Asian Markets Trade Mixed

(RTTNews) - Asian stock markets are trading mixed on Monday, following the broadly positive cues from Wall Street on Friday, with some of the major markets in the region closed, including China, Hong Kong and Japan. Traders are optimistic and react to indications China is open to trade talks with the U.S. Asian markets closed mostly higher on Friday.

A spokesperson for China's Ministry of Commerce said U.S. officials have "repeatedly expressed their willingness to negotiate with China on tariffs."

The Australian stock market is notably lower on Monday, snapping a seven-session winning streak, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling below the 8,200.00 level, with weakness in energy and financial stocks partially offset by gains in iron ore miners and technology stocks.

The benchmark S&P/ASX 200 Index is losing 59.90 points or 0.73 percent to 8,178.10, after hitting a low of 8,173.60 earlier. The broader All Ordinaries Index is down 58.30 points or 0.69 percent to 8,397.90. Australian stocks closed significantly higher on Friday.

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

Among tech stocks, Afterpay owner Block is surging more than 5 percent, Appen is soaring almost 14 percent and Zip is gaining more than 1 percent, while Xero is edging down 0.5 percent. WiseTech Global is flat.

Gold miners are mixed. Evolution Mining is adding more than 2 percent, Northern Star Resources is edging up 0.2 percent and Gold Road Resources is soaring more than 10 percent after it agreed to sweetened $3.7 billion takeover offer from South African gold mining giant Gold Fields Ltd., while Resolute Mining is losing almost 1 percent. Newmont is flat.

Among the big four banks, Commonwealth Bank is losing more than 2 percent, Westpac is declining more than 3 percent, National Australia Bank is sliding almost 2 percent and ANZ Banking is down almost 1 percent.

In other news, shares in Smartpay soaring more than 24 percent after it entered exclusive talks with an unnamed suitor proposing to acquire it for NZ$1.20 per share or A$1.12 per share.

In economic news, the services sector in Australia continued to expand in April, albeit at a slower pace, the latest survey from S&P Global revealed on Monday with a services PMI score of 51.0. That's down from 51.6 in March, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

In the currency market, the Aussie dollar is trading at $0.647 on Monday.

The Japanese stock market is closed for Children's Day holiday on Monday. Japanese shares ended significantly higher on Friday.

In the currency market, the U.S. dollar is trading in the lower 144 yen-range on Monday.

Elsewhere in Asia, New Zealand, Malaysia and Indonesia are higher by between 0.1 and 0.4 percent each, while Singapore and Taiwan are down 0.2 and1.9 percent, respectively. China remains closed for Labor Day, South Korea is closed for Children's Day and Hong Kong is closed for Buddha's birthday.

On Wall Street, stocks moved sharply higher during trading on Friday, with the major averages reaching their best closing levels in a month. The S&P 500 closed higher for the ninth consecutive session, marking its longest winning streak in over twenty years.

The major averages pulled back off their best levels late in the session but still posted strong gains. The Nasdaq surged 266.99 points or 1.5 percent to 19,977.73, the S&P 500 shot up 82.53 points or 1.5 percent to 5,686.67 and the Dow jumped 564.47 points or 1.4 percent to 41,317.43.

The major European markets also showed strong moves to the upside on the day. While the German DAX Index spiked by 2.6 percent, the French CAC 40 Index is surged by 2.3 percent and the U.K.'s FTSE 100 Index advanced by 1.2 percent.

Crude oil prices showed a significant move back to the downside on Friday on concerns that OPEC would accelerate production, which did indeed happen over the weekend. West Texas Intermediate crude for June delivery tumbled $0.95 or 1.6 percent to $58.29 a barrel. Crude plunged 7.5 percent for the week.