Asian Markets Trade Mostly Lower

(RTTNews) - Asian stock markets are trading mostly lower on Tuesday, despite the broadly positive cues from European markets and lack of cues from Wall Street overnight, as traders remain cautious amid uncertainty after U.S. President Donald Trump decided to postpone the implementation of 50% tariffs on the European Union goods to July 9 from June 1. The UK and US stock markets were shut for a holiday. Asian markets closed mixed on Monday.

Trump decided to pause the levy following a call from EU Commission President Ursula von der Leyen.

"The EU and US share the world's most consequential and close trade relationship. Europe is ready to advance talks swiftly and decisively. To reach a good deal, we would need the time until July 9," Von der Leyen wrote on X.

The Australian stock market is trading slightly higher on Tuesday, extending the gains in the previous two sessions, following he broadly positive cues from European markets and lack of cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying above the 8,350 level, with slight gains in iron ore miners and energy stocks nearly offset by weakness in gold miners and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 11.60 points or 0.14 percent to 8,372.60, after touching a day's high of 8,384.00 earlier. The broader All Ordinaries Index is up 12.10 points or 0.14 percent to 8,600.90. Australian stocks closed slightly positive on Monday.

Among the major miners, Rio Tinto and BHP Group are edging up 0.2 to 0.4 percent each, while Mineral Resources is gaining almost 3 percent and Fortescue Metals is adding almost 1 percent.

Oil stocks are mostly higher. Woodside Energy is gaining almost 1 percent, while Beach energy and Santos are edging up 0.3 to 0.5 percent each. Origin Energy is edging down 0.3 percent.

Among tech stocks, Afterpay owner Block and Xero are edging up 0.1 to 0.2 percent each, while WiseTech Global is gaining more than 2 percent. Zip is losing more than 3 percent and Appen is declining almost 3 percent.

Gold miners are mostly lower. Evolution Mining and Northern Star resources are edging down 0.1 to 0.2 percent each, while Newmont is losing almost 1 percent. Gold Road Resources is edging up 0.3 percent. Resolute Mining is flat.

Among the big four banks, Commonwealth Bank, National Australia Bank, ANZ Banking and Westpac are edging down 0.1 to 0.4 percent each.

In the currency market, the Aussie dollar is trading at $0.648 on Tuesday.

The Japanese stock market is trading modestly lower on Tuesday, reversing the gains in the previous two sessions, following he broadly positive cues from European markets and lack of cues from Wall Street overnight, with the Nikkei 225 falling below the 37,450 level, with weakness across most sectors led by index heavyweights, financial and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 37,440.32, up 91.21 points or 0.24 percent, after hitting a low of 37,411.68 earlier. Japanese shares ended significantly higher on Monday.

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

In the tech space, Advantest and Screen Holdings are edging down 0.2 to 0.5 percent each, while Tokyo Electron is losing almost 1 percent.

In the banking sector, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are losing almost 1 percent, while Mizuho Financial is edging down 0.1 percent.

The major exporters are mixed. Canon is edging down 0.2 percent and Panasonic is losing almost 1 percent, while Sony is gaining almost 1 percent and Mitsubishi Electric is edging up 0.5 percent.

Among the other major losers, there are no other major losers.

Conversely, Kawasaki Heavy Industries is gaining more than 4 percent.

In the currency market, the U.S. dollar is trading in the lower 142 yen-range on Tuesday.

Elsewhere in Asia, China, Singapore, South Korea, Malaysia and Taiwan are lower by between 0.1 and 0.7 percent each, while New Zealand and Indonesia are up 0.1 percent each. Hong Kong is relatively flat.

On Wall Street, the markets were closed for Memorial Day on Monday after closing broadly lower on Friday.

The major European markets moved to the upside on the day. Germany's DAX climbed 1.68 percent and France's CAC 40 gained 1.21 percent. The UK market remained shut for Bank Holiday.

Crude oil prices were slightly lower ahead of an OPEC+ meeting that will decide on supply policy.