Asian Markets Trade Mixed

(RTTNews) - Asian stock markets are trading mixed on Monday, following the mixed cues from Wall Street on Friday, pulled down by a tumbling South Korean market amid the ongoing political turmoil in the country as well as the ongoing tensions in the Middle East and the Russia - Ukraine war. Traders also remain optimistic over the outlook for interest rates in the wake of the most recent set of US economic data, including monthly jobs and consumer sentiment data. Asian markets closed mixed on Friday.

The Australian stock market is currently trading modestly lower on Monday, adding to the losses in the previous session, following the mixed cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling below the 8,400.00 level, with weakness across most sectors led by mining and energy stocks. Technology stocks were the only bright spot.

Traders now remain cautious ahead of the Reserve Bank of Australia's board meeting with a cash rate decision due on Tuesday, where the RBA is widely expected to hold rates.

The benchmark S&P/ASX 200 Index is losing 17.90 points or 0.21 percent to 8,403.00, after hitting a low of 8,371.10 earlier. The broader All Ordinaries Index is down 19.20 points or 0.22 percent to 8,670.10. Australian stocks closed notably lower on Friday.

Among the major miners, BHP Group and Rio Tinto are losing more than 1 percent each, while Fortescue Metals is declining more than 3 percent and Mineral Resources is down almost 1 percent. Oil stocks are mostly lower. Woodside Energy is losing more than 2 percent, Origin Energy is edging down 0.5 percent, Santos is declining almost 2 percent and Beach energy is slipping more than 6 percent.

Among tech stocks, Afterpay owner Block is gaining more than 2 percent, while Xero, WiseTech Global and Zip are edging up 0.2 to 0.5 percent each. Appen is losing more than 1 percent.

Gold miners are mostly lower. Evolution Mining is down more than 1 percent and Resolute Mining is declining almost 6 percent, while Northern Star Resources, Gold Road Resources and Newmont are edging down 0.2 to 0.3 percent each.

Among the big four banks, Westpac and National Australia Bank are losing almost 1 percent each, while ANZ Banking is declining almost 3 percent and Commonwealth Bank is edging down 0.1 percent.

In other news, shares in Platinum Asset Management are tumbling almost 17 percent after Regal Partners ended buyout talks with the fund manager, with no new deal reached.

In the currency market, the Aussie dollar is trading at $0.640 on Monday.

The Japanese stock market is trading modestly higher on Monday after briefly slipping into the red, reversing the losses in the previous session. The benchmark S&P/ASX 200 is moving to near the 39,200 level, following the mixed cues from Wall Street on Friday, with gains in some index heavyweights and automakers partially offset by weakness in technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 39,197.57, up 106.40 or 0.27 percent, after touching a high of 39,332.55 earlier. Japanese shares ended significantly lower on Friday.

Market heavyweight SoftBank Group is gaining more than 2 percent and Uniqlo operator Fast Retailing is adding more than 1 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is edging up 0.3 percent.

In the tech space, Screen Holdings is losing 1.5 percent and Advantest is declining almost 5 percent, while Tokyo Electron is edging down 0.2 percent.

In the banking sector, Sumitomo Mitsui Financial is gaining almost 1 percent, while Mitsubishi UFJ Financial is edging down 0.2 percent. Mizuho Financial is flat.

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

Among other major gainers, Rakuten Group is surging more than 7 percent, while Yamato Holdings and Nomura Research Institute are gaining almost 5 percent each. BANDAI NAMCO, Recruit Holdings and NEXON are advancing almost 3 percent each.

Conversely, ZOZO is losing almost 3 percent.

In economic news, Japan's gross domestic product expanded a seasonally adjusted 0.3 percent on quarter in the third quarter of 2024, the Cabinet Office said on Monday - exceeding expectations for an increase of 0.2 percent following the upwardly revised 0.5 percent increase in the three months prior (originally 0.2 percent). On an annualized basis, GDP rose 1.2 percent - beating forecasts for a 0.9 percent gain, which would have been unchanged.

Capital expenditure was down 0.1 percent on quarter, but that also beat forecasts for a decline of 0.2 percent - which would have been unchanged from Q2. External demand was down 0.1 percent on quarter, while the GDP price index climbed an annual 2.4 percent and private consumption was up 0.7 percent on quarter.

In the currency market, the U.S. dollar is trading in the higher 149 yen-range on Monday.

Elsewhere in Asia, New Zealand, China, Hong Kong, Taiwan and Indonesia are higher by between 0.1 and 0.5 percent each. South Korea is down 1.8 percent, while Singapore and Malaysia are down 0.2 and 0.3 percent, respectively.

On Wall Street, stock indexes all moved to the upside early in the session on Friday but turned mixed over the course of the trading day. While the Nasdaq and the S&P 500 managed to remain in positive territory and reach new record closing highs, the narrower Dow pulled back into negative territory.

The major averages turned in a mixed performance. The tech-heavy Nasdaq ended the session near its best levels of the day, climbing 159.05 points or 0.8 percent to 19,859.77. The S&P 500 also rose 15.16 points or 0.3 percent to 6,090.27, but the Dow fell 123.19 points or 0.3 percent to 44,642.52

The major European markets also ended the day mixed. The French CAC 40 Index jumped by 1.3 percent and the German DAX Index inched up by 0.1 percent, but the U.K.'s FTSE 100 Index fell by 0.5 percent.

Crude oil prices fell on Friday, weighed down by prospects of excess supply in the market. West Texas Intermediate Crude oil futures for January shed $1.10 or 1.61 percent at $67.20 a barrel. WTI crude futures fell nearly 1 percent in the week.