Asian Markets Mixed In Cautious Trades

Asian stock markets are trading mixed on Monday, following the broadly negative cues from global markets on Friday, as traders remain cautious and concerns about the outlook for interest rates and the global economy after aggressive monetary tightening by major central banks last week. Asian markets closed mostly lower on Friday.

The Australian stock market is modestly lower on Monday, extending the losses in the previous three sessions, with the benchmark S&P/ASX 200 staying below the 7,100 level, following the broadly negative cues from global markets on Friday, as aggressive monetary tightening by major central banks continued to weigh on markets.

The benchmark S&P/ASX 200 Index is losing 33.60 points or 0.47 percent to 7,065.60, after hitting a low of 7,060.60 earlier. The broader All Ordinaries Index is down 34.40 points or 0.47 percent to 7,251.20. Australian stocks closed sharply lower on Friday.

Among the major miners, BHP Group and Rio Tinto are losing more than 1 percent each, while Mineral Resources is declining more than 4 percent and Fortescue Metals is down almost 1 percent.

Oil stocks are mixed. Santos and Origin Energy are edging down 0.1 to 0.3 percent each, while Woodside Energy and Beach energy are edging up 0.3 to 0.4 percent each.

Among tech stocks, Zip is losing almost 5 percent and Appen is plunging almost 10 percent, while Afterpay owner Block and WiseTech Global are edging up 0.4 percent each. Xero is flat.

Gold miners are mostly higher. Gold Road Resources, Northern Star Resources and Newcrest Mining are gaining more than 1 percent each, while Resolute Mining is adding almost 2 percent and Evolution Mining is up almost 1 percent.

Among the big four banks, Westpac, Commonwealth Bank and ANZ Banking are edging down 0.2 to 0.4 percent each, while National Australia Bank is losing almost 1 percent.

In other news, share in Element 25 are soaring more than 14 percent after it inked a deal with General Motors to supply battery grade manganese sulphate to its USA Ultium Battery plants.

In the currency market, the Aussie dollar is trading at $0.669 on Monday.

The Japanese stock market is modestly higher in choppy trading on Monday after opening well in the red, recouping some of the losses in the previous two sessions, with the Nikkei 225 moving above the 32,800 level, despite the broadly negative cues from global markets on Friday, as traders continue to react to the aggressive monetary tightening by major central banks last week.

The benchmark Nikkei 225 Index closed the morning session at 32,846.24, up 64.70 or 0.20 percent, after touching a high of 32,884.73 and a low of 33,392.72 earlier. Japanese shares ended sharply lower on Friday.

Market heavyweight SoftBank Group is edging down 0.1 percent, while Uniqlo operator Fast Retailing is edging up 0.3 percent. Among automakers, Honda is edging down 0.2 percent, while Toyota is gaining almost 1 percent.

In the tech space, Screen Holdings and Advantest are edging down 0.1 percent each, while Tokyo Electron is down almost 1 percent.

In the banking sector, Sumitomo Mitsui Financial is edging down 0.1 percent, while Mitsubishi UFJ Financial and Mizuho Financial are losing almost 1 percent each.

The major exporters are mostly higher. Canon is gaining almost 1 percent, Sony is edging up 0.2 percent and Panasonic is adding more than 1 percent, while Mitsubishi Electric is edging down 0.1 percent.

Among other major gainers, Resonac Holdings is surging more than 5 percent, Nikon is gaining almost 5 percent, Sumco is adding more than 4 percent, Sumitomo Chemical is advancing almost 4 percent and Kobe Steel is up more than 3 percent, while Yaskawa Electric, Mitsubishi Chemical, Mitsui Chemicals, Shin-Etsu Chemical, Aeon, Mitsui O.S.K. Lines and Kawasaki Kisen Kaisha are all advancing almost 3 percent each.

Conversely, Tokyo Electric Power is gaining almost 3 percent.

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

Elsewhere in Asia, China is down 1.4 percent, while New Zealand, Hong Kong and Taiwan are lower by between 0.5 and 0.7 percent each. Singapore, South Korea and Malaysia are higher by between 0.1 and 0.6 percent each. Indonesia is relatively flat.

On Wall Street, stocks moved mostly lower over the course of the session on Friday, giving back ground following the tech-led rebound during trading on Thursday. The major averages all moved to the downside, with the Nasdaq leading the pullback.

The major averages all finished the day firmly in negative territory. The Nasdaq slumped 138.09 points or 1.0 percent to 13,492.52, the S&P 500 slid 33.56 points or 0.8 percent to 4,348.44 and the Dow fell 219.28 points or 0.7 percent to 33,727.43.

The major European markets also moved to the downside on the day. While the German DAX Index slumped 1.0 percent, the French CAC 40 Index slid by 0.6 percent and the U.K.’s FTSE 100 Index fell by 0.5 percent.

Crude oil futures settled lower on Friday on concerns about the outlook for energy demand following a slew of interest rate hikes by central banks and prospects of further tightening raising concerns about economic growth. West Texas Intermediate Crude oil futures for August ended lower by $0.35 at $69.16 a barrel.

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