CANBERA (dpa-AFX) - Asian stock markets are trading mostly higher on Monday, despite the broadly negative cues from Wall Street on Friday, boosted by strong gains in energy and mining stocks amid spiking commodity prices following the escalation in geopolitical tensions in the Middle East. However, concerns of the tensions triggering a full-blown conflict in the Middle East continue to weigh on the markets. Asian markets closed mostly lower on Friday.
The Australian stock market is modestly higher on Monday after opening in the red, recouping some of the losses in the previous two sessions, despite the broadly negative cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving above the 8,550.00 level, with gains in iron ore miners and energy stocks partially offset by weakness in financial stocks.
The benchmark S&P/ASX 200 Index is gaining 22.70 points or 0.27 percent to 8,570.10, after touching a high of 8,579.10 earlier. The broader All Ordinaries Index is up 25.30 points or 0.30 percent to 8,795.90. Australian stocks closed modestly lower on Friday.
Among the major miners, BHP Group is edging 0.5 percent, Fortescue Metals is up almost 1 percent, Rio Tinto is gaining 1.5 percent and Mineral Resources is adding more than 1 percent.
Oil stocks are mostly higher. Beach energy is advancing more than 3 percent and Woodside Energy is surging almost 4 percent, while Origin Energy is edging down 0.1 percent.
Santos is soaring almost 12 percent after a consortium led by Abu Dhabi's state-owned oil company Adnoc agreed to buy it in a A$30 billion deal.
Among tech stocks, Afterpay owner Block and WiseTech Global are gaining almost 1 percent each, while Appen is declining almost 1 percent and Zip is losing more than 2 percent. Xero is flat.
Gold miners are mixed. Evolution Mining and Northern Star Resources are tumbling more than 5 percent each, while Gold Road Resources is losing more than 1 percent. Newmont is gaining almost 1 percent and Resolute Mining is surging almost 9 percent.
Among the big four banks, Commonwealth Bank and National Australia Bank edging down 0.3 to 0.5 percent each, while Westpac and ANZ Banking are losing 1 percent each.
In other news, shares in Tourism Holdings are skyrocketing more than 50 percent after the commercial recreational vehicle rental operator received a conditional takeover proposal from a consortium led by private equity firm BGH Capital and the family interests of Luke and Karl Trouchet. BGH Capital has already acquired a 19.99% interest in the company.
In the currency market, the Aussie dollar is trading at $0.648 on Monday.
The Japanese stock market is trading significantly higher on Monday, recouping some of the losses in the previous two sessions, despite the broadly negative cues from Wall Street on Friday, with the Nikkei 225 moving up to near the 38,200 level, with gains across most sectors led by index heavyweights and technology stocks.
The benchmark Nikkei 225 Index closed the morning session at 38,193.39, up 359.14 points or 0.95 percent, after touching a high of 38,213.25 earlier. Japanese shares ended significantly lower on Friday.
Market heavyweight SoftBank Group is gaining almost 2 percent and Uniqlo operator Fast Retailing is up almost 1 percent. Among automakers, Honda is gaining more than 3 percent and Toyota is edging up 0.5 percent.
In the tech space, Advantest is surging almost 6 percent, Screen Holdings is gaining almost 2 percent and Tokyo Electron is edging up 0.1 percent.
In the banking sector, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are gaining almost 1 percent, while Mizuho Financial is edging up 0.1 percent.
The major exporters are mostly higher. Panasonic and Canon are edging up 0.2 to 0.3 percent each, while Mitsubishi Electric is gaining almost 1 percent. Sony is edging down 0.4 percent.
Among the other major gainers, Socionext and Mercari are gaining 3.5 percent each, while Toray Industries is adding more than 3 percent and Kawasaki Kisen Kaisha is adding almost 3 percent.
Conversely, NEXON and Sumitomo Pharma are declining almost 3 percent each.
In the currency market, the U.S. dollar is trading in the lower 144 yen-range on Monday.
Elsewhere in Asia, New Zealand, China, Hong Kong, South Korea and Indonesia are higher by between 0.1 and 0.6 percent each, while Singapore, Malaysia and Taiwan are lower by between 0.2 and 0.4 percent each.
On Wall Street, stocks pulled back sharply during trading on Friday after moving modestly higher over the course of the previous session. The major averages all moved significantly lower, with the Dow and the S&P 500 pulling back well off yesterday's three-month closing highs.
The major averages staged a recovery attempt in late morning trading after an early slump but moved back to the downside as the day progressed. The Dow plummeted 769.83 points or 1.8 percent to 42,197.79, the Nasdaq plunged 255.66 points or 1.3 percent to 19,406.83 and the S&P 500 tumbled 68.29 points or 1.1 percent to 5,976.97.
The major European markets also moved to the downside on the day. While the U.K.'s FTSE 100 Index decreased by 0.4 percent, the French CAC 40 Index and the German DAX Index slumped by 1.0 percent and 1.1 percent, respectively.
Crude oil prices jumped sharply on Friday due to fears of supply disruptions after Israel conducted airstrikes against Iran. Iran has vowed to retaliate heavily. WTI oil for July delivery shot up $4.94 to settle at $72.98 per barrel. This is the highest price for oil since February 11th. August Brent crude was last seen up by $4.72 at $74.08.
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