Asian Markets Trade Mostly Higher

Asian stock markets are trading mostly higher on Monday, following the broadly positive cues from Wall Street on Friday, and as some traders indulged in picking up stocks for a bargain following the recent sell-off in the markets. They also remain cautious amid the lingering concerns about the outlook for interest rates. Asian markets closed mostly lower on Friday.

The Australian stock market is currently trading significantly higher on Monday, recouping some of the losses in the previous four sessions, with the benchmark S&P/ASX 200 moving to near the 7,800.00 level, following the broadly positive cues from Wall Street on Friday, with gains across most sectors led by gold miners, technology and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 57.00 points or 0.74 percent to 7,784.60, after touching a high of 7,790.30 earlier. The broader All Ordinaries Index is up 54.90 points or 0.67 percent to 8,054.10. Australian stocks closed sharply lower on Friday.

Among the major miners, Rio Tinto, Mineral Resources and Fortescue Metals are edging down 0.1 to 0.5 percent each, while BHP Group is edging up 0.5 percent.

Oil stocks are mostly higher. Beach energy and Origin Energy are gaining almost 1 percent each, while Santos is edging up 0.5 percent. Woodside Energy is edging down 0.4 percent.

Among tech stocks, Xero and Appen are gaining almost 1 percent each, while Afterpay owner Block and WiseTech Global ares edging up 0.1 to 0.2 percent each. Zip is advancing more than 3 percent.

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

Among the big four banks, Commonwealth Bank is gaining more than 1 percent, while ANZ Banking, Westpac and National Australia Bank are adding almost 1 percent each.

In other news, shares in Lendlease are surging almost 9 percent after it unveiled sweeping changes to its global strategy.

Shares in Vista Group are soaring 19 percent after private capital firm Potentia Group acquired an 18.5 percent stake in the film software company.

In the currency market, the Aussie dollar is trading at $0.663 on Monday.

The Japanese stock market is trading modestly higher on Monday, reversing the losses in the previous session. The benchmark S&P/ASX 200 is moving well above the 38,700 level, following the broadly positive cues from Wall Street cues on Friday, with gains in index heavyweights and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 38,758.96, up 112.85 or 0.29 percent, after touching a high of 38,802.74 earlier. Japanese shares ended sharply lower on Friday.

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

In the tech space, Screen Holdings is advancing more than 3 percent and Advantest is gaining more than 1 percent, while Tokyo Electron is edging down 0.3 percent.

In the banking sector, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are edging up 0.1 to 0.3 percent each, while Mizuho Financial is edging down 0.1 percent.

The major exporters are mixed. Canon and Panasonic are gaining almost 1 percent each, while Mitsubishi Electric is losing almost 1 percent and Sony is declining more than 1 percent.

Among other major gainers, Kansai Electric Power is surging more than 5 percent, while Kawasaki Kisen Kaisha, Renesas Electronics and Kawasaki Heavy Industries are gaining more than 4 percent each. Japan Steel Works is adding almost 4 percent, while Nippon Yusen K.K., Furukawa Electric, Mitsubishi Heavy Industries and Mitsui O.S.K. Lines are up more than 3 percent each. Fujikura and Fuji Electric are advancing almost 3 percent each.

Conversely, NEXON is losing almost 5 percent, CyberAgent is sliding almost 4 percent, LY is declining more than 3 percent and Hoya is down almost 3 percent.

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

Elsewhere in Asia, Taiwan is up 1.4 percent, while China, Singapore, Malaysia and South Korea are higher by between 0.1 and 0.7 percent each. New Zealand, Hong Kong and Indonesia are down 0.2 percent each.

On Wall Street, stocks showed a strong move back to the upside during trading on Friday following the downturn seen over the course of the previous session. The tech-heavy Nasdaq led the rebound, surging to a new record closing high.

The Nasdaq jumped 184.76 points or 1.1 percent to 16,920.94 and the S&P 500 climbed 36.88 points or 0.7 percent to 5,304.72, while the narrower Dow ended the day roughly flat, inching up just 4.33 points or less than a tenth of a percent to 39,069.59.

Meanwhile, the major European markets also moved to the downside on the day. The U.K.’s FTSE 100 Index dipped by 0.3 percent and the French CAC 40 Index edged down by 0.1 percent, although the German DAX Index closed just above the unchanged line.

Crude oil prices moved higher Friday, snapping a four-day losing streak despite concerns about the outlook for demand. West Texas Intermediate crude oil futures for July ended higher by $0.85 at $77.72 a barrel; for the week, WTI crude futures slumped 3 percent.