CANBERA (dpa-AFX) - Asian stock markets are mixed on Tuesday with investors treading cautiously following the lackluster cues overnight from Wall Street amid uncertainty about a potential U.S.-China trade deal and an escalation of violence in Hong Kong. Investors also looked ahead to a speech by U.S. President Donald Trump at the Economic Club of New York later in the day.
The Australian market is declining following the mixed cues from Wall Street. Weak local corporate earnings results also dampened sentiment.
The benchmark S&P/ASX 200 Index is losing 28.50 points or 0.42 percent to 6,744.00, off a low of 6739.50 earlier. The broader All Ordinaries Index is down 27.30 points or 0.40 percent to 6,849.70. Australian stocks closed higher on Monday.
The major miners are weak. Fortescue Metals is losing almost 3 percent, BHP Billiton is declining more than 1 percent and Rio Tinto is lower by almost 1 percent.
Oil stocks are also mostly lower after crude oil prices dipped overnight. Oil Search is declining 0.3 percent and Woodside Petroleum is down 0.2 percent, while Santos is rising 0.5 percent.
The big four banks are mixed. Westpac is lower by almost 1 percent and ANZ Banking is declining 0.5 percent, while National Australia Bank is rising 0.2 percent and Commonwealth Bank is edging up 0.1 percent.
Among gold miners, Evolution Mining is advancing more than 1 percent and Newcrest Mining is adding 0.2 percent despite gold prices declining overnight.
Nine Entertainment Co. reported a 6.4 percent decrease in TV ad revenue in the first quarter and forecast revenue for the second quarter to drop by almost as much again. The media network's shares are losing more than 5 percent.
Incitec Pivot reported a 27.8 percent decrease in full-year net profit and cut its final dividend. The fertilizer and explosives maker's shares are lower by more than 1 percent.
In the currency market, the Australian dollar is higher against the U.S. dollar on Tuesday. The local currency was quoted at $0.6849, up from $0.6855 on Monday.
The Japanese market is modestly higher, with investors treading cautiously following the lackluster cues from Wall Street.
The benchmark Nikkei 225 Index is adding 30.76 points or 0.13 percent to 23,362.60, after rising to a high of 23,391.10 earlier.
The major exporters are higher on a weaker yen. Sony is advancing almost 1 percent, Canon is adding 0.6 percent, Panasonic is higher by 0.4 percent and Mitsubishi Electric is rising 0.3 percent.
In the tech space, Advantest is higher by more than 1 percent and Tokyo Electron is up 0.4 percent.
Market heavyweight SoftBank Group is declining more than 1 percent, while Fast Retailing is advancing more than 1 percent.
Among auto stocks, Honda Motor is losing more than 1 percent and Toyota Motor is down 0.4 percent.
In the oil sector, Japan Petroleum is rising almost 1 percent, while Inpex is losing 0.5 percent even as crude oil prices rose overnight.
Among the major gainers, Unitika is gaining almost 4 percent and FamilyMart Co. is rising more than 3 percent. Konica Minolta and Alps Alpine are higher by almost 3 percent each.
On the flip side, Mitsui Mining & Smelting is falling more than 13 percent, while Pacific Metals and Concordia Financial are lower by more than 3 percent each.
In the currency market, the U.S. dollar is trading in the lower 109 yen-range on Tuesday.
Elsewhere in Asia, South Korea, Singapore, Hong Kong and Taiwan are also higher, while Shanghai, New Zealand and Indonesia are all modestly lower.
On Wall Street, stocks closed mixed on Monday after seeing initial weakness. Uncertainty about a potential U.S.-China trade deal weighed on the markets along with worsening tensions in Hong Kong after the arrest of three pro-democracy lawmakers. Nonetheless, selling pressure waned shortly after the start of trading, with the Veterans Day holiday keeping some traders on the sidelines.
While the Dow crept up 10.25 points or less than a tenth of a percent to 27,691.49, the Nasdaq edged down 11.04 points or 0.1 percent to 8,464.28 and the S&P 500 slipped 6.07 points or 0.2 percent to 3,087.01.
The major European markets turned in a mixed performance on Monday. While the French CAC 40 Index inched up by 0.1 percent, the German DAX Index edged down by 0.2 percent and the U.K.'s FTSE 100 Index slid by 0.4 percent.
Crude oil prices drifted lower on Monday amid concerns about the outlook for energy demand due to a slowing global economy and uncertainty about U.S.-China trade negotiations. WTI crude for December ended down $0.38 or 0.7 percent at $56.86 a barrel.
Copyright RTT News/dpa-AFX