Asian markets are generally higher | Nasdaq
(RTTNews) – Asian stock markets are trading mostly higher on Monday, following mixed signals from Wall Street on Friday, with crude oil prices providing support, although traders continue to voice concerns over the coronavirus situation in the region and other countries, particularly the United States, could slow the pace of global economic recovery from the pandemic. Asian markets closed mixed on Friday.
Traders also remained concerned about the uncertainty over the situation with China Evergrande, as the indebted real estate company failed to provide clarification on its ability to pay interest on dollar-denominated bonds.
The Australian stock market was slightly higher on Monday, recouping modest losses from the previous session, with the benchmark S & P / ASX 200 below the 7,400 level, following mixed signals from Wall Street on Friday, with stocks of materials and energy gaining as crude oil and iron ore prices soared. Sentiment was also lifted following the easing of coronavirus restrictions in most regional areas.
However, the precarious situation of domestic coronaviruses, mainly in New South Wales and Victoria, is also weighing on investor sentiment. NSW reported 787 new locally acquired cases and twelve deaths on Sunday. Victoria has also recorded 705 new locally acquired cases and one death, with the total number of active COVID-19 cases across Victoria standing at 8,538.
The benchmark S & P / ASX 200 is up 55.10 points or 0.75% to 7,397.70, after peaking at 7,416.40 earlier. The broader All Ordinaries index is up 55.90 points or 0.73% to 7,705.20. Australian stocks closed slightly lower on Friday.
Among the major miners, BHP Group and OZ Minerals each gain more than 1%, while Rio Tinto gains more than 2%. Fortescue Metals and Mineral Resources increases by more than 4% each.
Oil stocks are higher, with Origin Energy gaining more than 1%, Beach energy adding almost 3% and Woodside Petroleum higher by more than 3%, while Oil Search and Santos are up almost 2% each. Among tech stocks, Afterpay, Xero and Appen are down nearly 1% each, while WiseTech Global is down more than 1%.
Gold miners are mixed. Evolution Mining is up 0.3%, while Newcrest Mining and Northern Star Resources are up slightly 0.5% each. Gold Road Resources is down 0.3% and Resolute Mining almost 1%.
Among the Big Four banks, Commonwealth Bank earns more than 2%, while ANZ Banking, Westpac and National Australia Bank gain more than 1% each.
Travel stocks are also higher after the NSW government is set to potentially open up international travel later this year. Qantas gains more than 3 percent, Webjet adds more than 4 percent, and Flight Center is growing nearly 8 percent. In the currency market, the Australian dollar is trading at $ 0.728 on Monday.
The Japanese stock market edged higher on Monday, extending the strong gains from the previous session, with the Nikkei 225 remaining above the 30,300 level, following mixed signals from Wall Street on Friday, as traders are bullish after the announces that Japan seeks to completely lift the COVID-19 state of emergency on Thursday as the fifth wave of coronavirus infections wanes.
Meanwhile, traders are worried about the uncertainty over the situation with China Evergrande as the indebted real estate company has not provided clarification on a key interest payment.
The benchmark Nikkei 225 closed the morning session at 30,358.62, up 109.81 points or 0.36%, after peaking at 30,414.61 earlier. Japanese stocks finished sharply higher on Friday.
Market heavyweight SoftBank Group gained more than 1% and operator Uniqlo Fast Retailing added nearly 2%. Among car manufacturers, Honda gained nearly 2% and Toyota more than 2%. In the tech space, Advantest is gaining more than 1%, while Tokyo Electron and Screen Holdings are losing nearly 1% each. In the banking sector, Sumitomo Mitsui Financial gains more than 2%, Mitsubishi UFJ Financial gains more than 1% and Mizuho Financial is up almost 2%.
Major exporters are up, with Panasonic and Canon gaining nearly 1% each, while Sony and Mitsubishi Electric are flat.
Among the other big winners, Hitachi earns more than 5%, while Tokyo Electric Power, Inpex, Credit Saison and Takashimaya add nearly 5% each. Isetan Mitsukoshi Holdings, East Japan Railway, Marui Group, Central Japan Railway, Resona Holdings and ANA Holdings are up more than 4% each, while West Japan Railway, J. Front Retailing and Mitsui E&S Holdings are up more than 3% each. Conversely, Tosoh and Daikin Industries lost more than 3% each. Chugai Pharmaceutical and M3 are down nearly 2% each.
In the currency market, the US dollar is trading in the upper range of 110 yen on Monday.
Elsewhere in Asia, Singapore is gaining 1.3%, while New Zealand, Hong Kong, South Korea and Taiwan are up 0.2-0.8% each. Malaysia and China oppose the trend and are down 0.4% and 0.2% respectively. Indonesia is relatively flat. On Wall Street, stocks showed lack of direction during Friday’s trading session, after rising sharply for two consecutive days. Major averages spent the day bouncing off the unchanged line.
The major averages finally ended the session with a mixed bag. While the Nasdaq edged down 4.55 points or less than a tenth of a percent to 15,047.70, the Dow climbed 33.18 points or 0.1% to 34,798.00 and the S&P 500 a climbed 6.50 points or 0.2% to 4,455.48.
Meanwhile, the major European markets all moved down that day. While the French CAC 40 index fell 1%, the German DAX index fell 0.7% and the UK FTSE 100 index fell 0.4%.
Crude oil prices surged on Friday and first-month WTI oil futures posted gains for a fifth straight week amid tighter supplies. West Texas Intermediate crude oil futures for November rose $ 0.68 or 0.9% to 73.98 a barrel. WTI crude futures gained 2.8% for the week.
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