Asian Markets Mixed Amid Cautious Trades

Asian stock markets are trading mixed on Tuesday, following the broadly positive cues from Wall Street overnight, as traders remain cautious amid raising fears of a brewing global trade war and its potential impact on the global economy. China’s retaliatory tariffs on U.S. goods are also set to take effect later in the day. Asian markets closed mixed on Monday.

The latest tariff threat comes after U.S. President Donald Trump said last Friday he plans to announce reciprocal tariffs on many countries this week, with the U.S. imposing tariffs on imports equal to the rates imposed on American exports.

The Australian stock market is trading slightly higher on Tuesday, reversing some of the losses in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving up to a tad below the 8,500 level, with gains in gold miners and energy stocks partially offset by weakness in iron ore miners and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 8.50 points or 0.10 percent to 8,491.30, after touching a high of 8,515.30 earlier. The broader All Ordinaries Index is up 11.60 points or 0.13 percent to 8,759.20. Australian stocks closed modestly lower on Monday.

Among the major miners, BHP Group is edging down 0.4 percent and Mineral Resources is declining almost 4 percent, while Rio Tinto and Fortescue Metals are losing almost 1 percent each.

Oil stocks are higher. Origin Energy is gaining 1.5 percent and Woodside Energy is adding almost 1 percent, while Santos and Beach energy are edging up 0.1 to 0.5 percent each.

Among tech stocks, Afterpay owner Block, Appen and WiseTech Global are losing more than 1 percent each, while Xero is up more than 1 percent and Zip is advancing almost 3 percent.

Gold miners are mostly higher. Northern Star resources is surging almost 5 percent, Newmont is gaining almost 4 percent, Gold Road Resources is adding more than 1 percent, Resolute Mining is edging up 0.5 percent and Evolution Mining is advancing more than 6 percent.

Among the big four banks, Commonwealth Bank and National Australia Bank are edging down 0.1 to 0.3 percent each, while Westpac and ANZ Banking are edging up 0.2 to 0.5 percent each.

In other news, shares in Seven West Media Ltd., SGH Ltd. and Nine Entertainment Co Holdings Ltd. are gaining 6.1, 5.2 and 10.9 percent, respectively, after the media companies reported their half-yearly results.

Shares in Charter Hall Social Infrastructure are surging 7.8 percent after reporting its half-yearly results.

In the currency market, the Aussie dollar is trading at $0.627 on Tuesday.

The Japanese stock market is closed on account of National Foundation Day on Tuesday. Japanese shares ended slightly higher on Monday.

In the currency market, the U.S. dollar is trading in the higher 151 yen-range on Tuesday.

Elsewhere in Asia, China, Hong Kong, Singapore and Indonesia are lower by between 0.1 and 0.7 percent each, while New Zealand, South Korea and Taiwan are higher by between 0.2 and 0.5 percent each. Malaysia is closed on account of Thaipusam.

On Wall Street, stocks continue to turn in a strong performance throughout the trading day on Monday after moving mostly higher early in the session. With the upward move, the major averages partly offset the steep losses posted last Friday.

The major averages moved roughly sideways in afternoon trading, hovering in positive territory. The Nasdaq jumped 190.87 points or 1.0 percent to 19,714.27, the S&P 500 climbed 40.45 points or 0.7 percent to 6,066.44 and the Dow rose 167.01 points or 0.4 percent to 44,470.41.

The major European markets all also moved to the upside on the day. While the U.K.’s FTSE 100 Index advanced by 0.8 percent, the German DAX Index increased by 0.6 percent and the French CAC 40 Index rose by 0.4 percent.

Crude oil prices climbed higher on Monday amid concerns about possible supply shortage due to the latest sanctions by U.S. on Iran’s crude exports. West Texas Intermediate Crude oil futures for March settled higher by $1.32 or about 1.85% at $72.32 a barrel.

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