Asian Markets Trade Mixed

(RTTNews) - Asian stock markets are trading mixed on Monday, following the broadly negative cues from Wall Street on Friday, as traders remain concerned about rising crude oil prices and related global inflationary pressures after reports the US and Iran exchanged strikes on ships over the weekend. The outlook for interest rates also remained concerning following the release of much stronger-than-expected U.S. jobs data for August. Asian markets closed mostly higher on Friday.

According to CME Group's FedWatch Tool, the chances the Fed will raise rates by a quarter point have bounced back to 58.4 percent after falling below 50 percent last week.

The Australian stock market is slightly higher on Monday, reversing some of the losses in the previous session, despite the broadly negative cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving above the 9,000.00 mark, with gains in iron ore miners, energy and financial stocks partially offset by weakness in gold miners and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 4.60 points or 0.05 percent to 9,010.50, after touching a high of 9,044.50 earlier. The broader All Ordinaries Index is up 5.90 points or 0.06 percent to 9,201.90. Australian stocks closed modestly lower on Friday.

Among the major miners, Fortescue is advancing more than 2 percent and Mineral Resources is adding almost 1 percent, while BHP Group and Rio Tinto are gaining almost 2 percent each.

Oil stocks are mostly higher. Woodside Energy and Santos are gaining almost 1 percent, while Origin Energy is losing almost 1 percent. Beach energy is flat.

Among tech stocks, Afterpay owner Block and Appen are losing almost 1 percent each, while WiseTech Global is declining almost 4 percent, Zip is slipping more than 1 percent and Xero is sliding more than 2 percent.

Gold miners are mostly lower. Resolute Mining is slipping more than 1 percent and Northern Star Resources is edging down 0.4 percent, while Genesis Minerals and Newmont are down almost 1 percent each. Evolution Mining is flat.

Among the big four banks, Commonwealth Bank, ANZ Banking and National Australia Bank are edging up 0.1 to 0.3 percent each. Westpac is flat.

In other news, shares in Ingenia Communities Group are soaring almost 19 percent after the real estate company company rejected an unsolicited A$1.9 billion takeover bid from Warburg Pincus, stating it substantially undervalued the company.

In the currency market, the Aussie dollar is trading at $0.720 on Monday.

The Japanese stock market is sharply higher on Monday, extending the gains in the previous session, despite the broadly negative cues from Wall Street on Friday. The Nikkei 225 is moving well above the 66,300 level, with gains in index heavyweights and technology stocks partially offset by weakness in financial stocks.

The benchmark Nikkei 225 Index closed the morning session at 66,460.11, up 1,439.17 points or 2.21 percent, after touching a high of 66,668.71 earlier. Japanese shares ended sharply higher on Friday.

Market heavyweight SoftBank Group is surging almost 7 percent and Uniqlo operator Fast Retailing is gaining more than 1 percent. Among automakers, Honda is flat and Toyota is gaining almost 1 percent.

In the tech space, Advantest and Tokyo Electron are jumping almost 5 percent each, while Screen Holdings is advancing almost 3 percent.

In the banking sector, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are declining more than 1 percent each, while Mizuho Financial is edging down 0.2 percent.

The major exporters are mixed. Mitsubishi Electric is gaining almost 2 percent and Panasonic is advancing almost 4 percent, while Canon is down almost 2 percent and Sony is losing more than 2 percent.

Among the other major gainers, Lasertec is soaring more than 8 percent, Kioxia Holdings is jumping more than 7 percent and Tokuyama is surging more than 5 percent, while IHI and Kanadevia are advancing almost 5 percent each. Tokyo Electric Power, Disco, Ibiden and Resonac Holdings are gaining more than 4 percent each, while Tokai Carbon, Toppan Holdings and Nippon Yusen K.K. are adding almost 4 percent each.

Conversely, Trend Micro and Konica Minolta are declining almost 4 percent each, while Nomura Research Institute is losing more than 3 percent. NEC, SHIFT and BANDAI NAMCO are down almost 3 percent each.

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

Elsewhere in Asia, South Korea and Taiwan are surging 3.1 and 1.7 percent, respectively. Malaysia and Indonesia are up 0.2 and 0.4 percent, respectively. New Zealand, China, Hong Kong and Singapore are lower by between 0.1 and 0.9 percent each.

On Wall Street, stocks moved mostly lower during trading on Friday, giving back ground after moving notably higher over the two previous sessions. The major averages all moved to the downside, although selling pressure was somewhat subdued.

The major averages finished the day off their lows of the session but still in the red. The Dow slid 271.86 points or 0.5 percent to 53,414.25, the Nasdaq fell 77.07 points or 0.3 percent to 26,506.99 and the S&P 500 fell 29.11 points or 0.4 percent to 7,7718.60.

Meanwhile, the major European markets turned in a mixed performance on the day. The German DAX Index rose by 0.2 percent, while the U.K.'s FTSE 100 Index closed just below the unchanged line and the French CAC 40 Index edged down by 0.1 percent.

Crude oil prices eased on Friday, reversing gains from the two previous sessions as the U.S. and Iran refrained from any military attacks. West Texas Intermediate crude for October delivery dipped $0.15 or 0.16 percent at $91.15 per barrel.