Asian Markets Mostly Higher

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(RTTNews) - Asian stock markets are trading mostly higher on Tuesday, following the mixed cues from global markets overnight, amid optimism that the US Fed is close to finishing its aggressive interest rate hikes. Traders also await the congressional testimony from Fed chair Jerome Powell for fresh insights on whether cooling inflation would get the Fed to take it easier on its hikes to interest rates. Asian markets closed mostly higher on Monday.

Apart from Powell's testimony, traders also look ahead to the release of U.S. monthly jobs data, as well as the upcoming central dank decisions in Japan and Australia. The Australian stock market is trading relative flat on Tuesday, after a three-session winning streak, with the benchmark S&P/ASX 200 staying above the 7,300 level, following the mixed cues from global markets overnight, as traders remain cautious ahead of the Reserve Bank of Australia's policy decision, where it is expected to raise interest rates for the tenth straight meeting by another 25 basis points.

The benchmark S&P/ASX 200 Index is gaining 0.7 points or 0.01 percent to 7,329.30, after hitting a low of 7,302.90 earlier. The broader All Ordinaries Index is down 0.40 points or 0.01 percent to 7,525.30. Australian stocks closed significantly higher on Monday.

Among the major miners, BHP Group and Rio Tinto are losing almost 2 percent each, while Fortescue Metals and OZ Minerals are edging down 0.1 to 0.4 percent each. Mineral Resources is down more than 1 percent.

Oil stocks are mostly higher. Beach energy and Origin Energy are edging up 0.1 percent each, while Santos is gaining more than 1 percent and Woodside Energy is advancing almost 1 percent. Among tech stocks, Afterpay owner Block and WiseTech Global are losing almost 1 percent each, while Appen is edging up 0.4 percent and Zip is adding almost 1 percent. Xero is edging down 0.3 percent.

Gold miners are mostly higher. Northern Star Resources, Gold Road Resources and Newcrest Mining are losing more than 1 percent each, while Evolution Mining is declining more than 2 percent. Resolute Mining is flat.

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

In other news, share in InvoCare are skyrocketing 39 percent after the funeral services provider received a non-binding takeover offer of $1.81 billion from asset manager TPG Global LLC.

In economic news, the total value of retail sales in Australia was up a seasonally adjusted 1.9 percent on month in January, the Australian Bureau of Statistics said on Tuesday - coming in at A$35.091 billion. That was in line with expectations following the 3.9 percent decline in December. On a yearly basis, retail sales advanced 7.5 percent.

The ABS also said Australia posted a seasonally adjusted merchandise trade surplus of A$11.688 billion in January. That missed expectations for a surplus of A$12.500 billion and was down from A$12.237 billion in December.

The RBA will also wrap up its monetary policy meeting on Tuesday and then announce its decision on interest rates. The RBA is expected to hike its benchmark lending rate by 25 basis points, from 3.35 percent to 3.60 percent.

In the currency market, the Aussie dollar is trading at $0.674 on Tuesday.

The Japanese stock market is notably higher on Tuesday, extending the gains in the previous two sessions, with the Nikkei 225 moving above the 28,300 level, following the mixed cues from global markets overnight, with traders hoping that the Bank of Japan will maintain its ultra-loose policy to support the fragile economy.

The benchmark Nikkei 225 Index closed the morning session at 28,353.34, up 115.56 points or 0.41 percent, after touching a high of 28,398.27 earlier. Japanese shares ended sharply higher on Monday.

Market heavyweight SoftBank Group is gaining more than 1 percent and Uniqlo operator Fast Retailing is adding 1.5 percent. Among automakers, Honda is edging up 0.2 percent and Toyota is flat.

In the tech space, Advantest and Screen Holdings are edging down 0.3 to 0.4 percent each, while Tokyo Electron is losing almost 1 percent.

In the banking sector, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are edging up 0.1 to 0.5 percent each, while Mizuho Financial is gaining almost 1 percent.

