Asian Markets Track Global Markets Higher

(RTTNews) - Asian stock markets are mostly higher on Monday, following the broadly positive cues from global markets on Friday, as markets continued to recover from recent sell-off sparked by concerns about the world's largest economy slipping into a recession. Traders may also be reluctant to make more significant ahead of key US inflation data later in the week. Asian markets closed mostly higher on Friday.

The Australian stock market is trading notably higher on Monday, adding to the gains in the previous session, following the broadly positive cues from global markets on Friday. The benchmark S&P/ASX 200 index is moving above the 7,800.00 level, with gains across most sectors led by technology and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 45.90 points or 0.59 percent to 7,823.60, after touching a high of 7,836.80 earlier. The broader All Ordinaries Index is up 45.80 points or 0.57 percent to 8,036.50. Australian stocks closed sharply higher on Friday.

Among the major miners, Rio Tinto and BHP Group are edging down 0.2 to 0.5 percent each, while Mineral Resources is losing more than 1 percent. Fortescue Metals is edging up 0.2 percent. Oil stocks are mostly higher. Santos and Woodside Energy are edging up 0.5 percent each, while Origin Energy is gaining almost 1 percent. Beach energy is plunging more than 8 percent after a big downgrade at its new Enterprise gas field in south-east Australia.

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

Gold miners are mostly higher. Gold Road Resources and Evolution Mining are gaining almost 1 percent each, while Resolute Mining is edging up 0.3 percent and Northern Star Resources is adding more than 1 percent. Newmont is edging down 0.1 percent.

Among the big four banks, Commonwealth Bank is gaining almost 1 percent, while Westpac National Australia Bank and ANZ Banking are adding more than 1 percent each.

In other news, shares in JB Hi-Fi are jumping almost 10 percent after the electronics retailer after reported upbeat annual results and announced a special dividend. It also announced the acquisition of the kitchen, laundry and bathroom products businesses of E & S Trading Co. Shares in Aurizon are slipping more than 6 percent even as the rail haulage group announced a share buyback of up to $150 million and reported a 25 percent rise in annual net profit.

In the currency market, the Aussie dollar is trading at $0.659 on Monday.

The Japanese stock market is closed for Mountain Day holiday on Monday. Japanese shares ended notably higher on Friday.

In the currency market, the U.S. dollar is trading in the higher 146 yen-range on Monday.

Elsewhere in Asia, Taiwan and South Korea are up 1.7 and 1.1 percent, respectively. New Zealand, Singapore, Hong Kong and Malaysia are higher by between 0.1 and 0.6 percent each. Indonesia are down 0.7 and 0.1 percent, respectively. China is relatively flat.

On Wall Street, stock turned in a relatively lackluster performance during trading on Friday but managed to end the day mostly higher following the rally seen during Thursday's session.

The major averages finished the session off their highs of the day but still in positive territory. The Dow edged up 51.05 points or 0.1 percent to 39,497.54, the Nasdaq climbed 85.28 points or 0.5 percent to 16,745.30 and the S&P 500 rose 24.85 points or 0.5 percent to 5,344.16.

The major European markets also moved to the upside on the day. While the German DAX Index edged up by 0.2 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index both rose by 0.3 percent.

Crude oil prices climbed higher on Friday amid optimism about the outlook for demand thanks to fairly encouraging labor market data, and on recent data showing a large drop in crude inventories. West Texas Intermediate Crude oil futures for September ended up by $0.65 or about 0.85 percent at $76.84 a barrel.