Financial basis

Asian Markets Mixed in Light Day Trading

(RTTNews) – Asian stock markets are mixed on a light trading day on Tuesday as few major markets are closed, following broadly positive signals from Wall Street overnight, with technology leading higher to reflect their peers on the Nasdaq, which surged on news that Elon Musk had taken a big stake in Twitter. Energy stocks also rose on the back of the rebound in crude oil prices. Asian markets mostly closed higher on Monday.

Meanwhile, Traders has also been keeping tabs on developments in the ongoing conflict between Russia and Ukraine, which continues to impact energy prices amid calls for new sanctions on the Russia as well as concerns about inflation and impending monetary tightening by the US Federal Reserve.

The Fed is seen as increasingly likely to raise interest rates by 50 basis points next month, with the monthly jobs report suggesting the economy remains on solid footing. The Fed is expected to release the minutes of its March meeting on Wednesday, potentially shedding additional light on the rate outlook.

Western nations have called for new sanctions against Russia after Ukraine said Russian troops carried out a “massacre” in the town of Bucha, killing hundreds of civilians. Western nations have called for a ban on Russian oil and gas imports.

US President Joe Biden has also called for a war crimes trial against Russian President Vladimir Putin and said he would seek more sanctions after reported atrocities in Ukraine.

The Australian stock market is slightly higher on Tuesday, extending the gains of the previous session, with the benchmark S&P/ASX 200 index remaining above the 7,500 level, following broadly positive signals from Wall Street overnight, fueled in large part by strong gains in tech stocks, which mirrored their peers on the Nasdaq. Energy stocks also rose on the back of the rebound in crude oil prices.

Meanwhile, traders are watching the Reserve Bank of Australia meeting for any signs that policymakers will begin their tightening cycle next month rather than wait until June. The RBA has not raised rates since November 2010.

The benchmark S&P/ASX 200 gained 51.30 points or 0.68% to 7,565.00, after hitting a high of 7,573.40 earlier. The broader All Ordinaries index was up 52.30 points or 0.67% at 7,871.20. Australian shares closed slightly higher on Monday.

Among the major miners, BHP Group and OZ Minerals are down 0.3-0.5% each, while Rio Tinto is down almost 1%. Mineral resources gain more than 2% and Fortescue Metals is stable

Oil inventories are higher, with Beach Energy and Santos gaining more than 1% each, while Woodside Petroleum adds almost 1% and Origin Energy is up more than 2%.

Among tech stocks, Appen, Zip and WiseTech Global each gain nearly 3%, while Block soars nearly 7% and Xero adds more than 3%.

Gold miners are mostly inferior. Evolution Mining is down nearly 2%, Resolute Mining is down nearly 1%, Newcrest Mining is down more than 1%, Gold Road Resources is down 1.5% and Northern Star Resources is down more than 2%.

Among the big four banks, Commonwealth Bank, Westpac, ANZ Banking and National Australia Bank rose 0.2 to 0.5% each.

In economic news, Australia’s services sector continued to expand in March, albeit at a slower pace, the latest S&P Global survey showed on Tuesday with a services PMI score of 55.6. That’s down from 57.4 in February, though it remains well above the 50 boom or bust line that separates expansion from contraction. The survey also said its composite index fell to 55.1 in March from 56.6 in February.

The Reserve Bank of Australia will close its monetary policy meeting on Tuesday and then announce its decision on interest rates. The RBA is expected to hold its benchmark lending rate steady at 0.1%.

In the currency market, the Australian dollar is trading at $0.754 on Tuesday.

The Japanese stock market is slightly lower in Tuesday’s choppy session, giving up gains from the previous session, with the Nikkei 225 remaining just above the 27,700 level, despite broadly positive signals from Wall Street overnight. , as traders digest household spending and the PMI. statistics and remain concerned about the economic impact of the ongoing Russian-Ukrainian crisis.

The benchmark Nikkei 225 closed the morning session at 27,708.30, down 28.17 points or 0.10%, after hitting a high of 27,965.94 and a low of 27,662.28. earlier. Japanese stocks ended slightly higher on Monday.

The SoftBank group, heavyweight in the market, and the Uniqlo operator, Fast Retailing, each gained nearly 2%. Among automakers, Honda is down 0.4% and Toyota is flat.

In technology, Advantest rose 0.2%, Screen Holdings gained nearly 1% and Tokyo Electron rose 0.4%. In the banking sector, Sumitomo Mitsui Financial lost nearly 1%, while Mizuho Financial and Mitsubishi UFJ Financial fell 1.5% each.

Major exporters are mostly higher, with Panasonic gaining nearly 2%, while Canon and Sony are up 0.3-0.4% each. Mitsubishi Electric lost almost 1%. Among other big winners, Rakuten Group gains more than 5%.

Conversely, Kawasaki Kisen Kaisha and Dai-ichi Life Holdings lost almost 5% each, while T&D Holdings lost more than 4%. Sumitomo Pharma fell nearly 4%, while Ricoh Co. and Mitsui OSK Lines fell more than 3%. Shizuoka Bank, Tokio Marine, Astellas Pharma and MS&AD Insurance are down nearly 3% each.

In economic news, average household spending in Japan rose 1.1 percent year-on-year in February, the interior and communications ministry said Tuesday, to 257,887 yen. That missed expectations for a 2.7% gain and was down from the previous month’s 6.9% increase. On a monthly basis, household spending fell 2.8% – again missing expectations of a 1.5% decline after a 1.2% contraction in January. The average monthly income per household stood at 540,712 yen, down 0.1% from a year earlier.

Meanwhile, Japan’s services sector continued to contract in March, albeit at a slower pace, the latest Jibun Bank survey showed on Tuesday, with a services PMI score of 49.4. That’s up from 44.2 in February, though it remains below the 50 boom or bust line that separates expansion from contraction. The survey also said its composite index expanded to 50.3 in March from 45.8 in February.

On the foreign exchange market, the US dollar is trading around 122 yen on Tuesday.

Elsewhere in Asia, New Zealand and Singapore are up 0.3% each, while South Korea and Malaysia are down 0.1 and 0.2%, respectively. Indonesia is relatively flat. Taiwan and China are closed for Qingming Festival and Hong Kong is closed for National Day.

On Wall Street, stocks mostly rose during the trading day on Monday, adding to the gains posted in the previous session. Tech stocks contributed to the advance, which led to a remarkable gain for the Nasdaq.

The major averages all closed positive, although the tech-heavy Nasdaq outperformed its peers. While the Nasdaq jumped 271.05 points or 1.9% to 14,532.55, the S&P 500 advanced 36.78 points or 0.8% to 4,582.64 and the S&P 500 rose 103 .61 points or 0.3% at 34,921.88.

Major European markets also moved higher on the day. While the French CAC 40 index rose 0.7%, the German DAX index climbed 0.5% and the British FTSE 100 index rose 0.3%.

Crude oil futures rose on Monday, rebounding from recent losses after US President Joe Biden called for a war crimes trial against Russian President Vladimir Putin and said he would seek more sanctions after atrocities reported in Ukraine. West Texas Intermediate crude oil futures for May ended up $4.01 or 4% at $103.28 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.