Asian Markets Trade Mixed

Asian stock markets are trading mixed on Tuesday, following the mixed cues from Wall Street overnight, as bond yields spiked ahead of the release of closely watched U.S. inflation data, the release of FOMC minutes and the ECB monetary policy meeting later in the week. The inflation data could have a significant impact on the outlook for interest rates, as US Fed officials have repeatedly said they need greater confidence inflation is slowing before cutting rates. Asian markets closed mostly higher on Monday.

Wednesday will also see the release of the minutes of the Fed’s latest monetary policy meeting, which could also shed additional light on officials’ thinking on rates. The reports on US consumer and producer inflation in the month of March are scheduled on Wednesday and Thursday, respectively.

Adding to the gains in the previous session, the Australian stock market is notably higher on Tuesday, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 7,800 level, with gains in iron ore miners and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 35.60 points or 0.46 percent to 7,824.70, after touching a high of 7,835.10 earlier. The broader All Ordinaries Index is up 36.60 points or 0.46 percent to 8,081.50. Australian stocks closed modestly higher on Monday.

Among the major miners, Rio Tinto is gaining more than 3 percent, BHP Group is advancing more than 2 percent, Mineral Resources is up more than 1 percent and Fortescue Metals is adding almost 2 percent.

Oil stocks are mostly lower. Santos is losing almost 1 percent and Origin Energy is edging down 0.1 percent, while Woodside Energy is up almost 1 percent. Beach energy is flat.

Among tech stocks, WiseTech Global is gaining almost 1 percent, Zip is adding more than 3 percent, Afterpay owner Block is advancing almost 2 percent, Xero is edging up 0.3 percent and Appen is surging more than 7 percent.

Gold miners are mostly lower. Evolution Mining is losing almost 1 percent, Newmont is down more than 1 percent and Resolute Mining is declining more than 2 percent, while Gold Road Resources is gaining more than 3 percent and Northern Star resources is edging up 0.1 percent.

Among the big four banks, Commonwealth Bank, National Australia Bank, ANZ Banking and Westpac are edging up 0.1 to 0.4 percent each.

In other news, shares in Ansell are surging more than 6 percent following the medical glove maker’s $400 million underwritten placement at $22.45 a share or at a 6 percent discount to finance the purchase of a unit of US giant Kimberly-Clark Corp.

In the currency market, the Aussie dollar is trading at $0.660 on Tuesday.

Adding to the gains in the previous session, the Japanese stock market is notably higher on Tuesday, with the Nikkei 225 moving well above the 39,500 level, following the mixed cues from Wall Street overnight, boosted by a rebound in technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 39,540.76, up 193.72 points or 0.49 percent, after touching a high of 39,649.27 earlier. Japanese shares ended significantly higher on Monday.

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

In the tech space, Advantest is gaining almost 1 percent, Tokyo Electron is adding almost 3 percent and Screen Holdings is advancing more than 2 percent.

In the banking sector, Sumitomo Mitsui Financial is edging up 0.2 percent, while Mitsubishi UFJ Financial and Mizuho Financial are edging down 0.1 to 0.4 percent each.

The major exporters are mostly weak. Canon, Panasonic and Sony are edging down 0.1 percent each, while Mitsubishi Electric is adding more than 2 percent.

Among the other major gainers, Yaskawa Electric and Fujikura are gaining almost 4 percent each, while Sumitomo Metal Mining, Tokyo Electric Power and Mitsubishi Estate are adding more than 3 percent each. Shin-Etsu Chemical, Rakuten Group and Ebara are advancing almost 3 percent each.

Conversely, there are no other major losers.

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

Elsewhere in Asia, Taiwan is up 1.5 percent, while Hong Kong and Singapore are up 0.6 and 0.7 percent, respectively. New Zealand, China, South Korea and Malaysia are lower by between 0.1 and 0.6 percent each. Indonesia remains closed for Eid-ul-Fitr.

On Wall Street, stocks turned in a relatively lackluster performance during trading on Monday following the substantial volatility seen over the final two sessions of the previous week. The major averages spent the day bouncing back and forth across the unchanged line before eventually closing narrowly mixed.

While the Nasdaq crept up 5.44 points or less than a tenth of a percent to 16,253.96, the Dow edged down 11.24 points or less than a tenth of a percent to 38,892.80 and the S&P 500 slipped 1.95 points or less than a tenth of a percent to 5,202.39.

Meanwhile, the major European markets moved to the upside on the day. While German DAX Index advanced by 0.8 percent, the French CAC 40 Index climbed by 0.7 percent and the U.K.’s FTSE 100 Index rose by 0.4 percent.

Crude oil prices drifted lower on Monday amid slightly easing geopolitical tensions after Israel removed its troops from Southern Gaza. West Texas Intermediate Crude oil futures for May ended down $0.48 or 0.55 percent at $86.43 a barrel.