Asian Markets Trade Mixed

(RTTNews) - Asian stock markets are trading mixed on Tuesday, following the broadly positive cues from European markets and lack of cues from Wall Street overnight, as markets reacted positively to US President Donald Trump's decision not to impose China-specific tariffs on his first day in office. However, there were hints from Trump about potential 25 percent tariffs on Canada and Mexico as early as February 1. Asian markets closed mostly higher on Monday.

According to reports, Trump will direct US federal agencies to assess trade relations with China and neighboring countries while holding off on imposing new tariffs on his first day in office.

Meanwhile, markets were bracing for major policy announcements and sweeping changes in U.S. trade policies that could thrust businesses into considerable uncertainty.

The Australian stock market is trading notably higher on Tuesday, extending the gains in the previous session, following the broadly positive cues from European markets and lack of cues from Wall Street overnight. The benchmark S&P/ASX 200 index is moving up to near the 8,400.00 level, with gains in mining and financial stocks partially offset by weakness in energy and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 44.70 points or 0.54 percent to 8,392.10, after touching a high of 8,453.30 earlier. The broader All Ordinaries Index is up 46.90 points or 0.55 percent to 8,641.30. Australian stocks closed notably higher on Monday.

Among the major miners, BHP Group and Fortescue Metals are edging up 0.5 percent each, while Mineral Resources is losing more than 2 percent. Rio Tinto is flat.

Oil stocks are lower. Origin Energy and Santos are losing more than 2 percent each, while Beach energy is down almost 1 percent. Woodside Energy is flat. Among tech stocks, Afterpay owner Block and Appen are edging down 0.2 to 0.4 percent each, while WiseTech Global Xero is losing more than 1 percent. Zip is gaining almost 2 percent.

Gold miners are higher. Gold Road Resources and Resolute Mining are gaining almost 2 percent each, while Evolution Mining is adding more than 1 percent and Newmont is edging up 0.4 percent. Northern Star resources is flat.

Among the big four banks, Commonwealth Bank and Westpac are gaining more than 1 percent each, while National Australia Bank is adding more than 2 percent and ANZ Banking is up almost 2 percent.

In other news, shares in Hub24 are jumping more than 12 percent after the wealth platform reported record quarterly platform net inflows of $5.5 billion.

Shares in Liontown Resources are soaring almost 12 percent after the lithium miner delivered a three-fold increase in spodumene concentrate output following ramp up at Kathleen Valley Lithium Operation.

Shares in Novonix are tumbling almost 8 percent after the battery materials and technology company's CEO Chris Burns decided to step down from the role.

Shares in Yancoal Australia are surging more than 5 percent after reporting a 5 percent increase in saleable coal production to 36.9 million tonnes, in line with targets.

In the currency market, the Aussie dollar is trading at $0.625 on Tuesday.

The Japanese stock market is trading slightly higher on Tuesday, extending the gains in the previous session, following the broadly positive cues from European markets and lack of cues from Wall Street overnight. The Nikkei 225 is moving up to near the 39,000 mark, with gains some index heavyweights, automakers and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 38,951.77, up 49.27 points or 0.13 percent, after touching a high of 39,238.21 earlier. Japanese shares ended sharply higher on Monday.

Market heavyweight SoftBank Group is losing almost 1 percent, while Uniqlo operator Fast Retailing is edging up 0.4 percent. Among automakers, Honda is edging up 0.4 percent and Toyota is gaining almost 1 percent.

In the tech space, Advantest is edging down 0.3 percent, while Screen Holdings and Tokyo Electron are gaining almost 1 percent each.

In the banking sector, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are losing almost 1 percent each, while Mizuho Financial is edging down 0.5 percent.

The major exporters are mostly lower. Sony and Mitsubishi Electric are losing almost 1 percent each, while Canon and Panasonic are edging down 0.3 to 0.4 percent each.

Among the other major gainers, Sumitomo Pharma is gaining more than 4 percent, DeNA is advancing almost 4 percent and Disco is adding more than 3 percent.

Conversely, Kawasaki Heavy Industries and IHI are losing almost 3 percent each.

In the currency market, the U.S. dollar is trading in the higher 154 yen-range on Tuesday.

Elsewhere in Asia, New Zealand, China, Singapore, South Korea and Taiwan are lower by between 0.1 and 0.6 percent each, while Hong Kong, Malaysia and Indonesia are higher by between 0.3 and 0.8 percent each.

On Wall Street, the markets were closed for Martin Luther King Jr. Day on Monday after closing sharply higher on Friday.

Meanwhile, the major European markets moved to the upside on the day. The U.K.'s FTSE 100 gained 0.18 percent, Germany's DAX climbed 0.42 percent and France's CAC 40 closed up 0.31 percent.