Asian Markets Track Wall Street Lower

(RTTNews) - Asian stock markets are trading mostly lower on Tuesday, following the broadly negative cues from Wall Street overnight, on the continued spike in crude oil prices that stoked global inflation and interest-rate concerns amid escalating geopolitical tensions in the Middle East after Iran ruled out talks with the U.S. to extend a 60-day ceasefire that expired Monday. Asian markets closed mixed on Monday.

Adding to worries about a broader conflict, US President Donald Trump reportedly threatened to bomb Oman, warning, "If Oman gets in the way, we'll bomb the s--- out of them."

Trump's threat comes as Iran and Oman appear to be moving closer to an understanding over the management of the Strait of Hormuz, a key route for global energy supplies.

The Australian stock market is modestly higher on Tuesday after opening in the red, snapping a four-session losing streak, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 index is moving up to near the 9,100 level, with gains in energy stocks partially offset weakness in technology and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 18.40 points or 0.20 percent to 9,091.60, after hitting a low of 9,054.50 and high of 9,106.60 earlier. The broader All Ordinaries Index is up 19.20 points or 0.21 percent to 9,298.90. Australian stocks closed modestly lower on Monday.

Among the major miners, Rio Tinto is edging up 0.4 percent, BHP Group is advancing more than 4 percent and Fortescue is gaining more than 1 percent, while Mineral Resources is losing almost 1 percent.

Oil stocks are mostly higher. Beach energy is advancing more than 2 percent and Origin Energy is edging up 0.3 percent, while Santos and Woodside Energy are gaining almost 1 percent each.

Among tech stocks, Afterpay owner Block is declining more than 3 percent, WiseTech Global is down almost 1 percent, Zip is losing almost 2 percent, Xero is slipping more than 1 percent and Appen is sliding almost 3 percent.

Gold miners are mixed. Evolution Mining, Genesis Minerals and Northern Star Resources are edging down 0.1 to 0.5 percent each, while Newmont and Resolute Mining are adding almost 1 percent each.

Among the big four banks, ANZ Banking, National Australia Bank, Commonwealth Bank and Westpac are losing more than 1 percent each.

In other news, shares in CSL are jumping almost 16 percent after the blood plasma giant said it expected to return to underlying earnings growth this year after reporting downbeat results.

Shares in Pro Medicus are surging more than 10 percent after the healthcare company reported upbeat results and raised its fully-franked total dividend by 25.5 percent.

Shares in Ausgold are skyrocketing almost 25 percent after it agreed to a A$776 million takeover by Canada's OceanGold.

In the currency market, the Aussie dollar is trading at $0.711 on Tuesday.

The Japanese stock market is trading sharply lower on Tuesday, snapping a five-session winning streak, following the broadly negative cues from Wall Street overnight, with the Nikkei 225 falling below the 68,100 level, with weakness in exporters and technology stocks partially offset by gains in automakers and financial stocks.

The benchmark Nikkei 225 Index closed the morning session at the day's low of 68,098.54, down 1,121.71 points or 1.62 percent. Japanese shares ended notably higher on Monday.

Market heavyweight SoftBank Group is gaining almost 3 percent, while Uniqlo operator Fast Retailing is declining almost 1 percent. Among automakers, Honda is gaining more than 1 percent and Toyota is edging up 0.1 percent.

In the tech space, Tokyo Electron is declining almost 5 percent, while Screen Holdings and Advantest are losing more than 4 percent each.

In the banking sector, Sumitomo Mitsui Financial is adding almost 1 percent, Mitsubishi UFJ Financial is gaining more than 1 percent and Mizuho Financial is edging up 0.5 percent.

The major exporters are mostly lower. Sony and Mitsubishi Electric are losing almost 1 percent each, while Canon is down more than 1 percent and Panasonic is declining almost 3 percent.

Among the other major losers, Taiyo Yuden is plunging almost 10 percent, Murata Manufacturing is tumbling more than 7 percent and Kioxia Holdings is sliding more than 5 percent, while Konica Minolta, Mitsui Kinzoku, Ajinomoto, Disco and Lasertec are declining more than 4 percent each. Yaskawa Electric is losing almost 4 percent, while Yokogawa Electric, Amada and Sumco are down more than 3 percent.

Conversely, Mitsui O.S.K. Lines is surging almost 5 percent, while Japan Steel Works and Nippon Yusen K.K. are advancing more than 4 percent each. Takeda Pharmaceutical, Idemitsu Kosan, NTN, Kawasaki Kisen Kaisha and Nippon Steel are gaining more than 3 percent each, while Tokai Carbon, Sumitomo Pharma, Inpex, Trend Micro, Yokohama Financial and JTEKT are adding almost 3 percent each.

In the currency market, the U.S. dollar is trading in the lower 159 yen-range on Tuesday.

Elsewhere in Asia, China,, Hong Kong, Singapore, South Korea and Taiwan are lower by between 0.4 and 1.3 percent each. New Zealand and Indonesia are up 0.5 and 1.1 percent, respectively. Malaysia is relatively flat.

On Wall Street, stocks showed a lack of direction early in the session on Monday but moved mostly lower over the course of the trading day. The major averages all moved to the downside, extending the modest pullback seen during last Friday's session.

The S&P 500 ended the day near its lows of the session, down 40.70 points or 0.5 percent at 7,745.06, pulling back further off the record closing high set last Thursday. The narrower Dow also slid 272.63 points or 0.5 percent to 53,459.78, while the Nasdaq fell 84.25 points or 0.3 percent to 26,644.91.

The major European markets also moved to the downside on the day. While the French CAC 40 Index slid by 0.7 percent, the German DAX Index declined by 0.4 percent and the U.K.'s FTSE 100 Index fell by 0.3 percent.

Crude oil prices moved sharply higher on Monday, reflecting concerns about a re-escalation of the conflict in the Middle East. West Texas Intermediate crude for September delivery surged $2.28 or 2.8 percent to $84.68 a barrel.