The major exporters are mixed. Sony is gaining almost 1 percent, while Canon is losing almost 1 percent. Mitsubishi Electric and Panasonic are flat. Among the other major gainers, Kobe Steel is gaining more than 5 percent and Teijin is adding more than 4 percent, while Taiheiyo Cement, OKUMA, Sumitomo Osaka Cement and NSK are up almost 3 percent each.

Conversely, there are no other major losses.

In the currency market, the U.S. dollar is trading in the higher 135 yen-range on Tuesday.

Elsewhere in Asia, Hong Kong is up 1.6 percent, while China, Singapore, South Korea, Malaysia and Taiwan are higher by between 0.4 and 0.7 percent each. New Zealand and Indonesia are down 0.2 percent each. On the Wall Street, stocks showed a notable move to the upside in morning trading on Monday but gave back ground over the course of the session. The major averages pulled back well off their highs of the session, ending the day narrowly mixed.

After surging as much as 1.2 percent, the tech-heavy Nasdaq showed a significant pullback and closed down 13.27 points or 0.1 percent at 11,675.74. Meanwhile, the Dow and the S&P 500 pulled back well off their best levels but closed modestly higher. The Dow crept up 40.47 points or 0.1 percent to 33,431.44 and the S&P 500 inched up 2.78 points or 0.1 percent to 4,048.42.

The major European markets also turned in a mixed performance on the day. While the U.K.'s FTSE 100 Index edged down 0.2 percent, the French CAC 40 Index rose 0.3 percent and the German DAX Index climbed 0.5 percent.

Crude oil futures settled higher on Monday after Saudi Arabia signaled that it sees oil demand picking up in Asia and Europe by raising most prices for crude shipments to the regions. West Texas International Crude oil futures for April advanced $0.78 or 1 percent at $80.46 a barrel.

Indonesia Stock Market May Give Up Support At 6,700 Points

The Indonesia stock market headed south again on Monday, one session after ending the two-day losing streak in which it had given up more than 85 points or 1.2 percent. The Jakarta Composite Index now sits just beneath the 6,750-point plateau and it's looking at a soft start again on Tuesday. The global forecast for the Asian markets is negative on growing U.S. tariff concerns. The European and U.S. markets were mostly lower and the Asian markets are also expected to open under pressure. The JCI finished modestly lower on Monday following losses from the telecoms, financial shares and cement companies, while the resource stocks were mixed. For the day, the index lost 53.40 points or 0.78 percent to finish at 6,749.60 after trading between 6,732.41 and 6,818.79. Among the actives, Bank CIMB Niaga tumbled 1.74 percent, while Bank Mandiri dropped 0.99 percent, Bank Danamon Indonesia skidded 1.19 percent, Bank Negara Indonesia 2.33 percent, Bank Central Asia sank 0.83 percent, Bank Rakyat Indonesia collected 0.77 percent, Indosat Ooredoo Hutchison surrendered 3.18 percent, Indocement stumbled 2.44 percent, Semen Indonesia fell 0.36 percent, Indofood Sukses Makmur rallied 2.60 percent, United Tractors jumped 1.73 percent, Astra International slumped 1.05 percent, Energi Mega Persada plunged 3.81 percent, Aneka Tambang improved 1.23 percent, Jasa Marga retreated 1.44 percent, Vale Indonesia plummeted 3.61 percent, Timah strengthened 1.46 percent, Bumi Resources declined 1.82 percent and Bank Maybank Indonesia and Astra Agro Lestari were unchanged.

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Japanese Market Significantly Lower

The Japanese stock market is significantly lower in post-holiday trading on Tuesday, reversing the gains in the previous session, following the mixed cues from Wall Street overnight, with the Nikkei 225 falling below the 38,400 level, with weakness across most sectors led by index heavyweights and technology stocks.

