Asian markets mixed in cautious trading

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(RTTNews) – Asian stock markets are mixed on Monday in weak holiday trading, following broadly positive signals from Wall Street on Friday, as traders clawed back shares at a bargain after last week’s selloff in a prudent trading environment. Traders continue to be concerned about lingering inflation, impending interest rate hikes, war in Ukraine and COVID-19 lockdowns in China. Asian markets mostly closed higher on Friday.

The Australian stock market is slightly higher on Monday, extending gains from the previous session, with the benchmark S&P/ASX 200 index remaining below the 7,100 level, following broadly positive signals from Wall Street on Friday, with gains in all sectors, especially a rebound in tech stocks amid bargain hunting after the recent selloff.

The benchmark S&P/ASX 200 gained 19.30 points or 0.27% to 7,094.40, after hitting a high of 7,149.50 earlier. The broader All Ordinaries index is up 23.90 points or 0.33% at 7,331.60. Australian stocks closed sharply higher on Friday.

Among the major miners, BHP Group is down 0.4% and OZ Minerals is down almost 1%, while Mineral Resources is up almost 3%. Rio Tinto and Fortescue Metals rose 0.4% each.

Oil inventories are higher, Woodside Petroleum is up more than 1%, Origin Energy is up 0.2%, Beach Energy is up 1.5% and Santos is up nearly 1%.

Among tech stocks, Xero gains nearly 5%, WiseTech Global adds nearly 3%, Appen jumps more than 5%, Afterpay owner Block soars nearly 6%, and Zip is up more than 1%.

Gold miners are higher. Gold Road Resources gained nearly 1% and Newcrest Mining gained 0.5%, while Evolution Mining and Northern Star Resources each gained more than 1%. Resolute Mining is flat.

Among the big four banks, Commonwealth Bank and National Australia Bank each gained almost 1%, while ANZ Banking gained 0.2% and Westpac more than 2%.

Separately, shares of Brambles soared more than 11% after news that the pallet maker was considering an unsolicited takeover bid of around $20 billion from European private equity giant CVC Capital Partners.

In the currency market, the Australian dollar is trading at $0.689 on Monday.

The Japanese stock market is slightly higher on Monday, extending gains from the previous session, with the Nikkei 225 remaining below the 26,500 level, following broadly positive signals from Wall Street on Friday, as traders looked to buy stocks at a bargain price after the recent sell-off, although concerns remain over lingering inflation, impending interest rate hikes, war in Ukraine and COVID-19 lockdowns in China. The benchmark Nikkei 225 closed the morning session at 26,492.29, up 64.64 or 0.24%, after hitting a high of 26,836.96 earlier. Japanese stocks ended sharply higher on Friday.

The SoftBank group, heavyweight in the market, gained nearly 2% and the operator Uniqlo Fast Retailing gained nearly 3%. Among automakers, Honda lost almost 4%, while Toyota rose 0.4%.

In technology, Advantest gained 1.5%, Tokyo Electron added more than 1% and Screen Holdings was up nearly 1%. In the banking sector, Sumitomo Mitsui Financial gained nearly 2% and Mitsubishi UFJ Financial rose 0.4%, while Mizuho Financial lost more than 1%.

Major exporters are higher, with Sony and Mitsubishi Electric gaining nearly 2% each, while Panasonic adds nearly 1% and Canon is up 0.4%.

Other top gainers include NTN soaring nearly 15%, Fujikura jumping over 8%, Mazda Motor up nearly 7%, NTT Data gaining nearly 6%, and Trend Micro gaining nearly 5%, while that KDDI, Nissan Chemical and Sumco are up more than 4% each. Recruit Holdings, Taisei, JGC Holdings, M3 and Japan Post each rose nearly 4%.

Conversely, Dowa Holdings fell almost 13% and Yamaha Motor more than 9%, while Toho Zinc, Sumitomo Chemical and Nisshin Seifun Group fell nearly 9% each. T&D Holdings is down 6.5%, while Mitsubishi Materials and Mitsui E&S are down nearly 6% each. Olympus, Citizen Watch and NEXON lost more than 4% each, while Mitsui Chemicals, Comsys Holdings, Mitsubishi Chemical and Tokyu fell nearly 4% each.

In economic news, producer prices in Japan rose a seasonally adjusted 1.2% in April, the Bank of Japan said on Monday. That beat expectations for a 0.8% increase and was up from the upward reading of 0.9% revised in March (originally 0.8%).

On an annual basis, producer prices jumped 10.0% – again beating forecasts of 9.4% and more than the upwardly revised increase of 9.7% the previous month (at origin 9.5%). Export prices rose 1.6% month on month and 7.9% year on year in April, the bank said, while import prices jumped 5.6% year on year. month and 29.7% over one year.

In the currency market, the US dollar is trading in the upper range of 128 yen on Monday.

Elsewhere in Asia, New Zealand and Taiwan are up 0.4 and 0.5%, respectively, while South Korea, China and Hong Kong are down 0.1 to 0.5% each . Markets in Malaysia, Singapore, Indonesia and Thailand are closed for the Wesak Day holiday.

On Wall Street, stocks rose sharply during Friday’s session after ending the previous session little changed. With the strong upward movement of the day, the major averages partially offset the selling seen in recent sessions.

The major averages threatened to pull back in the afternoon, but managed to hold on to strong gains. The Dow Jones jumped 466.36 points or 1.5% to 32,196.66, the Nasdaq jumped 434.04 points or 3.8% to 11,805.00 and the S&P 500 jumped 93.81 points or 2.4% at 4,023.89.

Major European markets also showed strong upward moves on the day. While Germany’s DAX index jumped 2.1%, France’s CAC 40 index and Britain’s FTSE 100 index climbed 2.5% and 2.6%, respectively.

Crude oil prices rose sharply on Friday, lifting the most active crude futures on fears of a supply shortage. West Texas International crude oil futures for June ended up $4.36 or 4.1% at $110.49 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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