Asian Markets Track Global Markets Higher

Asian stock markets are trading mostly higher on Tuesday, following the broadly positive cues from global markets overnight, as traders seemed to pick up stocks at a bargain, particularly technology stocks, after the recent slump in the markets. They also remain reluctant to make significant moves ahead of key US inflation data later in the week. Asian markets closed mostly lower on Monday.

The inflation data could have a significant impact on the outlook for interest rates, with the US Fed currently widely expected to lower interest rates by a quarter point in September.

China’s central bank also unexpectedly lowered its one-year benchmark loan prime rate to bolster a slowing economy.

The Australian stock market is trading significantly higher on Tuesday, rebounding after three straight sessions of losses, following the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is moving to near the 8,000 mark, with gains in technology and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 57.00 points or 0.72 percent to 7,988.70, after touching a high of 7,992.50 earlier. The broader All Ordinaries Index is up 58.10 points or 0.71 percent to 8,224.50. Australian stocks closed notably lower on Monday.

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

Oil stocks are mostly lower. Woodside Energy is losing almost 2 percent, while Beach energy and Santos are edging down 0.3 to 0.5 percent each. Origin Energy is gaining almost 1 percent.

Among tech stocks, Afterpay owner Block is edging up 0.1 percent, Xero is advancing almost 2 percent, Appen is gaining more than 2 percent, Zip is surging more than 8 percent and WiseTech Global is adding almost 3 percent.

Gold miners are mixed. Resolute Mining is gaining more than 1 percent and Newmont is adding almost 1 percent, while Northern Star resources is edging down 0.4 percent and Evolution Mining is losing more than 1 percent. Gold Road Resources is flat.

Among the big four banks, Commonwealth Bank, ANZ Banking Bank and National Australia Bank are gaining almost 1 percent each, while Westpac is edging up 0.5 percent.

In the currency market, the Aussie dollar is trading at $0.664 on Tuesday.

Snapping a four-session losing streak, the Japanese stock market is modestly higher on Tuesday, with the Nikkei 225 moving to near the 39,700 level, following the broadly positive cues from global markets overnight, with gains in technology and financial stocks.

The benchmark Nikkei 225 Index closed the morning session at 39,676.34, up 77.34 points or 0.20 percent, after touching a high of 39,927.89 earlier. Japanese shares ended sharply lower on Monday.

Market heavyweight SoftBank Group is losing more than 1 percent and Uniqlo operator Fast Retailing is edging down 0.3 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is adding more than 1 percent.

In the tech space, Advantest is adding 1.5 percent and Tokyo Electron is gaining almost 1 percent, while Screen Holdings is losing more than 1 percent.

In the banking sector, Mitsubishi UFJ Financial is adding 1.5 percent, while Mizuho Financial and Sumitomo Mitsui Financial are gaining almost 2 percent each.

The major exporters are mixed. Panasonic is edging down 0.5 percent and Sony is losing more than 1 percent, while Mitsubishi Electric is edging up 0.1 percent and Canon is gaining almost 1 percent.

Among the other major gainers, Nippon Yusen K.K. and Kawasaki Kisen Kaisha are surging almost 8 percent each, while Yokohama Rubber and Mitsui O.S.K. Lines are gaining almost 6 percent each. Rakuten Group is adding almost 4 percent, while Credit Saison and Sumitomo Pharma are advancing more than 3 percent each, while Resonac Holdings is up almost 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, Taiwan is up 2.0 percent, while New Zealand, Singapore, South Korea, Malaysia and Indonesia are higher by between 0.1 and 0.9 percent each. Hong Kong and China are down 0.4 and 0.5 percent, respectively.

On Wall Street, stocks moved sharply higher over the course of the trading session on Monday, with technology stocks seeing a significant rebound following last week’s sell-off. The tech-heavy Nasdaq posted a standout gain, although all three major averages moved to the upside on the day.

The major averages moved roughly sideways going into the close, hovering near their best levels of the day. The Nasdaq surged 280.63 points or 1.6 percent to 18,007.57, the S&P 500 jumped 59.41 points or 1.1 percent to 5,564.41 and the Dow rose 127.91 points or 0.3 percent to 40,415.44.

The major European markets also moved to the upside on the day. While the U.K.’s FTSE 100 Index climbed by 0.5 percent, the French CAC 40 Index and the German DAX Index jumped by 1.2 percent and 1.3 percent, respectively.

Crude oil prices eased on Monday, declining for the third consecutive session on concerns about the outlook for oil demand and renewed hopes of a ceasefire in Gaza. West Texas Intermediate Crude oil futures for August ended down $0.35 or at $79.78 a barrel.