CANBERA (dpa-AFX) - Asian stock markets are mixed on Monday as the positive cues from Wall Street on Friday after the release of better-than-expected U.S. GDP data for the first quarter were offset by mixed corporate earnings results and a fall in crude oil prices. The Japanese market is closed for a ten-day holiday.
The Australian market is declining despite the positive cues from Wall Street, as the fall in crude oil prices dragged down energy stocks. The major banks are also weak ahead of their earnings results this week, while mining stocks are mostly higher.
The benchmark S&P/ASX 200 Index is losing 12.10 points or 0.19 percent to 6,373.50, after touching a low of 6,368.00 earlier. The broader All Ordinaries Index is down 13.00 points or 0.20 percent to 6,460.20.
Oil stocks are weak after crude oil prices fell almost 3 percent on Friday. Santos is lower by almost 2 percent, while Oil Search and Woodside Petroleum are declining more than 1 percent each.
Among the big four banks, ANZ Banking, Commonwealth Bank and National Australia Bank are down in a range of 0.4 percent to 0.7 percent, while Westpac is edging up 0.1 percent.
Meanwhile, the major miners are mostly higher. Fortescue Metals is advancing almost 1 percent and BHP Group is adding 0.3 percent, while Rio Tinto is down 0.3 percent.
Gold miners Newcrest Mining and Evolution Mining are rising more than 1 percent each after gold prices advanced on Friday.
Seek said it will invest A$142 million in internet learning platforms Coursera and FutureLearn, but expects to recognize A$2 million in losses in fiscal 2019 as a result of these transactions. Shares of the website operator are down 0.6 percent.
Shares of Coles Group are adding 0.2 percent after the supermarket giant reported a 2.1 percent increase in food and liquor sales for the third quarter compared to the year-ago period.
In the currency market, the Australian dollar is higher against the U.S dollar on Monday. The local currency was quoted at $0.7045, up from $0.7025 on Friday.
Elsewhere in Asia, Shanghai, Malaysia and Taiwan are also lower, while South Korea, Singapore, New Zealand, Indonesia and Hong Kong are higher. The Japanese market is closed until May 6 for the Golden Week holidays.
On Wall Street, stocks closed higher on Friday after a report from the Commerce Department showed an unexpected acceleration in U.S. GDP growth in the first quarter, although economists expressed some concerns about the underlying data. Traders were also reacting to the latest batch of mixed earnings news from big-name companies.
The Dow rose 81.25 points or 0.3 percent to 26,543.33, the Nasdaq climbed 27.72 points or 0.3 percent to 8,146.40 and the S&P 500 advanced 13.71 points or 0.5 percent to 2,939.88.
The major European markets ended mixed on Friday. While the U.K.'s FTSE 100 Index edged down by 0.1 percent, the French CAC 40 Index and the German DAX Index rose by 0.2 percent and 0.3 percent, respectively.
Crude oil prices declined for the third straight day on Friday on concerns for outlook of the global economy. WTI crude fell $1.85 or 2.84 percent to $63.26 a barrel on the New York Mercantile Exchange.
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