Asian Markets Trade Mostly Higher

(RTTNews) - Asian stock markets are trading mostly higher on Tuesday, following the mixed cues from Wall Street overnight, as traders remain optimistic and keep a close eye on developments on the tariff front, with US Treasury Secretary Scott Bessent reportedly said he believes an agreement in principle can reached on "17 or 18 important trade deals" the administration is currently negotiating. Asian markets closed mostly higher on Monday.

Traders also seemed reluctant to make significant moves as they look ahead to the release of key earnings and economic news in the coming days, including the US monthly jobs report and the Fed's preferred readings on consumer price inflation.

The Australian stock market is trading significantly higher on Tuesday, extending the gains in the previous three sessions, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 8,000 mark, with gains across most sectors led by iron ore miners and energy stocks.

The benchmark S&P/ASX 200 Index is gaining 54.20 points or 0.68 percent to 8,051.30, after touching a high of 8,056.40 earlier. The broader All Ordinaries Index is up 60.50 points or 0.74 percent to 8,264.40. Australian stocks closed modestly higher on Monday.

Among the major miners, BHP Group and Rio Tinto are edging up 0.3 to 0.4 percent each, while Fortescue Metals is gaining almost 2 percent and Mineral Resources is advancing more than 2 percent.

Oil stocks are mostly higher. Origin Energy is gaining almost 1 percent and Beach energy is adding almost 3 percent, while Santos and Woodside Energy are edging up 0.1 to 0.3 percent each.

Among tech stocks, Afterpay owner Block and Xero are gaining almost 1 percent each, while Appen and Zip are adding more than 1 percent each. WiseTech Global is edging down 0.3 percent.

Gold miners are mixed. Evolution Mining is edging down 0.5 percent, Gold Road Resources is losing almost 1 percent and Northern Star resources is declining almost 5 percent, while Newmont is edging up 0.1 percent and Resolute Mining is gaining more than 2 percent.

Among the big four banks, Westpac is gaining almost 1 percent, while Commonwealth Bank and National Australia Bank are edging up 0.3 to 0.4 percent each. ANZ Banking is edging down 0.2 percent.

In the currency market, the Aussie dollar is trading at $0.644 on Tuesday.

The Japanese stock market is closed for Showa Day holiday on Tuesday. Japanese shares ended modestly higher on Monday.

In the currency market, the U.S. dollar is trading in the lower 142 yen-range on Tuesday.

Elsewhere in Asia, China, Hong Kong, Singapore, Taiwan, South Korea, Malaysia and Indonesia are higher by between 0.1 and 0.7 percent each, while New Zealand is bucking the trend and is down 0.2 percent.

On Wall Street, stocks fluctuated over the course of the trading day on Monday, extending the volatility seen during last Friday's session. After showing a lack of direction early in the session, stocks came under pressure in late morning and early afternoon trading before rebounding going into the end of the day.

The major averages eventually ended the day narrowly mixed. While the Nasdaq edged down 16.81 points or 0.1 percent to 17,366.13, the S&P 500 inched up 3.54 points or 0.1 percent to 5,528.75 and the Dow rose 114.09 points or 0.3 percent to 40,227.59.

Meanwhile, the major European markets all moved to the upside on the day. While the French CAC 40 Index climbed by 0.5 percent, the German DAX Index inched up by 0.1 percent and the U.K.'s FTSE 100 Index closed just above the unchanged line.

Crude oil prices continued to slump on concerns over tariff threats and their likely impact on the global economy. West Texas Intermediate crude for June delivery was down $115 or 1.82 percent to $61.87 per barrel.