CANBERA (dpa-AFX) - Asian stock markets are rebounding on Monday after the previous session's sell-off, with investors resorting to bargain hunting following the positive cues from Wall Street and as worries about rising tensions between the U.S. and North Korea eased.
Investor sentiment was also bolstered by better-than-expected Japanese GDP data, while a raft of Chinese economic data missed expectations.
The Australian market is advancing as investors went bargain hunting. In late-morning trades, the benchmark S&P/ASX 200 Index is adding 15.80 points or 0.28 percent to 5,708.90, off a high of 5,719.10. The broader All Ordinaries Index is up 16.70 points or 0.29 percent to 5,760.20.
In the mining space, BHP Billiton and Rio Tinto are adding 0.4 percent each, while Fortescue Metals is rising almost 2 percent.
Among the big four banks, ANZ Banking, Westpac, National Australia Bank and Commonwealth Bank are higher in a range of 0.1 percent to 0.5 percent.
Commonwealth Bank chief executive Ian Narev will step down by the end of June 2018 amid allegations that the bank breached money-laundering and terrorism-financing laws.
Bendigo and Adelaide Bank recorded a nearly 4 percent increase in its full-year cash earnings. The regional lender's shares are gaining more than 4 percent.
Oil stocks are also mostly higher. Oil Search is up almost 1 percent and Santos is adding 0.3 percent, while Woodside Petroleum is edging down less than 0.1 percent after crude oil prices rose on Friday.
Meanwhile, gold miner Newcrest Mining is declining 1 percent and Evolution Mining is down 0.5 percent. Newcrest Mining reported a 7 percent decline in its full-year profit, while underlying profit rose 22 percent.
oOh! Media reported a more than 22 percent increase in its first-half profit on strong revenue growth. The outdoor and digital advertising group's shares are gaining more than 5 percent.
Aurizon Holdings reported a full-year loss, reflecting asset impairments and redundancy-related costs. The rail freight operator's shares are losing more than 1 percent.
Ansell's full-year net profit declined 7 percent despite higher revenues. Shares of the gloves and protective clothing maker are declining almost 5 percent.
In economic news, Australia will release June figures for credit card purchases today.
In the currency market, the Australian dollar is higher against the U.S. dollar, which was pulled down by disappointing U.S. CPI data. In early trades, the local unit was trading at US$0.7893, up from US$0.7858 on Friday.
The Japanese market is declining after it re-opened folowing a public holiday on Friday. Investors shrugged off better-than-expected Japanese GDP data.
In late-morning trades, the benchmark Nikkei 225 Index is losing 184.24 points or 0.93 percent to 19,545.50, off a low of 19,486.48 earlier.
Among the major exporters, Sony, Mitsubishi Electric and Panasonic are losing more than 1 percent each, while Canon is down 1 percent.
Among automakers, Toyota is declining almost 1 percent and Honda is lower by more than 1 percent. In the banking sector, Mitsubishi UFJ Financial is losing almost 2 percent and Sumitomo Mitsui Financial is down more than 1 percent.
In the oil space, Inpex is edging down less than 0.1 percent and Japan Petroleum Exploration is lower by more than 1 percent.
Among the other major gainers, Hokuestu Kishu Paper is rising almost 4 percent and Oji Holdings is advancing almost 2 percent.
On the flip side, Citizen Watch is losing more than 9 percent, Chiyoda Corp. is losing almost 7 percent and JFE Holdings is down more than 3 percent.
On the economic front, the Cabinet Office said in a preliminary reading that Japan's gross domestic product advanced 1.0 percent on quarter in the second quarter of 2017. That beat forecasts for a gain of 0.6 percent following the upwardly revised 0.4 percent increase in the three months prior.
In the currency market, the U.S. dollar is trading in the mid 109 yen-range on Monday.
Elsewhere in Asia, Shanghai, South Korea, Singapore, New Zealand, Indonesia, Malaysia and Hong Kong are also lower. Taiwan is lower.
On Wall Street, stocks regained ground on Friday following the sell-off seen in the previous session, partly due to bargain hunting. Positive sentiment was also generated by a report from the Labor Department showing just a modest uptick in consumer prices in the month of July.
The Nasdaq climbed 39.68 points or 0.6 percent to 6,256.56, the Dow inched up 14.31 points or 0.1 percent to 21,858.32 and the S&P 500 edged up 3.11 points or 0.1 percent to 2,441.32.
The major European saw further downside on Friday. While the German DAX Index closed just below the unchanged line, the U.K.'s FTSE 100 Index and the French CAC 40 Index both tumbled by 1.1 percent.
Crude oil futures rose Friday, trimming weekly losses after a report showed global oil demand is rebounding. September WTI oil added $0.23 or 0.5 percent to settle at $48.82 a barrel on the New York Mercantile Exchange.
Copyright RTT News/dpa-AFX