Asian Markets Mostly Lower Amid Cautious Trades

Despite the broadly positive cues from Wall Street overnight, Asian stock markets are trading mostly lower, as traders remain cautious and await inflation data from across the region for directional cues. Inflation data from Singapore, Australia and Japan’s Tokyo region are due later this week. The strength of the US dollar against major currencies in the region also weighed mostly lower on the markets. Asian markets closed mixed on Monday.

After ending with slight gains in the previous two sessions, the Australian stock market is notably lower on Tuesday, with the benchmark S&P/ASX 200 staying below the 7,100 level, despite the broadly positive cues from Wall Street overnight, with weakness across most sectors led by mining and technology stocks. Traders also cautiously await domestic inflation data due on Wednesday.

The benchmark S&P/ASX 200 Index is losing 50.70 points or 0.72 percent to 7,025.80, after hitting a low of 7,023.80 earlier. The broader All Ordinaries Index is down 50.60 points or 0.70 percent to 7,247.80. Australian stocks closed slightly higher on Monday.

Among the major miners, BHP Group and Fortescue Metals are losing more than 1 percent each, while Rio Tinto is down almost 1 percent. Mineral Resources is edging up 0.3 percent.

Oil stocks are mostly lower. Santos, Origin Energy and Woodside Energy are edging down 0.2 to 0.4 percent each, while Beach energy is flat.

Among tech stocks, Xero is slipping almost 1 percent, WiseTech Global is losing almost 2 percent and Zip is declining more than 1 percent. Afterpay owner Block and Appen are flat.

Gold miners are mostly lower. Northern Star resources and Newcrest Mining are losing more than 1 percent each, while Evolution Mining and Gold Road Resources are down almost 1 percent each. Resolute Mining is adding almost 1 percent.

Among the big four banks, National Australia Bank, Commonwealth Bank and ANZ Banking are edging down 0.2 to 0.4 percent each, while Westpac is losing almost 1 percent.

In other news, shares in Pro Medicus are surging almost 10 percent after the imaging company won a $140 million contract with US-based Baylor Scott & White Health.

In the currency market, the Aussie dollar is trading at $0.642 on Tuesday.

Paring the gains in the previous session, the Japanese stock market is significantly lower on Tuesday, with the Nikkei 225 falling below the 32,400 level, despite the broadly positive cues from Wall Street overnight, with losses across most sectors, led by technology stocks. Financial stocks were the only bright spot.

The benchmark Nikkei 225 Index closed the morning session at 32,379.85, down 298.77 points or 0.91 percent, after hitting a low of 32,366.23 earlier. Japanese shares ended significantly higher on Monday.

Market heavyweight SoftBank Group is edging down 0.4 percent and Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Honda is edging down 0.1 percent and Toyota is declining more than 1 percent.

In the tech space, Advantest is losing almost 2 percent, while Screen Holdings and Tokyo Electron are declining almost 3 percent each.

In the banking sector, Sumitomo Mitsui Financial is gaining almost 2 percent, Mitsubishi UFJ Financial is adding almost 1 percent and Mizuho Financial are edging up 0.5 percent.

The major exporters are mostly lower. Canon and Sony are losing almost 1 percent each, while Panasonic is declining more than 1 percent. Mitsubishi Electric is edging up 0.2 percent.

Among the other major lowers, Eisai is losing more than 4 percent and Daiichi Sankyo is slipping almost 4 percent, while NTT Data and NEXON are declining almost 3 percent each.

Conversely, Japan Exchange Group and T&D Holdings are gaining more than 3 percent each.

In the currency market, the U.S. dollar is trading in the higher 148 yen-range on Tuesday.

Elsewhere in Asia, South Korea is down 1.3 percent, while New Zealand, China, Hong Kong, Singapore, Malaysia, Taiwan and Indonesia are lower by between 0.1and 0.8 percent each.

On Wall Street, stocks showed a lack of direction over the course of the trading session on Monday following the sell-off seen last week. The major averages spent the day bouncing back and forth across the unchanged line before closing in positive territory.

The major averages moved to the upside going into the close of trading. The Nasdaq climbed 59.51 points or 0.5 percent to 13,271.32, the S&P 500 rose 17.38 points or 0.4 percent to 4,337.44 and the Dow inched up 43.04 points or 0.1 percent to 34,006.88.

Meanwhile, the major European markets all moved to the downside on the day. While the German DAX Index slumped 1.0 percent, the French CAC 40 Index slid by 0.9 percent and the U.K.’s FTSE 100 Index fell by 0.8 percent.

Crude oil prices settled lower on Monday, as concerns about energy demand and interest rates offset optimism about a tighter supply outlook. West Texas Intermediate Crude oil futures for November ended down $0.35 or about 0.4 percent at $89.68 a barrel.