(RTTNews) – Asian stock markets were mixed on Tuesday, following mixed signals from Wall Street overnight, with a sharp drop in crude oil prices and a rise in the delta-variable spread of the coronavirus and the resulting unused restrictions in several countries, including China, weighing on investor sentiment. Asian stocks closed mixed on Monday.
However, recent powerful US jobs data has raised hopes that the Federal Reserve may hoist interest rates sooner than previously thought. Investors are also awaiting US inflation data due on Wednesday, and are looking forward to speeches by several Federal Reserve officials to assess the monetary policy outlook.
The Australian stock market rose slightly on Tuesday, extending gains in the previous four sessions, with the S&P/ASX 200 index overhead the 7500 level, near all-time highs, following mixed signals from Wall Street overnight, as traders digested the optimism. Domestic earnings results. However, they remain concerned about the spread of highly contagious coronavirus variants primarily in New South Wales, threatening to weigh on the economy.
New South Wales reported 356 unused locally acquired cases of COVID-19, Victoria recorded 20 locally acquired cases and Queensland reported three cases on Monday.
The benchmark S&P/ASX 200 index rose 5.80 points, or 0.07 percent, to 7,544.20, following touching an all-time lofty of 7,576.30 earlier. The broader All Ordinaries index rose 9.10 points, or 0.12 percent, to 7,813.40 points. Australian shares closed slightly higher on Monday.
Among the top miners, the BHP group rose 0.4%, while Mineral Resources was up nearly 3%, while Fortescue Metals and OZ Minerals were down 0.3%. Rio Tinto flat. Oil stocks vary. Santos stock is down 0.5 percent, while Woodside Petroleum is flat. Beach energy loses 0.4%. Oil Search is flat and Origin Energy is up nearly 1 percent. Among the big four, Commonwealth Bank and Westpac gained nearly 1 per cent each, while National Australia Bank rose 0.4 per cent and ANZ Banking rose 0.2 per cent. The National Australia Bank has announced that it will acquire Citigroup’s Australian consumer business for a whole cost of $1.2 billion including a cash premium of $250 million. Nearly 800 Citigroup employees will join NAB.
Among tech stocks, Xero gains nearly 1 percent, Appen adds more than 1 percent, and Afterpay is up more than 3 percent. WiseTech Global is consistent. Mostly less gold miners. Resolute Mining is losing nearly 3 percent, Northern Star Resources is down nearly 2 percent, Gold Road Resources is down more than 1 percent, and Newcrest mining is down 0.4 percent. Evolution Mining is flat.
In other news, shares in James Hardy rose more than 4 percent following the building supplies maker reinforced its guidance on robust growth prospects across North America, Asia Pacific and Europe for the current year ending March 31.
In the currency market, the Australian dollar is trading at $0.732 on Tuesday.
The Japanese stock market saw a slight rally following the lengthy weekend on Tuesday, extending gains in the previous two sessions, with the benchmark Nikkei index just below 27,900, following mixed signals from Wall Street overnight, even as traders remain concerned about more. The provinces are under a state of emergency through the end of the month amid a surge in Delta’s shifting coronavirus infections.
The benchmark Nikkei 225 index closed the morning session at 27905.73, up 85.69 points, or 0.31 percent, following touching 28,128.61 points earlier. Japanese markets are closed for a holiday on Monday. Japanese stocks closed slightly higher on Friday.
Market heavyweight SoftBank Group and Uniqlo operator Fast Retailing are gaining nearly 1 percent each. Among the automakers, Honda is down 0.5 percent, while Toyota gains nearly 1 percent.
In technology, Advantest is up 0.3%, Screen Holdings is adding 0.5%, and Tokyo Electron is down 0.6%. In the banking sector, Mitsubishi UFJ Financial and Mizuho Financial each gained nearly 2%, while Sumitomo Mitsui Financial added more than 1%.
Leading exporters vary, with Sony losing more than 2 percent and Canon down 0.4 percent, while Mitsubishi Electric is up nearly 1 percent. Panasonic flat.
Among the other major gainers, Mitsui Mining & Smelting was up nearly 11%, while Dowa Holdings added nearly 7%, while Otsuka Holdings, Daiichi Sankyo and Isuzu Motors were up nearly 6% each. Shionogi stock rose 4.5%, while Marui Group added more than 4%, and Keisei Electric Railway and West Japan Railway added nearly 4%.
Conversely, Sumitomo Metal Mining is losing more than 5 percent, Bandai Namco Holdings is down 3.5 percent, and Ibara is nearly 3 percent lower.
In economic news, Japan posted a current account excess of 905.1 billion yen in June, the Finance Ministry reported on Tuesday. That beat expectations with a excess of 779.8 billion yen following a excess of 1.979.7 billion yen in May. Exports rose 47.7 percent year on year to 7.137 billion yen, and imports rose 33.8 percent to 6.488 billion yen, with a trade excess of 648.5 billion yen. The capital account showed a deficit of 36.7 billion yen, while the financial account showed a deficit of 637.0 billion yen.
In the currency market, the US dollar is trading in the lower range of 110 yen on Tuesday.
Elsewhere in Asia, New Zealand, Hong Kong, Singapore and Malaysia were higher, with between 0.2 and 0.6 percent each. Meanwhile, South Korea, Taiwan and Indonesia fell by between 0.6 and 0.9 percent each. China is flat.
On Wall Street, stocks turned in another mixed performance during Monday’s trading following ending the previous session on both sides of the unchanged line. While the Dow and S&P 500 pulled back from record closing highs final Friday, the lofty-tech Nasdaq rose slightly.
The Nasdaq rose 24.42 points, or 0.2 percent, to 14,860.18, but the Standard & Poor’s 500 fell 4.17 points, or 0.1 percent, to 4,432.35, and the Dow Jones fell 106.66 points, or 0.3 percent, to 35,101.85.
The major European markets also ended the day mixed. While the UK’s FTSE 100 was up 0.1%, the French CAC 40 and the German DAX were down 0.1%.
Crude oil prices fell sharply on Monday amid concerns about the outlook for energy demand following China imposed travel restrictions in many places in the country, aiming to stem the spread of the delta type of coronavirus. West Texas Intermediate crude futures for September closed down $1.80, or 2.6 percent, at $66.48 a barrel.
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