Asian Markets Trade Mostly Higher

(RTTNews) - Asian stock markets are trading mostly higher on Tuesday, despite the broadly negative cues from Wall Street overnight, as traders remain cautious and optimistic for a resolution to the U.S.-Iran war, even as tensions between Washington and Tehran continue to simmer ahead of a potential ceasefire deadline. Asian markets closed mostly higher on Monday.

U.S. President Trump indicated that he is unlikely to extend the truce with Iran if no agreement is reached before its expiry Wednesday evening, Washington time. He has also threatened to destroy Iran's power plants and bridges if the ceasefire lapses.

After the U.S. attacked and seized an Iranian-flagged cargo ship in the Gulf of Oman, Iran reversed its decision to reopen the Strait of Hormuz and refused new face-to-face talks with the U.S.

The Australian stock market is slightly lower on Tuesday after opening in the green, snapping a three-session losing streak, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,950 level, with weakness in energy stocks nearly offset by gains in iron ore miners and technology stocks.

The benchmark S&P/ASX 200 Index is losing 10.90 points or 0.12 percent to 8,942.40, after touching a high of 8,976.10 earlier. The broader All Ordinaries Index is down 4.50 points or 0.05 percent to 9,169.60. Australian stocks ended slightly lower on Monday.

Among the major miners, BHP Group and Rio Tinto are edging up 0.1 to 0.2 percent each, while Mineral Resources is adding more than 1 percent. Fortescue is edging down 0.2 percent.

Oil stocks are weak. Woodside Energy, Beach energy and Santos are losing almost 1 percent each, while Origin Energy is edging down 0.3 percent.

Among tech stocks, Afterpay owner Block and WiseTech Global are gaining more than 3 percent each, while Xero is adding more than 2 percent, Zip is advancing almost 4 percent and Appen is surging almost 6 percent.

Gold miners are mixed. Evolution Mining is losing almost 2 percent and Northern Star resources is down almost 1 percent, while Newmont and Genesis Minerals are edging up 0.1 to 0.2 percent each. Resolute Mining is flat.

Among the big four banks, Westpac is edging down 0.1 percent, while National Australia Bank and ANZ Banking are edging up 0.2 to 0.3 percent each. Commonwealth Bank is flat.

In the currency market, the Aussie dollar is trading at $0.717 on Tuesday.

The Japanese stock market is trading sharply higher on Tuesday, extending the gains in the previous session, despite the broadly negative cues from Wall Street overnight. The Nikkei 225 is moving up t near the 59,600 level, with gains in index heavyweights, exporters and technology stocks partially offset by weakness in financial stocks.

The benchmark Nikkei 225 Index closed the morning session at 59,596.10, up 771.21 points or 1.31 percent, after touching a high of 59,600.96 earlier. Japanese shares ended notably higher on Monday.

Market heavyweight SoftBank Group is gaining almost 4 percent and Uniqlo operator Fast Retailing is edging up 0.4 percent. Among automakers, Honda is gaining almost 1 percent, while Toyota is losing almost 2 percent.

In the tech space, Tokyo Electron is gaining more than 4 percent, Advantest is adding almost 2 percent and Screen Holdings is advancing more than 3 percent.

In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are declining almost 2 percent each, while Mitsubishi UFJ Financial is losing almost 1 percent.

The major exporters are mostly higher. Mitsubishi Electric is gaining almost 1 percent, Panasonic is adding more than 2 percent and Canon is edging up 0.5 percent, while Sony is losing more than 1 percent.

Among the other major gainers, Resonac Holdings and Kioxia Holdings are jumping more than 4 percent each, while Lasertec is surging almost 5 percent. Sumitomo Electric Industries and Nissan Chemical are advancing more than 4 percent each. Fujikura is advancing almost 4 percent, while Sumco, Furukawa Electric and Ibiden are gaining more than 3 percent each. Renesas Electronics is adding almost 3 percent.

Conversely, SHIFT is declining more than 5 percent and Chugai Pharmaceutical is losing more than 4 percent, while IHI, Sumitomo Pharma and Kawasaki Heavy Industries are slipping more than 3 percent each. Nitori Holdings, Kanadevia, Daiichi Sankyo and Chiba Bank are down almost 3 percdent each.

In the currency market, the U.S. dollar is trading in the higher 158-yen range on Tuesday.

Elsewhere in Asia, South Korea and Taiwan are up 2.0 and 1.9 percent, respectively. Singapore, Hong Kong and Malaysia are higher by between 0.2 to 0.7 percent each, while New Zealand, China, and Indonesia are lower by between 0.1 to 0.6 percent each. On Wall Street, stocks saw a modest pullback during trading on Monday following the substantial rally seen last week. The major averages all moved to the downside, although selling pressure was relatively subdued.

The major averages finished the day well off their lows of the session but still in the red. The Nasdaq fell 64.09 points or 0.3 percent to 24,404.39, the S&P 500 dipped 16.92 points or 0.2 percent to 7,109.14 and the Dow edged down 4.87 points or less than a tenth of a percent to 49,442.56.

The major European markets also moved to the downside on the day. While the U.K.'s FTSE 100 Index slid by 0.6 percent, the French CAC 40 Index and the German DAX Index slumped by 1.1 percent and 1.2 percent, respectively.

Crude oil prices skyrocketed on Monday after the U.S. seized an Iranian cargo ship and Iran vowed to retaliate, renewing supply-related concerns. West Texas Intermediate crude for May delivery was up $5.54 or 6.61 percent at $89.39 per barrel.