Australian Market Modestly Lower

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(RTTNews) - The Australian stock market is modestly lower on Monday, giving up the gains in the previous session, with the benchmark S&P/ASX 200 falling below the 7,000 mark, following the broadly negative cues from global markets on Friday, as traders continued to assess the impact of the crisis in the global banking sector. Gold miners were the bright spot amid a spike in gold prices.

The benchmark S&P/ASX 200 Index is losing 25.10 points or 0.36 percent to 6,969.70, after hitting a low of 6,934.10 earlier. The broader All Ordinaries Index is down 28.80 points or 0.40 percent to 7,159.40. Australian stocks closed modestly higher on Friday.

Among the major miners, Rio Tinto is gaining more than 1 percent and BHP Group is adding almost 1 percent, while Fortescue Metals, OZ Minerals and Mineral Resources are edging up 0.1 to 0.2 percent.

Oil stocks are mostly lower. Origin Energy and Woodside Energy are losing more than 1 percent each, while Santos is declining almost 1 percent. Beach energy is edging up 0.4 percent.

Among tech stocks, WiseTech Global is losing almost 2 percent, Xero is down almost 1 percent, Appen is edging down 0.4 percent and Afterpay owner Block is declining more than 1 percent, while Zip is gaining more than 1 percent.

Gold miners are sharply higher. Gold Road Resources is soaring almost 10 percent, Evolution Mining is surging almost 11 percent, Northern Star Resources is gaining more than 8 percent, Newcrest Mining is adding almost 7 percent and Resolute Mining is advancing almost 8 percent.

Among the big four banks, Commonwealth Bank is gaining almost 1 percent, while National Australia Bank, ANZ Banking and Westpac are edging up 0.1 to 0.5 percent.

In the currency market, the Aussie dollar is trading at $0.672 on Monday.

On Wall Street, stocks pulled back sharply during trading on Friday after moving sharply higher over the course of Thursday's session. The major averages all showed notable moves to the downside on the day, with the Nasdaq snapping a four-day winning streak.

The major averages finished the session off their worst levels but still firmly negative. The Dow tumbled 384.57 points or 1.2 percent to 31,861.98, the Nasdaq slid 86.76 points or 0.7 percent to 11,630.51 and the S&P 500 slumped 43.64 points or 1.1 percent to 3,916.64.

The major European markets also showed notable moves to the downside on the day. While the U.K.'s FTSE 100 Index slumped 1.0 percent, the German DAX Index and the French CAC 40 Index tumbled by 1.3 percent and 1.4 percent, respectively.

Crude oil prices sank Friday as rising concerns about the health of the banking sector continued to fuel worries about economic growth and the outlook for energy demand. West Texas Intermediate Crude oil futures for April dropped $1.61 or 2.4 percent at $66.74 a barrel. WTI crude futures tumbled 13 percent in the week.

China Stock Market Due For Consolidation

The China stock market has moved higher in four straight sessions, advancing almost 160 points or 4.4 percent along the way. The Shanghai Composite Index now sits just above the 3,880-point plateau although it may see profit taking on Tuesday.

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Taiwan Bourse May Hand Back Monday's Gains

The Taiwan stock market bounced higher again on Monday, one session after ending the two-day winning streak in which it had gained more than 600 points or 2.6 percent. The Taiwan Stock Exchange now rests just above the 24,275-point plateau although it's expected to open to the downside on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water. For the day, the index surged 512.91 points or 2.16 points to finish at 24,277.38 after trading between 24,108.75 and 24,362.02. Among the actives, Mega Financial and United Microelectronics Corporation both eased 0.12 percent, while Fubon Financial jumped 1.93 percent, E Sun Financial and Formosa Plastics both sank 0.74 percent, Taiwan Semiconductor Manufacturing Company accelerated 3.08 percent, Hon Hai Precision rallied 2.47 percent, Largan Precision added 0.42 percent, MediaTek soared 3.30 percent, Novatek Microelectronics climbed 1.18 percent, Nan Ya Plastics surged 3.53 percent, Asia Cement gained 0.40 percent and Cathay Financial, CTBC Financial and Catcher Technology were unchanged.

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Singapore Stock Market Tipped To Open In The Red

The Singapore stock market has climbed higher in five straight sessions, improving almost 70 points or 1.6 percent along the way. The Straits Times Index now sits just above the 4,255-point plateau although investors may lock in gains on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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Rally May Stall For Malaysia Stock Market

The Malaysia stock market has moved higher in three straight sessions, collecting almost 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau although it's likely to open to the downside on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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Japan Stock Market May Spin Its Wheels On Tuesday

The Japan stock market has moved higher in back-to-back sessions, gathering almost 200 points or 0.5 percent along the way. The Nikkei 225 now rests just above the 42,800-point plateau although it may be stuck in neutral on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water. The Nikkei finished modestly higher on Monday following gains from the financial shares, weakness from the technology stocks and a mixed picture from the automobile companies. For the day, the index advanced 174.53 points or 0.41 percent to finish at 42,807.82 after trading between 42,681.37 and 43,201.42. Among the actives, Nissan Motor accelerated 3.15 percent, while Mazda Motor shed 0.55 percent, Toyota Motor eased 0.10 percent, Honda Motor climbed 1.01 percent, Softbank Group soared 3.53 percent, Mitsubishi UFJ Financial dipped 0.11 percent, Mizuho Financial collected 0.79 percent, Sumitomo Mitsui Financial added 0.41 percent, Mitsubishi Electric rose 0.35 percent, Sony Group slumped 1.11 percent, Panasonic Holdings lost 0.49 percent and Hitachi fell 0.24 percent.

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KOSPI May Run Out Of Steam On Tuesday

The South Korea stock market has tracked higher in three straight sessions, collecting almost 80 points or 2.6 percent along the way. The KOSPI now sits just shy of the 3,210-point plateau although it's due for consolidation on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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RBA Minutes On Tap For Tuesday

The Reserve Bank of Australia will on Tuesday release the minutes from its August 12 monetary policy meeting, highlighting a modest day for Asia-Pacific economic activity.

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U.S. Dollar Climbs Against Majors

The U.S. dollar strengthened against its major counterparts in the New York session on Monday.

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EURUSD	1.16375	GBPUSD	1.34709	AUDUSD	0.64869
USDJPY	147.323	USDCAD	1.38513	USDCHF	0.80443