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Hong Kong Shares Tipped To Open In The Red

The Hong Kong stock market turned lower again on Monday, one session after ending the two-day slide in which it had dropped almost 470 points or 2.1 percent. The Hang Seng Index now sits just above the 23,340-point plateau and it may extend its losses on Tuesday. The global forecast for the Asian markets is negative on growing U.S. tariff concerns. The European and U.S. markets were mostly lower and the Asian markets are also expected to open under pressure. The Hang Seng finished modestly lower on Monday as losses from the technology and financial shares were offset by support from the property sector. For the day, the index slumped 136.31 points or 0.58 percent to finish at 23,341.61 after trading between 23,221.57 and 23,688.45. Among the actives, Alibaba Group slumped 2.02 percent, while Alibaba Health Info plunged 5.13 percent, ANTA Sports accelerated 3.84 percent, China Life Insurance rallied 3.82 percent, China Mengniu Dairy soared 4.69 percent, China Resources Land increased 1.80 percent, CITIC perked 0.11 percent, CNOOC tumbled 2.27 percent, CSPC Pharmaceutical gained 1.00 percent, Galaxy Entertainment spiked 4.41 percent, Haier Smart Home strengthened 3.00 percent, Hang Lung Properties improved 2.20 percent, Henderson Land added 1.70 percent, Hong Kong & China Gas rose 0.99 percent, Industrial and Commercial Bank of China sank 0.36 percent, JD.com fell 0.31 percent, Lenovo tanked 4.56 percent, Li Auto stumbled 2.93 percent, Li Ning jumped 3.02 percent, Meituan advanced 2.21 percent, New World Development surged 6.77 percent, Nongfu Spring climbed 2.37 percent, Techtronic Industries retreated 1.55 percent, Xiaomi Corporation dipped 0.19 percent and WuXi Biologics plummeted 9.04 percent. The lead from Wall Street is soft as the major averages opened higher on Monday but faded quickly and finished mixed.

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Australian Market Significantly Lower

The Australian stock market is significantly lower on Tuesday, reversing the slight gains in the previous session, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling well below the 8,300 level, with weakness across most sectors led by mining and technology stocks.

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Lower Open Anticipated For China Stock Market

The China stock market has alternated between positive and negative finishes through the last five trading days since the end of the two-day winning streak in which it had advanced more than 20 points or 0.6 percent. The Shanghai Composite Index now rests just beneath the 3,375-point plateau and the losses may accelerate on Tuesday. The global forecast for the Asian markets is negative on growing U.S. tariff concerns. The European and U.S. markets were mostly lower and the Asian markets are also expected to open under pressure. The SCI finished slightly lower on Monday as losses from the financials and oil companies were mitigated by support from the property sector. For the day, the index dipped 6.09 points or 0.18 percent to finish at 3,373.03 after trading between 3,355.87 and 3,384.81. The Shenzhen Composite Index perked 2.65 points or 0.13 percent to end at 2,091.46. Among the actives, Industrial and Commercial Bank of China shed 0.58 percent, while Bank of China dropped 0.92 percent, China Construction Bank lost 0.69 percent, China Merchants Bank fell 0.31 percent, Agricultural Bank of China sank 0.77 percent, China Life Insurance collected 0.63 percent, Ping An dipped 0.19 percent, Jiangxi Copper eased 0.10 percent, Aluminum Corp of China (Chalco) slid 0.13 percent, Yankuang Energy jumped 1.84 percent, PetroChina skidded 1.13 percent, China Petroleum and Chemical (Sinopec) slumped 0.51 percent, Huaneng Power slipped 0.15 percent, China Shenhua Energy climbed 1.07 percent, Gemdale rallied 2.19 percent, Poly Developments spiked 1.83 percent and China Vanke soared 2.62 percent.

