Asian Markets Mixed Amid Cautious Trades

Asian stock markets are trading mixed on Tuesday, following the broadly negative cues from Wall Street overnight, as traders seemed reluctant to make more significant moves ahead of the release of some key economic data in the coming days, including US inflation numbers on Friday. Asian markets closed mostly lower on Monday.

The US Fed has signaled three rate cuts this year. The European Central Bank and the Bank of England are also widely expected to reduce interest rates sooner than later.

The Australian stock market is slightly lower on Tuesday, giving up some of the gains in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 7,800 level, with losses in technology and financial stocks nearly offset by gains in mining and energy stocks.

The benchmark S&P/ASX 200 Index is losing 23.10 points or 0.30 percent to 7,788.80, after hitting a low of 7,776.70 earlier. The broader All Ordinaries Index is down 28.60 points or 0.35 percent to 8,042.90. Australian stocks closed notably higher on Monday.

Among the major miners, Fortescue Metals and Rio Tinto are gaining almost 1 percent each, while BHP Group is edging up 0.4 percent. Mineral Resources is declining more than 2 percent.

Oil stocks are higher. Origin Energy is edging down 0.3 percent and Beach energy is surging almost 6 percent, while Woodside Energy and Santos are adding more than 1 percent each.

Among tech stocks, WiseTech Global is losing 1.5 percent and Appen is slipping almost 2 percent, while Zip and Xero are down more than 1 percent each. Afterpay owner Block is gaining more than 2 percent.

Gold miners are mostly higher. Evolution Mining is gaining more than 2 percent and Gold Road Resources is advancing more than 3 percent, while Northern Star resources and Resolute Mining are adding almost 2 percent each. Newmont is edging down 0.1 percent.

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

In the currency market, the Aussie dollar is trading at $0.654 on Tuesday.

Adding to the losses in the previous session, the Japanese stock market is marginally lower in choppy trading on Tuesday, with the Nikkei 225 falling below the 40,400 level, following the broadly negative cues from Wall Street overnight, with losses index heavyweights and financial stocks partially offset by gains in exporters and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 40,364.40, down 49.72 points or 0.12 percent, after hitting a low of 40,308.43 earlier. Japanese shares ended sharply lower on Monday.

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

In the tech space, Advantest and Tokyo Electron are edging up 0.2 to 0.4 percent each, while Screen Holdings is gaining more than 3 percent.

In the banking sector, Mizuho Financial and Mitsubishi UFJ Financial are edging down 0.1 to 0.4 percent each, while Sumitomo Mitsui Financial is flat.

The major exporters are mostly higher. Canon, Mitsubishi Electric and Sony are gaining almost 1 percent each, while Panasonic is losing almost 1 percent.

Among the other major losers, Tokyu is losing almost 7 percent and Nissan Motor is declining more than 4 percent.

Conversely, IHI is surging more than 6 percent and Mitsubishi Logistics is gaining more than 3 percent, while Japan Steel Works and Fuji Electric are adding almost 3 percent each.

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

Elsewhere in Asia, South Korea is up 1.2 percent, while Hong Kong, Singapore, Taiwan and Malaysia are higher by between 0.1 and 0.6 percent each. New Zealand, China and Indonesia are lower by between 0.1 and 0.3 percent each.

On Wall Street, stocks fluctuated over the course of the trading session on Monday after an early move to the downside, but largely maintained a negative bias. The major averages all finished the day lower after ending last Friday’s trading mixed.

The tech-heavy Nasdaq fell 44.35 points or 0.3 percent to 16,384.47, pulling back off the record closing high set in the previous session, while the S&P 500 dipped 15.99 points or 0.3 percent to 5,218.19 and the Dow slid 162.26 points or 0.4 percent to 39,313.64.

Meanwhile, the major European markets turned in a mixed performance on the day. While the German DAX Index rose by 0.3 percent, the French CAC 40 Index closed just below the unchanged line and the U.K.’s FTSE 100 Index dipped by 0.2 percent.

Crude oil prices moved higher on Monday amid concerns about supply disruptions after Ukraine continued to attack Russian refineries. A weak dollar amid expectations of interest rate cuts by central banks contributed as well to the rise in oil prices. West Texas Intermediate Crude oil futures for May ended higher by $1.32 or 1.64 percent at $81.95 a barrel.