Asian Markets Track Wall Street Higher

(RTTNews) - Asian stock markets are trading mostly higher on Monday, following the broadly positive cues from Wall Street on Friday, amid prospects of the US Fed cutting interest rates earlier after a report showed employment in the U.S. increased by slightly less than expected in the month of February. However, concerns remain that the U.S. trade war may hurt global growth and worsen inflation. Asian markets closed mostly lower on Friday.

The Australian stock market is trading modestly higher on Monday, reversing some of the losses in the previous four sessions, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving up to well above the 7,950.00 level, with gains across most sectors led by iron ore miners and energy stocks.

The benchmark S&P/ASX 200 Index is gaining 17.60 points or 0.22 percent to 7,965.80, after touching a high of 7,978.60 earlier. The broader All Ordinaries Index is up 17.10 points or 0.21 percent to 8,195.60. Australian stocks closed sharply lower on Friday.

Among the major miners, BHP Group is edging up 0.1 percent, Rio Tinto is advancing more than 2 percent and Mineral Resources is adding almost 2 percent, while Fortescue Metals is losing 1.5 percent. Oil stocks are mostly higher. Woodside Energy and Beach energy are advancing almost 2 percent each, while Santos is gaining almost 1 percent. Origin Energy is losing almost 1 percent.

Among tech stocks, Afterpay owner Block and WiseTech Global are edging down 0.1 to 0.2 percent each, while Appen is losing almost 1 percent. Xero is gaining more than 1 percent and Zip is adding almost 1 percent.

Gold miners are mixed. Evolution Mining and Newmont are edging up 0.3 to 0.5 percent each, while Gold Road Resources adding almost 1 percent. Resolute Mining is losing almost 2 percent and Northern Star Resources is edging down 0.5 percent.

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

In the currency market, the Aussie dollar is trading at $0.631 on Monday.

The Japanese stock market is trading notably higher in choppy trading on Monday, recouping some of the sharp losses in the previous session, following the broadly positive cues from Wall Street on Friday, with the Nikkei 225 moving a tad above the 36,900 level, with slight gains in index heavyweights and automaker stocks.

The benchmark Nikkei 225 Index closed the morning session at 37,095.85, up 208.68 points or 0.57 percent, after touching a high of 37,113.48 and a low of 36,705.02 earlier. Japanese shares ended sharply lower on Friday.

Market heavyweight SoftBank Group is gaining almost 1 percent, while Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Honda and Totota are edging up 0.4 percent each.

In the tech space, Advantest is gaining more than 1 percent and Tokyo Electron is edging up 0.2 percent, while Screen Holdings is losing almost 1 percent.

In the banking sector, Mitsubishi UFJ Financial is edging up 0.3 percent, while Mizuho Financial and Sumitomo Mitsui Financial are edging down 0.1 to 0.2 percent each.

The major exporters are mostly lower. Mitsubishi Electric is losing more than 1 percent, while Sony and Canon are losing more than 2 percent each. Panasonic is edging up 0.1 percent.

Among the other major losers, Ryohin Keikaku is plunging more than 6 percent, while IHI and Mitsubishi Heavy Industries are losing more than 4 percent each. ZOZO, Nintendo, Chugai Pharmaceutical and Kawasaki Heavy Industries are declining almost 3 percent each.

Conversely, SMC and Sumco are gaining almost 4 percent each, while Kyowa Kirin, Nitori Holdings and Dentsu Group are advancing almost 3 percent each.

In economic news, Japan posted a current account deficit of 257.6 billion yen in January, the Ministry of Finance said on Monday. That missed forecasts for a shortfall of 230 billion yen following the 1.077 trillion yen surplus in December.

Exports were up 2.1 percent on year at 7.502 trillion yen and imports surged an annual 17.7 percent to 10.440 trillion yen for a trade deficit of 2.937 trillion yen. The capital account saw a deficit of 21.9 billion yen, while the financial account had a surplus of 102.9 billion yen.

Meanwhile, the value of overall bank lending in Japan was up 3.1 percent on year in February, the Bank of Japan said on Monday - coming in at 635.468 trillion yen. That was in line with expectations and up from the downwardly revised 2.9 percent increase in January (originally 3.0 percent).

In the currency market, the U.S. dollar is trading in the higher 147 yen-range on Monday.

Elsewhere in Asia, China, Hong Kong, Singapore, Malaysia, Indonesia and Taiwan are higher by between 0.1 and 0.8 percent each. New Zealand and South Korea are down 0.5 and 0.6 percent, respectively.

On Wall Street, stocks saw significant volatility over the course of the trading session on Friday, as the major averages swung back and forth across the unchanged line before eventually closing firmly positive. The major averages came under pressure after initially showing a lack of direction, with the Nasdaq and the S&P 500 hitting five-month intraday lows before rebounding in afternoon trading.

The major averages held onto their gains going into the close of trading. The Nasdaq advanced 126.97 points or 0.7 percent to 18,196.22, the S&P 500 climbed 31.68 points or 0.6 percent to 5,770.20 and the Dow rose 222.64 points or 0.5 percent to 42,801.72.

Meanwhile, the major European markets moved to the downside on the day. While German DAX Index slumped 1.8 percent, the French CAC 40 Index slid by 0.9 percent and the U.K.'s FTSE 100 Index closed just below the unchanged line. Crude oil prices faded after an early surge but still remained notably higher on Friday, adding to the modest gain posted in the previous session. West Texas Intermediate for April delivery climbed $0.68 cents or 1.0 percent to $67.04 a barrel.