Asian Markets Track Global Markets Lower

RTTNews | 1029 days ago
Asian Markets Track Global Markets Lower

(RTTNews) - Asian stock markets are trading mostly lower on Monday, following the broadly negative cues from global markets on Friday, amid concerns about the outlook for the global economy amid monetary policy tightening by central banks around the world. Traders are cautious while they await the US Fed's monetary policy decision on Wednesday. Asian markets closed mostly lower on Friday.

The Fed is widely expected to raise interest rates by another 75 basis points, although some see an outside chance for a 100-point rate hike.

The World Bank's latest report that warns of a global recession is also weighing on sentiment. The World Bank warned that the world could face a recession next year amid simultaneous tightening of monetary policy by central banks.

The Australian stock market is slightly lower in choppy trading on Monday after being in the green most of the morning session, recouping some of the losses in the previous session, with the benchmark S&P/ASX 200 staying above the 6,700 level, despite the broadly negative cues from global markets on Friday, with gains in mining stocks partially offset by weakness in energy and financial stocks. The benchmark S&P/ASX 200 Index is gaining 6.90 points or 0.10 percent to 6,732.20, after hitting a low of 6,714.70 and a high of 6,753.90 earlier. The broader All Ordinaries Index is down 13.80 points or 0.20 percent to 6,961.40. Australian stocks closed sharply lower on Friday.

Among the major miners, BHP Group and Fortescue Metals are gaining almost 1 percent each, while OZ Minerals and Mineral Resources are surging more than 4 percent each. Rio Tinto is adding more than 1 percent.

Oil stocks are mostly weak. Beach energy and Woodside Energy are edging down 0.2 percent each, while Santos and Origin Energy are flat.

Among tech stocks, Xero is edging down 0.3 percent and Afterpay owner Block is losing almost 4 percent, while WiseTech Global is edging up 0.4 percent and Appen is advancing 1.5 percent. Zip is flat.

Gold miners are higher, Gold Road Resources is gaining almost 3 percent, Evolution Mining is adding 1.5 percent, Newcrest Mining is up almost 2 percent, Resolute Mining is rising more than 2 percent and Northern Star Resources is advancing more than 3 percent.

Among the big four banks, National Australia Bank is losing almost 1 percent, while Westpac is edging down 0.2 to 0.5 percent each. Commonwealth Bank is edging up 0.5 percent.

In the currency market, the Aussie dollar is trading at $0.671 on Monday.

The Japanese stock market is closed for Old Age Day holiday. Japanese shares ended significantly lower on Friday.

In the currency market, the U.S. dollar is trading in the lower 143 yen-range on Monday.

Elsewhere in Asia, China, Hong Kong, South Korea, Singapore, Malaysia and Taiwan are lower by between 0.1 and 1.0 percent each. Indonesia is bucking the trend and is up 0.2 percent. New Zealand is relatively flat.

On Wall Street, stocks saw further downside during trading on Friday after coming under pressure over the course of Thursday's session. The major averages all moved to the downside on the day, ending the session at their lowest closing levels in two months.

The major averages climbed well off their lows of the session going into the close but remained in negative territory. The Dow fell 139.40 points or 0.5 percent to 30,822.42, the Nasdaq slumped 103.95 points or 0.9 percent to 11,448.40 and the S&P 500 slid 28.02 points or 0.7 percent to 3,873.33.

The major European markets also moved to the downside on the day. While the German DAX Index dove 1.7 percent, the French CAC 40 Index tumbled 1.3 percent and the U.K.'s FTSE 100 Index slid by 0.6 percent.

Crude oil futures settled roughly flat on Friday following the resumption of oil exports from Iraq's Basra oil terminal, where a spillage had forced disruptions. West Texas Intermediate Crude futures for October settled at $85.11 a barrel, up $0.01 from the previous close. WTI crude futures shed nearly 2 percent in the week.

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