Asian Markets Track Wall Street Higher

(RTTNews) - Asian stock markets are trading mostly higher on Tuesday, following the broadly positive cues from Wall Street overnight, as markets breathe a temporary sigh of relief amid reports that US President Donald Trump may hold back some of the reciprocal tariffs set to take effect on April 2. However, the uncertainty about fresh tariffs continues to weigh on market sentiment. Asian markets closed mixed on Monday.

Trump is said to be adopting a more moderate approach to the tariffs, likely omitting a set of industry-specific tariffs.

The Australian stock market is notably higher on Tuesday, extending the gains in the previous three sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving up to near the 8,000 mark, with gains in financial, energy and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 40.40 points or 0.51 percent to 7,977.30, after touching a high of 7,994.00 earlier. The broader All Ordinaries Index is up 42.40 points or 0.52 percent to 8,200.30. Australian stocks closed slightly higher on Monday.

Among the major miners, BHP Group is edging down 0.5 percent, Mineral Resources is losing almost 2 percent and Fortescue Metals is declining almost 1 percent, while Rio Tinto is edging up 0.3 percent.

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

Among tech stocks, Afterpay owner Block is gaining more than 1 percent, Xero is adding more than 2 percent and WiseTech Global is advancing almost 2 percent, while Appen is losing more than 1 percent and Zip is edging down 0.3 percent.

Gold miners are mostly higher. Northern Star resources is edging down 0.5 percent and Newmont is declining almost 1 percent, while Evolution Mining is adding almost 1 percent, Resolute Mining is gaining almost 4 percent and Gold Road Resources is soaring almost 15 percent after rejecting an unsolicited $3.3 billion bid from South African rival Gold Fields.

Among the big four banks, Commonwealth Bank is gaining almost 1 percent, while ANZ Banking, National Australia Bank and Westpac are edging up 0.1 to 0.4 percent each.

In the currency market, the Aussie dollar is trading at $0.629 on Tuesday.

The Japanese stock market is trading significantly higher on Tuesday, snapping a four-session losing streak, following the broadly positive cues from Wall Street overnight, with the Nikkei 225 moving above the 38,000 mark, with gains is index heavyweights, automakers and exporters partially offset by weakness in financial and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 37,881.70, up 273.21 points or 0.73 percent, after touching a high of 38,115.65 earlier. Japanese shares ended modestly lower on Monday.

Market heavyweight SoftBank Group is gaining more than 2 percent and Uniqlo operator Fast Retailing is adding 1.5 percent. Among automakers, Honda is edging up 0.4 percent and Toyota is gaining almost 2 percent.

In the tech space, Advantest is edging up 0.5 percent, Tokyo Electron is advancing more than 3 percent and Screen Holdings is gaining almost 2 percent.

In the banking sector, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are losing more than 1 percent each, while Mizuho Financial is declining almost 2 percent.

The major exporters are mostly higher. Canon and Sony are gaining more than 1 percent each, while Mitsubishi Electric is edging down 0.4 percent. Panasonic is flat.

Among the other major gainers, Fujikura is surging almost 5 percent and Disco is gaining almost 4 percent, while Mitsubishi Estate, ZOZO, Fuji Electric, SMC Corp., TDK Corp., Isetan Mitsukoshi and Toho are adding more than 3 percent each. Minebea Mitsumi, Nitto Denko, Renesas Electronics and Terumo are advancing almost 3 percent each.

Conversely, there are no other major losers.

In economic news, members of the Bank of Japan's Monetary Policy Committee believe that the country's prices and economic activity are in line with expectations, minutes from the central bank's January 23-24 meeting revealed on Tuesday. Overall inflation continues to gradually advance toward the price stability target of 2 percent, the minutes said.

At the meeting, the central bank raised its short-term interest rate to the highest in 17 years, aiming for a price stability target of 2.0 percent amidst rising wages. BoJ policy board members raised the overnight call rate to around 0.5 percent from 0.25 percent - marking the highest since the global financial crisis in 2008.

In the currency market, the U.S. dollar is trading in the higher 150 yen-range on Tuesday.

Elsewhere in Asia, New Zealand, Singapore, Malaysia, Taiwan and Indonesia are high\er by between 0.6 and 1.0 percent each. Hong Kong is down 1.9 percent, while South Korea and China are down 0.4 and 0.1 percent, respectively. On Wall Street, stocks turned in a fine performance on Monday, with the technology sector posting more pronounced gains. The market stayed positive as the mood remained bullish right through. Investors reacted to reports President Donald Trump plans to hold back some of the reciprocal tariffs set to take effect on April 2.

The major averages all closed on a high note. The Dow settled higher by 597.97 points or 1.42 percent, at 42,583.32. The S&P 500 closed up 100.01 points or 1.76 percent, at 5,767.57, while the Nasdaq ended stronger by 404.54 points or 2.27 percent, at 18,188.59.

Meanwhile, the major European markets failed to hold early gains and ended mixed on the day. The U.K.'s FTSE 100 closed 0.01 percent down and France's CAC 40 edged down 0.02 percent, while Germany's DAX gained 0.19 percent.

Crude oil prices climbed higher on Monday after Trump announced a 25 percent secondary tariff on countries purchasing oil or gas from Venezuela. West Texas Intermediate Crude oil futures for May settled higher by $0.83 or 1.22 percent at $69.11 a barrel.