Asian Markets Trade Mostly Higher

Asian stock markets are trading mostly higher on Tuesday, following the broadly positive cues from European markets and lack of cues from Wall Street overnight, as markets react positively to easing geopolitical tensions after US President Donald Trump’s decision to open talks with Russia on ending the war with Ukraine without a European presence. Concerns about the potential impact of higher tariffs by the US limited markets’ upside. Asian markets closed mostly higher on Monday.

The Australian stock market is trading notably lower on Tuesday, extending the losses in the previous session, despite the broadly positive cues from European markets and lack of cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,500 level, with weakness in gold miners, energy and financial stocks partially offset by some gains in technology stocks.

Traders are cautious ahead of the announcement of the first interest rate decision of the year by the Reserve Bank of Australia (RBA) later in the day, where the RBA is widely expected to cut interest rates by 25 basis points.

The benchmark S&P/ASX 200 Index is losing 40.10 points or 0.45 percent to 8,497.00, after hitting a low of 8,485.00 earlier. The broader All Ordinaries Index is down 38.80 points or 0.44 percent to 8,773.10. Australian stocks closed modestly lower on Monday.

Among the major miners, BHP Group and Fortescue Metals are edging up 0.1 to 0.5 percent each, while Rio Tinto is edging down 0.5 percent and Mineral Resources is losing more than 5 percent.

Oil stocks are mostly lower. Santos is edging down 0.4 percent and Woodside Energy is declining almost 2 percent, while Beach energy and Origin energy are losing almost 1 percent each.

Among tech stocks, Appen is gaining almost 1 percent and Zip is advancing more than 1 percent, while Afterpay owner Block, WiseTech Global and Xero are edging down 0.1 to 0.4 percent each.

Gold miners are mostly lower. Resolute Mining is losing almost 3 percent, while Evolution Mining and Northern Star resources are declining more than 1 percent each. Newmont are edging up 0.2 percent and Gold Road Resources is gaining almost 1 percent.

Among the big four banks, Commonwealth Bank and National Australia Bank are losing more than 1 percent each, while ANZ Banking is edging down 0.4 percent and Westpac is declining more than 2 percent.

In other news, shares in Hub24 are jumping more than 6 percent after the investment platform’s profit soared 54 percent and boosted its interim dividend by 30 percent.

Shares in HMC Capital are soaring almost 13 percent after it reported assets under management rose 45 percent to $18.5 billion in the six months to December, with a significant profit contribution from its private equity division.

In the currency market, the Aussie dollar is trading at $0.635 on Tuesday.

The Japanese stock market is trading modestly higher in choppy trading on Tuesday, extending the gains in the previous session, following the broadly positive cues from European markets and lack of cues from Wall Street overnight. The Nikkei 225 is moving up to stay just below the 39,300 level, with gains in financial and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 39,296.11, up 121.86 points or 0.31 percent, after touching a high of 39,388.84 earlier. Japanese shares ended modestly higher on Monday.

Market heavyweight SoftBank Group is gaining almost 1 percent, while Uniqlo operator Fast Retailing is edging down 0.1 percent. Among automakers, Honda is edging down 0.4 percent, while Toyota is edging up 0.3 percent.

In the tech space, Advantest is advancing almost 3 percent, while Screen Holdings is adding almost 1 percent and Tokyo Electron is gaining more than 1 percent.

In the banking sector, Mitsubishi UFJ Financial and Mizuho Financial are gaining almost 1 percent each, while Sumitomo Mitsui Financial is edging up 0.3 percent.

The major exporters are mostly higher. Panasonic is gaining almost 3 percent, while Canon and Mitsubishi Electric are edging up 0.4 to 0.5 percent each. Sony is edging down 0.2 percent.

Among the other major gainers, Mitsubishi Heavy Industries, Kawasaki Heavy Industries, Japan Steel Works and Furukawa Electric are surging almost 6 percent each, while Kanadevia is gaining more than 5 percent. Mitsubishi Motors and M3 are advancing almost 5 percent each, while IHI is adding more than 4 percent. Ebara, Nissan Motor, Tokyo Gas and Taisei are rising almost 4 percent each, while SMC is up almost 3 percent.

Conversely, Rakuten Group is losing 4.5 percent, Nippon Express is declining more than 3 percent and J. Front Retailing is down almost 3 percent.

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

Elsewhere in Asia, Hong Kong is up 1.8 percent, while China, Singapore, South Korea, Indonesia and Taiwan are higher by between 0.1 and 0.3 percent each. New Zealand is bucking the trend and is down 0.4 percent. Malaysia is relatively flat.

On Wall Street, the markets were closed for Presidents Day on Monday after closing mixed on Friday.

Meanwhile, the major European markets moved to the upside on the day. The U.K.’s FTSE 100 gained 0.41 percent, Germany’s DAX ended stronger by 1.26 percent and France’s CAC 40 edged up 0.13 percent.

Crude oil prices were higher on Monday on the prospect of peace in Eastern Europe, as talks to end the war between Russia and Ukraine are expected to begin in Saudi Arabia later in the week. West Texas Intermediate (WTI) Crude Oil Futures for April settlement edged up 0.08 percent to close at $71.33 a barrel.

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