CANBERA (dpa-AFX) - Asian stock markets are trading mostly higher on Tuesday, following the broadly positive cues from Wall Street overnight, as traders reacted to news that the US and China could revive trade talks as soon as this week after US President Donald Trump accused China of violating the trade agreement reached last month. The sharp increase in price of commodities such as gold and crude oil also aided the upside in the markets. Asian markets closed mostly lower on Monday.
The Trump administration has also reportedly asked its trade partners to provide their 'best offer' on trade negotiations by Wednesday, in order to finalize deals before July 8.
The Australian stock market is trading modestly higher on Tuesday, reversing some of the losses in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving up to near the 8,450 level, with gains across all sectors led by mining and energy stocks amid a hike in commodity prices.
The benchmark S&P/ASX 200 Index is gaining 32.30 points or 0.38 percent to 8,446.40, after touching a day's high of 8,479.50 earlier. The broader All Ordinaries Index is up 34.00 points or 0.39 percent to 8,671.50. Australian stocks closed modestly lower on Monday.
Among the major miners, BHP Group is edging up 0.3 percent and Fortescue Metals is adding more than 1 percent, while Rio Tinto is edging down 0.5 percent and Mineral Resources is losing almost 3 percent.
Oil stocks are mixed. Origin Energy and Beach energy are edging up 0.2 to 0.4 percent each, while Woodside Energy is advancing more than 1 percent and Santos is adding almost 1 percent.
Among tech stocks, Afterpay owner Block is gaining more than 1 percent, WiseTech Global is adding almost 1 percent and Appen is advancing almost 2 percent, while Zip and Xero are edging up 0.2 to 0.4 percent each.
Gold miners are mostly higher. Evolution Mining is gaining almost 3 percent, Northern Star resources is up almost 2 percent, Resolute Mining is adding almost 1 percent, Newmont is advancing almost 4 percent and Gold Road Resources is edging up 0.5 percent.
Among the big four banks, Commonwealth Bank and National Australia Bank are edging up 0.3 to 0.5 percent each, while ANZ Banking is adding almost 1 percent and Westpac is gaining more than 1 percent.
In other news, shares in IDP Education are plummeting more than 41 percent after the international education provider downgraded its earnings guidance as it now expects student placements to drop by up 28 to 30 percent and language testing volumes to drop 18 to 20 percent amid global policy uncertainty.
In economic news, the Reserve Bank of Australia will on Tuesday release the minutes from its monetary policy meeting on May 20. At the meeting, the RBA cut the cash rate target to 3.85 percent from 4.10 percent.
In the currency market, the Aussie dollar is trading at $0.649 on Tuesday.
The Japanese stock market is trading modestly higher on Tuesday, reversing some of the sharp losses in the previous two sessions, following the broadly positive cues from Wall Street overnight, with the Nikkei 225 moving well above the 37,500 level, with gains in index heavyweights and technology stocks partially offset by weakness in automakers and financial stocks.
The benchmark Nikkei 225 Index closed the morning session at 37,546.85, up 76.18 points or 0.20 percent, after touching a high of 37,729.45 earlier. Japanese shares ended sharply lower on Monday.
Market heavyweight SoftBank Group is gaining almost 1 percent and Uniqlo operator Fast Retailing is adding almost 2 percent. Among automakers, Honda is down more than 1 percent and Toyota is losing almost 1 percent.
In the tech space, Advantest is gaining almost 3 percent, Screen Holdings is adding more than 1 percent and Tokyo Electron is edging up 0.1 percent.
In the banking sector, Mitsubishi UFJ Financial, Mizuho Financial and Sumitomo Mitsui Financial are losing almost 1 percent each.
The major exporters are mixed. Canon is losing almost 1 percent and Panasonic is edging down 0.2 percent, while Sony are gaining more than 2 percent and Mitsubishi Electric is adding more than 3 percent.
Among the other major gainers, IHI and M3 are surging almost 7 percent each, while Socionext and Kawasaki Heavy Industries are gaining more than 5 percent each. SMC is adding almost 4 percent, while Mitsubishi Electric, Nichirei and Mitsubishi Heavy Industries are rising almost 3 percent each.
Conversely, there are no other major losers.
In economic news, the monetary base in Japan was down 3.4 percent on year in May, the Bank of Japan said on Tuesday - coming in at 656.0.12 trillion yen. That beat forecasts for a decline of 4.2 percent following the upwardly revised 4.8 percent contraction in April.
Banknotes in circulation were down 2.0 percent on year, while coins in circulation fell 1.4 percent. Current account balances sank an annual 3.7 percent, including a 0.8 percent drop in reserve balances. The adjusted monetary base was up 12.7 percent on year at 646.138 trillion yen.
In the currency market, the U.S. dollar is trading in the lower 143 yen-range on Tuesday.
Elsewhere in Asia, Hong Kong is up 1.3 percent, while China, Singapore and Taiwan are higher by between 0.1 and 0.7 percent each, while New Zealand, Malaysia and Indonesia are lower by between 0.2 and 0.5 percent each. South Korea is closed for its presidential election.
On Wall Street, stocks came under pressure early in the session on Monday but showed a notable turnaround over the course of the trading day. The major averages climbed well off their lows of the session and into positive territory.
The major averages saw further upside going into the end of the day, reaching new highs for the session. The Nasdaq climbed 128.85 points or 0.7 percent at 19,242.61, the S&P 500 rose 24.25 points or 0.4 percent to 5,935.94 and the Dow inched up 35.41 points or 0.1 percent to 42,305.38.
Meanwhile, the major European markets moved to the downside on the day. The German DAX Index fell by 0.3 percent and the French CAC 40 Index dipped by 0.2 percent, although the U.K.'s FTSE 100 Index closed just above the unchanged line.
Crude oil prices moved sharply higher on Monday, amid escalating geopolitical tensions and reports of more U.S. sanctions on Moscow. West Texas Intermediate crude for June delivery shot up $1.73 or 2.9 percent to $62.52 a barrel.
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