Asian Markets Trade Mostly Higher

(RTTNews) - Asian stock markets are trading m ostly higher on Monday, following the mixed cues from Wall Street on Friday, as traders remain cautiously optimistic on bets the US Fed will likely cut interest rates in September after data showed the US consumer price inflation came in line with estimates in April, while core consumer prices edged up slightly less than expected. Asian markets closed mixed on Friday.

The Australian stock market is currently trading significantly higher on Monday, extending the gains in the previous session, following the mixed cues from Wall Street on Friday. The benchmark S&P/ASX 200 staying well above the 7,700.00 level, with gains is iron miners, energy and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 57.10 points or 0.74 percent to 7,758.80, after touching a high of 7,779.00 earlier. The broader All Ordinaries Index is up 53.70 points or 0.67 percent to 8,024.50. Australian stocks closed significantly higher on Friday.

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

Among tech stocks, Appen is gaining almost 2 percent and Zip is adding more than 2 percent, while Afterpay owner Block is losing 1.5 percent and WiseTech Global is down more than 1 percent. Xero is flat.

Gold miners are mixed. Gold Road Resources is losing almost 1 percent and Resolute Mining is declining almost 2 percent, while Evolution Mining, Northern Star Resources and Newmont are edging up 0.1 to 0.4 percent each.

Among the big four banks, Commonwealth Bank is gaining almost 1 percent and Westpac is advancing almost 2 percent, while ANZ Banking and National Australia Bank are adding more than 1 percent each.

In other news, shares in Lovisa are falling 7 percent after the discount jewellery retailer appointed managing director of Smiggle John Cheston as its next chief executive to replace current CEO Victor Herrero who will depart the company in a year.

Shares in Galileo Mining are soaring 16 percent after it divested almost a third of its lithium stake in the multi-metal Norseman project, as part of joint venture with miner Mineral Resources.

Shares in APM Human Services are jumping 11 percent after news that the company is set to be bought out by Chicago's Madison Dearborn Partners for $1.45 per share.

In economic news, the manufacturing sector in Australia continued to contract, albeit at a slightly slower pace, the latest survey from Judo Bank revealed on Monday with a manufacturing PMI score of 49.7. That's up marginally from 49.6 in April, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

In the currency market, the Aussie dollar is trading at $0.666 on Monday.

The Japanese stock market is trading significantly higher on Monday, adding to the gains in the previous session. The benchmark S&P/ASX 200 is moving well above the 38,800 level, following the mixed cues from Wall Street cues on Friday, with gains across most sectors led by index heavyweights, technology and financial stocks.

The benchmark Nikkei 225 Index closed the morning session at 38,849.65, up 361.75 or 0.94 percent, after touching a high of 39,032.50 earlier. Japanese shares ended significantly higher on Friday.

Market heavyweight SoftBank Group is edging up 0.2 percent and Uniqlo operator Fast Retailing is gaining almost 2 percent. Among automakers, Honda is gaining more than 1 percent, while Toyota is edging down 0.1 percent.

In the tech space, Screen Holdings is gaining almost 2 percent and Tokyo Electron is adding more than 1 percent, while Advantest is edging up 0.1 percent.

In the banking sector, Sumitomo Mitsui Financial is gaining more than 1 percent, while Mizuho Financial and Mitsubishi UFJ Financial are advancing more than 2 percent each.

The major exporters are higher. Canon and Sony are gaining almost 2 percent each, while Mitsubishi Electric is adding more than 1 percent and Panasonic is up almost 1 percent.

Among other major gainers, Mercari is skyrocketing more than 12 percent, Nissan Chemical is soaring more than 8 percent, Sumitomo Pharma is surging almost 8 percent, while Sharp and Yaskawa Electric are gaining more than 5 percent each. Taisei is adding almost 5 percent, while Omron, Taiyo Yuden, M3, Suzuki Motor and JTEKT are advancing almost 4 percent each. Ricoh, TDK and Kyocera are up more than 3 percent. Tokio Marine is rising almost 3 percent.

Conversely, Socionext is slipping more than 5 percent and Fujikura is losing more than 3 percent, while Furukawa Electric and Disco are declining almost 3 percent each.

In economic news, the manufacturing sector in Japan bounced back up into expansion territory in May, the latest survey from Jibun Bank revealed on Monday with a manufacturing PMI score of 50.4. That's up from 49.6 in April and it moves above the boom-or-bust line of 50 that separates expansion from contraction.

In the currency market, the U.S. dollar is trading in the lower 157 yen-range on Monday.

Elsewhere in Asia, Hong Kong is surging 2.7npercent, while South Korea and Taiwan are up 2.0 and 1.8 percent, respectively. China, Singapore and Indonesia are higher by between 0.2 and 0.6 percent each. New Zealand is closed for King's birthday and Malaysia is closed for Agong's Birthday.

On Wall Street, stock indexes all rallied going into the close of trading on Friday after turning in a mixed performance throughout much of the session. The Dow showed a substantial move to the upside, bouncing off its lowest closing level in almost a month.

The Dow surged 574.84 points or 1.5 percent to 38,686.32 and the S&P 500 advanced 42.03 points or 0.8 percent to 5,277.51, while the tech-heavy Nasdaq ended the day down 2.06 points or less than a tenth of a percent at 16,735.02, but showed a substantial recovery after tumbling by as much as 1.7 percent earlier in the session.

Meanwhile, the major European markets all moved to the upside on the day. While the U.K.'s FTSE 100 Index rose by 0.5 percent, the French CAC 40 Index crept up by 0.2 percent and the German DAX Index closed just above the unchanged line.

Crude oil prices fell on Friday, extending losses to a third straight day amid concerns about the outlook for demand - although optimism over the extension of OPEC production cuts limited the downside. West Texas Intermediate crude oil futures for July slipped $0.92 at $76.99 a barrel.