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, boosted by strong gains in markets in Japan, Indonesia and South Korea as traders remain optimistic about a 25-basis point rate cut by the US Fed in December after data showing consumer sentiment in the U.S. improved less than expected in November. Asian markets closed mostly higher on Friday.

Traders also looked ahead to the release of key U.S. economic data later in the week, including readings on consumer price inflation preferred by the Fed.

The Australian stock market is currently trading notably higher on Monday, adding to the gains in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving above the 8,400.00 level to all-time highs, with gains across most sectors led by mining, energy and technology stocks. Financial stocks are the only weak spot.

The benchmark S&P/ASX 200 Index is gaining 50.80 points or 0.61 percent to 8,444.60, after touching an all-time high of 8,462.10 earlier. The broader All Ordinaries Index is up 53.90 points or 0.62 percent to 8,687.00. Australian stocks closed significantly higher on Friday.

Among the major miners, BHP Group and Rio Tinto are gaining almost 1 percent each, while Fortescue Metals is adding almost 2 percent and Mineral Resources is up more than 1 percent. Oil stocks are mostly higher. Beach energy is edging up 0.2 percent, Woodside Energy is gaining more than 1 percent and Origin Energy is adding almost 1 percent, while Santos is losing almost 1 percent.

Among tech stocks, Afterpay owner Block and Xero are gaining almost 1 percent each, while Appen is advancing more than 4 percent and Zip is adding almost 2 percent. WiseTech Global is edging down 0.4 percent.

Gold miners are mostly higher. Evolution Mining is gaining almost 1 percent, while Gold Road Resources and Northern Star Resources are edging up 0.2 to 0.4 percent each. Newmont is edging down 0.2 percent and Resolute Mining is losing almost 3 percent.

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

In other news, shares in SG Fleet Group are skyrocketing almost 24 percent after Pacific Equity Partners made a takeover bid at $3.50 for the car leasing company.

Shares in Selfwealth jumped 6 percent after Bell Financial sweetened its takeover bid for the online retail broker.

In the currency market, the Aussie dollar is trading at $0.653 on Monday.

The Japanese stock market is trading sharply 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 broadly positive cues from Wall Street on Friday, with gains across most sectors led by index heavyweights, financial and technology stocks after recent data showed headline inflation slowing to a nine-month low.

The benchmark Nikkei 225 Index closed the morning session at 38,868.68, up 584.83 or 1.53 percent, after touching a high of 39,053.64 earlier. Japanese shares ended notably higher on Friday.

Market heavyweight SoftBank Group is gaining more than 4 percent, while Uniqlo operator Fast Retailing is adding more than 3 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is adding more than 2 percent.

In the tech space, Screen Holdings is gaining more than 1 percent, Tokyo Electron is adding more than 4 percent and Advantest is edging up 0.2 percent.

In the banking sector, Sumitomo Mitsui Financial is gaining almost 2 percent, Mizuho Financial is edging up 0.3 percent and Mitsubishi UFJ Financial is adding almost 1 percent.

The major exporters are mostly higher. Mitsubishi Electric and Sony are gaining almost 2 percent each, while Canon is edging up 0.5 percent. Panasonic is losing almost 1 percent.

Among other major gainers Keisei Electric Railway is skyrocketing more than 12 percent and Hoya is gaining almost 4 percent.

Conversely, Mercari is losing more than 3 percent.

In the currency market, the U.S. dollar is trading in the higher 153 yen-range on Monday.

Elsewhere in Asia, South Korea, Malaysia and Indonesia are up between 1.0 and 1.5 percent each, while New Zealand, China, Hong Kong, Singapore and Taiwan are higher by between 0.1 and 0.6 percent each.

On Wall Street, stocks saw continued strength during trading on Friday extending the upward move seen over the course of Thursday's session. The Dow led the way higher once again, reaching a new record closing high.

The major averages all ended the day in positive territory, with the Dow jumping 426.16 points or 1.0 percent to 44,296.51. The S&P 500 also climbed 20.63 points or 0.4 percent to 5,969.34, while the Nasdaq rose 31.23 points or 0.2 percent to 19,003.65.

The major European markets all also moved to the upside on the day. While the U.K.'s FTSE 100 Index jumped by 1.4 percent, the German DAX Index advanced by 0.9 percent and the French CAC 40 Index rose by 0.6 percent.

Crude oil prices climbed higher on Friday amid rising concerns about Russia/Ukraine conflict. West Texas Intermediate Crude oil futures for January closed up $1.14 or 1.6 percent at $71.24 a barrel. WTI crude futures gained 6.5 percent in the week.