Asian Markets Mixed In Holiday Trade

Asian stock markets are trading mixed on Monday, with some of the major markets in the region closed, following the broadly positive cues from global markets on Friday, as traders remain cautious ahead of central bank meetings in the U.S., Japan and the U.K. later in the week. Optimism over the prospects for an at least 25 basis points interest rate cut in the U.S. is aiding market sentiment. Asian markets closed mixed on Friday.

Recent US inflation data has partly offset optimism the US Fed will lower rates more aggressively, but the central bank is still expected to continue cutting rates over the next several months.

The Australian stock market is currently trading modestly higher on Monday, extending the gains in the previous two sessions, following the broadly positive cues from global markets on Friday. The benchmark S&P/ASX 200 index is moving above the 8,100.00 level to near all-time highs, with gains is gold miners, financial and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 34.50 points or 0.43 percent to 8,134.40, after touching a high of 8,145.00 earlier. The broader All Ordinaries Index is up 32.50 points or 0.39 percent to 8,356.60. Australian stocks closed modestly higher on Friday.

Among the major miners, Rio Tinto is edging down 0.5 percent and Fortescue Metals is losing almost 2 percent, while BHP Group is edging up 0.2 percent and Mineral Resources is up more than 1 percent.

Oil stocks are mostly lower. Origin Energy and Woodside Energy are edging down 0.1 to 0.2 percent each, while Beach energy is declining more than 1 percent. Santos is edging up 0.1 percent.

Among tech stocks, Afterpay owner Block and Xero are gaining more than 1 percent each, while Zip and WiseTech Global are adding almost 2 percent each. Appen is surging almost 8 percent.

Gold miners are mostly higher. Evolution Mining is surging almost 5 percent, Resolute Mining is adding almost 3 percent, Northern Star Resources is up more than 2 percent, Newmont is gaining 1.5 percent and Gold Road Resources is advancing more than 1 percent.

Among the big four banks, Westpac and National Australia Bank are gaining almost 1 percent each, while Commonwealth Bank is adding almost 1 percent and ANZ Banking is edging up 0.3 percent.

In other news, shares in Cettire are tumbling almost 7 percent after the online retailer a news report suggested the US plans to curb duties threshold.

Shared in Alcoa are surging more than 5 percent after the mining company announcing plans to sell its full joint venture interest to Saudi Arabian Mining Company (Ma’aden).

Shares in Austal are spiking almost 9 percent after the defence shipbuilder won a $450 million contract with General Dynamics Electric Boat to expand production capacity at its US shipyard in Mobile, Alabama.

In the currency market, the Aussie dollar is trading at $0.671 on Monday.

The Japanese stock market is closed for Respect for the Aged Day. Japanese shares ended significantly lower on Friday.

In the currency market, the U.S. dollar is trading in the mid-140 yen-range on Monday.

Elsewhere in Asia, New Zealand, Hong Kong and Singapore are lower by between 0.3 and 0.9 percent each. Taiwan is bucking the trend and is up 0.1 percent. China is closed for Mid-Autumn Festival, South Korea is closed for Chuseok Thanksgiving Day, Malaysia is closed for Malaysia Day and Indonesia is closed for Prophet Muhammad’s birthday.

On Wall Street, stocks moved mostly higher during trading on Friday, extending the upward trend seen over the past several sessions. The Nasdaq and the S&P 500 closed higher for the fifth straight day, largely offsetting the steep losses posted last week.

The major averages all finished the day firmly in positive territory. The Dow advanced 297.01 points or 0.7 percent to 41,393.78, the Nasdaq climbed 114.30 points or 0.7 percent to 17,683.98 and the S&P 500 rose 30.26 points or 0.5 percent to 5,626.02.

The major European markets have also moved to the upside on the day. While the German DAX Index jumped by 1.0 percent, the French CAC 40 Index and the U.K.’s FTSE 100 Index both rose by 0.4 percent.

Crude oil prices drifted lower on Friday on reports crude oil production resumed in several facilities along the U.S. Gulf of Mexico. West Texas Intermediate Crude oil futures for October sank $0.32 or 0.46 percent at $68.65 a barrel.