with gains in exporters and financial stocks partially offset by weakness in index heavyweights and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 50,442.12, up 39.73 points or 0.08 percent, after touching a high of 50,544.56 earlier. Japanese shares ended sharply higher on Monday.

Market heavyweight SoftBank Group is edging down 0.4 percent and Uniqlo operator Fast Retailing is also edging down 0.2 percent. Among automakers, Honda is edging down 0.1 percent and Toyota is flat.

In the tech space, Tokyo Electron is losing almost 1 percent and Advantest is declining more than 2 percent, while Screen Holdings is gaining almost 1 percent.

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

The major exporters are mostly higher. Panasonic, Mitsubishi Electric and Canon are edging up 0.1 to 0.5 percent each, while Sony is gaining more than 2 percent.

Among the other major gainers, SHIFT is gaining more than 3 percent.

Conversely, there are no other major losers.

In the currency market, the U.S. dollar is trading in the higher 156-yen range on Tuesday.

Elsewhere in Asia, New Zealand, China, Hong Kong, Singapore, South Korea and Taiwan are higher by between 0.1 and 0.5 percent each, while Malaysia and Indonesia are down 0.1 and 0.4 percent, respectively.

On Wall Street, stocks moved mostly higher during trading on Monday, extending the strong upward move seen over the two previous sessions. The major averages all moved to the upside on the day following the mixed performance seen in the previous week.

The major averages finished the day off their highs of the session but still firmly in positive territory. The Dow rose 227.79 points or 0.5 percent to 48,362.68, the Nasdaq climbed 121.21 points or 0.5 percent to 23,428.83 and the S&P 500 advanced 43.99 points or 0.6 percent to 6,878.49.

Meanwhile, the major European markets moved to the downside on the day. While the French CAC 40 Index slid by 0.4 percent, the U.K.'s FTSE 100 Index fell by 0.3 percent and the German DAX Index edged down by less than a tenth of a percent.

Crude oil prices surged on Monday as the conflict between the U.S. and Venezuela continue to escalate, while Russia and Ukraine remain heavily engaged. West Texas Intermediate crude for February delivery was up $1.43 or 2.53 percent at $57.95 per barrel.