Asian Markets Mixed Ahead Of Inflation Data

(RTTNews) - Asian stock markets are trading mixed on Tuesday, following the mixed cues from Wall Street overnight, as traders remain cautious ahead of key US inflation data, including producer and consumer price inflation, due later in the day that could offer more clarity on the US Fed's interest rate trajectory. Asian markets closed mostly lower on Monday.

The report on US producer price inflation is likely to be in focus on Tuesday along with Fed Chair Jerome Powell's remarks during a moderate discussion with De Nederlandsche Bank President Klaas Knot.

Giving up some of the gains in the previous two sessions, the Australian stock market is modestly lower on Tuesday, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying above the 7,700 level, with losses gold miners and technology stocks.

The benchmark S&P/ASX 200 Index is losing 23.80 points or 0.31 percent to 7,726.20, after hitting a low of 7,732.70 earlier. The broader All Ordinaries Index is down 24.30 points or 0.30 percent to 7,995.10. Australian stocks closed slightly higher on Monday.

Among the major miners, Rio Tinto and Mineral Resources are edging up 0.2 to 0.4 percent each, while Fortescue Metals and BHP Group are edging down 0.4 to 0.5 percent each.

Oil stocks are mixed. Woodside Energy and Beach energy are edging up 0.1 to 0.2 percent each, while Origin Energy and Santos are edging down 0.3 to 0.4 percent each. Among tech stocks, WiseTech Global is edging down 0.5 percent, Xero is losing almost 1 percent and Afterpay owner Block is declining 1.5 percent, while Appen is gaining almost 2 percent. Zip is flat.

Gold miners are mostly lower. Gold Road Resources, Evolution Mining and Northern Star resources are losing more than 1 percent each, while Newmont is edging up 0.1 percent. Resolute Mining is flat.

Among the big four banks, Westpac and ANZ Banking are edging down 0.2 to 0.4 percent each, while National Australia Bank is edging up 0.1 percent. Commonwealth Bank is flat.

In the currency market, the Aussie dollar is trading at $0.660 on Tuesday.

Adding to the gains in the previous two sessions, the Japanese stock market is slightly higher on Tuesday, with the Nikkei 225 moving to just a tad below the 38,200 level, following the mixed cues from Wall Street overnight, with gains is index heavyweights and exporters.

The benchmark Nikkei 225 Index closed the morning session at 38,199.10, up 19.64 points or 0.05 percent, after touching a high of 38,477.68 earlier. Japanese shares ended slightly lower on Monday.

Market heavyweight SoftBank Group is gaining almost 2 percent, while Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Honda is losing more than 1 percent, while Toyota is edging up 0.5 percent.

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

In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are edging down 0.2 to 0.4 percent each, while Mitsubishi UFJ Financial is edging up 0.2 percent.

The major exporters are higher. Panasonic is gaining more than 2 percent and Canon is edging up 0.3 percent, while Mitsubishi Electric and Sony are adding almost 1 percent each. Among the other major gainers, Furukawa Electric is skyrocketing more than 17 percent, Obayashi is soaring more than 13 percent, Toppan Holdings is surging more than 10 percent, Mercari is advancing more than 8 percent, Suzuki Motor is gaining more than 6 percent and Yamaha Motor is up more than 5 percent, while UBE and Dai Nippon Printing are adding more than 4 percent each. Nintendo, Konami Group, NEXON and M3 are gaining more than 3 percent each, while LY Corp. and Shiseido are adding almost 3 percent each.

Conversely, Mitsubishi, Tosoh is plummeting more than 7 percent, Daiwa Securities is plunging more than 6 percent and Nissan Chemical is sliding almost 6 percent, while Chugai Pharmaceutical and Fujikura are losing more than 4 percent each. MS&AD Insurance, Comsys Holdings and Teijin are declining more than 3 percent each, while Shionogi & Co., Mitsui Mining & Smelting, Kajima, Kawasaki Heavy Industries, Tokio Marine, Sompo Holdings and Japan Post are all down almost 3 percent each.

In economic news, producer prices in Japan were up 0.3 percent on month in April, the Bank of Japan said on Tuesday, accelerating from 0.2 percent in March. On a yearly basis, producer prices rose 0.9 percent - unchanged from the previous month following an upward revision from 0.8 percent. Export prices were up 0.4 percent on month and 1.3 percent on year, the bank said, while import prices fell 0.1 percent on month and 4.3 percent on year.

In the currency market, the U.S. dollar is trading in the lower 156 yen-range on Tuesday.

Elsewhere in Asia, New Zealand, China, Hong Kong and Singapore are lower by between 0.1 and 0.3 percent each, while South Korea, Malaysia, Indonesia and Taiwan are higher by between 0.1 and 0.2 percent each.

On Wall Street, stocks turned in a relatively lackluster performance during trading on Monday following the strong upward move seen last week. The major averages moved to the upside early in the session but spent the day bouncing back and forth across the unchanged line.

The major averages eventually ended the day narrowly mixed. While the Nasdaq rose 47.37 points or 0.3 percent to 16,388.24, the S&P 500 edged down 1.26 points or less than a tenth of a percent to 5,221.42 and the Dow dipped 81.33 points or 0.2 percent to 39,431.51.

Meanwhile, the major European markets all moved modestly lower on the day. While the French CAC 40 Index slipped by 0.1 percent, the German DAX Index and the U.K.'s FTSE 100 Index both dipped by 0.2 percent.

Crude oil prices advanced on Monday amid expectations about the outlook for demand after OPEC decided to extend supply cuts into the second half of the year. West Texas Intermediate Crude oil futures for June ended higher by $0.86 at $79.12 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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