Asian Markets Mostly Lower
(RTTNews) - Asian stock markets are mostly lower on Tuesday following the overnight losses on Wall Street amid concerns whether lawmakers in Washington will reach an agreement on a new stimulus bill before the November 3 U.S. presidential election. Investor sentiment was further dampened after Europe reported record daily coronavirus infections.
The Australian market is declining. The benchmark S&P/ASX 200 Index is losing 11.00 points or 0.18 percent to 6,218.40, after touching a low of 6,199.30 earlier. The broader All Ordinaries Index is down 9.10 points or 0.14 percent to 6,426.50. Australian stocks hit a seven-month high on Monday.
Among the major miners, BHP Group is declining almost 1 percent and Rio Tinto is down 0.4 percent, while Fortescue Metals is advancing more than 1 percent.
BHP Group reported a 7 percent increase in first-quarter iron ore production and affirmed its full-year production outlook.
In the banking space, Westpac, National Australia Bank, Commonwealth Bank and ANZ Banking are lower in a range of 0.1 percent to 0.9 percent.
Oil stocks are mostly lower after crude oil prices edged lower overnight. Santos is declining almost 1 percent and Woodside Petroleum is down 0.6 percent, while Oil Search is adding 0.5 percent.
Gold miners are mixed after gold prices rose modestly overnight. Evolution Mining is losing almost 2 percent, while Newcrest Mining is up 0.2 percent.
The Japanese market is modestly lower. The benchmark Nikkei 225 Index is down 66.94 points or 0.28 percent to 23,604.19, after touching a low of 23,585.56 earlier. Japanese stocks closed notably higher on Monday.
Market heavyweight SoftBank Group is declining almost 1 percent and Fast Retailing is down 0.5 percent.
The major exporters are mixed despite a weaker yen. Sony is rising more than 2 percent and Canon is adding 0.5 percent, while Mitsubishi Electric is lower by 0.4 percent and Panasonic is down 0.2 percent.
In the tech space, Advantest and Tokyo Electron are adding more than 1 percent each.
In the banking sector, Sumitomo Mitsui Financial is declining 0.5 percent and Mitsubishi UFJ Financial is lower by 0.3 percent. Among automakers, Honda is declining almost 1 percent and Toyota is down 0.3 percent.
Among the other major gainers, Tokai Carbon and Cyberagent are advancing more than 2 percent each, while Taiyo Yuden is rising almost 2 percent.
Conversely, Takashimaya Co. is losing almost 4 percent, while Isetan Mitsukoshi, East Japan Railway and Tokyo Electric Power Co. are lower by more than 3 percent each. J Front Retailing is down almost 3 percent.
In the currency market, the U.S. dollar is trading in the mid 105 yen-range on Tuesday.
Elsewhere in Asia, South Korea is declining almost 1 percent, while Shanghai, Singapore, Indonesia, Malaysia and Taiwan are also lower. Meanwhile, New Zealand is modestly higher and Hong Kong is edging higher.
On Wall Street, stocks closed sharply lower on Monday, reflecting concerns about whether lawmakers in Washington will reach an agreement on a new stimulus bill. In a post on Twitter, House Speaker Nancy Pelosi's deputy chief of staff Drew Hammill revealed that the Democratic leader spoke with Treasury Secretary Steven Mnuchin for just over an hour on Saturday. Hammill said that there remains an array of additional differences that must be addressed in a comprehensive manner in the next 48 hours.
The Dow tumbled 410.89 points or 1.4 percent to 28,195.42, the Nasdaq plunged 192.67 points or 1.7 percent to 11,478.88 and the S&P 500 slumped 56.89 points or 1.6 percent to 3,426.92.
The major European markets also moved to the downside on Monday. While the French CAC 40 Index edged down by 0.1 percent, the German DAX Index dropped by 0.4 percent and the U.K.'s FTSE 100 Index slid by 0.6 percent.
Crude oil futures ended slightly lower on Monday, weighed down by lingering concerns about energy demand outlook due to rising coronavirus cases. WTI crude for November delivery edged down $0.05 or about 0.1 percent to $40.83 a barrel.
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