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Soft Start Predicted For Taiwan Stock Market

The Taiwan stock market headed south again on Monday, one session after snapping the two-day losing streak in which it had dropped almost 180 points or 0.8 percent. The Taiwan Stock Exchange now rests just above the 23,565-point plateau and it's expected to open in the red again on Tuesday. The global forecast for the Asian markets is negative on growing U.S. tariff concerns. The European and U.S. markets were mostly lower and the Asian markets are also expected to open under pressure.

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Continued Consolidation Called For Singapore Shares

The Singapore stock market has moved lower in two of three trading days since the end of the three-day winning streak in which it had risen almost 60 points or 1.4 percent. The Straits Times Index now sits just beneath the 3,930-point plateau and it's predicted to open to the downside again on Tuesday. The global forecast for the Asian markets is negative on growing U.S. tariff concerns. The European and U.S. markets were mostly lower and the Asian markets are also expected to open under pressure. The STI finished slightly lower on Monday following losses from the financial shares and industrial issues, while the property stocks were mixed. For the day, the index eased 2.19 points or 0.06 percent to finish at 3,927.75 after trading between 3,923.28 and 3,951.64. Among the actives, CapitaLand Investment jumped 2.45 percent, City Developments rallied 2.59 percent, DBS Group dropped 0.58 percent, Hongkong Land dipped 0.22 percent, Keppel DC REIT added 0.47 percent, Keppel Ltd sank 0.29 percent, Mapletree Pan Asia Commercial Trust climbed 1.72 percent, Mapletree Industrial Trust strengthened 2.00 percent, Mapletree Logistics Trust and Jardine Cycle both advanced 0.83 percent, Oversea-Chinese Banking Corporation fell 0.23 percent, SATS plunged 3.33 percent, Seatrium Limited tanked 2.10 percent, SembCorp Industries accelerated 2.61 percent, Singapore Technologies Engineering rose 0.20 percent, Thai Beverage spiked 3.00 percent, UOL Group surged 5.89 percent, Wilmar International soared 3.25 percent, Yangzijiang Shipbuilding plummeted 7.14 percent and CapitaLand Integrated Commercial Trust, Yangzijiang Financial, Frasers Logistics & Commercial Trust, Genting Singapore, SingTel, Emperador and Comfort DelGro were unchanged.

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Malaysia Shares Tipped To Open To The Downside On Tuesday

The Malaysia stock market turned lower again on Monday, one session after snapping the two-day losing streak in which it had slipped more than 7 points or 0.4 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,585-point plateau and it's expected to open under pressure again on Tuesday. The global forecast for the Asian markets is negative on growing U.S. tariff concerns. The European and U.S. markets were mostly lower and the Asian markets are also expected to open under pressure. The KLCI finished modestly lower on Monday as losses from the financial shares and industrials were tempered by support from the plantation stocks. For the day, the index dipped 6.78 points or 0.43 percent to finish at 1,584.25 after trading between 1,577.95 and 1,586.39. Among the actives, 99 Speed Mart Retail gained 0.47 percent, while Axiata rallied 2.43 percent, Celcomdigi added 0.87 percent, CIMB Group rose 0.24 percent, Gamuda plunged 5.67 percent, IHH Healthcare eased 0.14 percent, IOI Corporation strengthened 1.59 percent, Kuala Lumpur Kepong jumped 2.00 percent, Maxis and Hong Leong Bank both advanced 1.17 percent, Maybank sank 0.19 percent, MISC accelerated 2.24 percent, MRDIY surged 3.38 percent, Nestle Malaysia and PPB Group both improved 1.10 percent, Petronas Chemicals plummeted 9.66 percent, Press Metal slumped 0.97 percent, Public Bank dropped 0.67 percent, QL Resources climbed 1.29 percent, Sime Darby soared 2.70 percent, SD Guthrie spiked 2.67 percent, Sunway stumbled 1.88 percent, Tenaga Nasional tanked 2.43 percent, YTL Corporation declined 1.53 percent, YTL Power retreated 1.55 percent and Telekom Malaysia and RHB Bank were unchanged.

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