CANBERA (dpa-AFX) - Asian stock markets are trading mixed on Tuesday, following the broadly positive cues from Wall Street overnight, as traders remain cautious and optimistic the conflict between Israel and Iran will remain relatively contained. Tariff uncertainty is also keeping the market on its toes and weighing on market sentiment. Asian markets closed mostly higher on Monday.
Iran has been urgently signaling that it seeks an end to hostilities and resumption of talks over its nuclear programs. Iran is reaching out to US and Israel through intermediaries indicating its preparedness to end the hostility.
The Australian stock market is trading slightly higher on Tuesday after opening in the red, extending the slight gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,550 level, with gains in technology and mining partially offset by weakness in financial and energy stocks.
The benchmark S&P/ASX 200 Index is gaining 5.30 points or 0.06 percent to 8,553.70, after hitting a low of 8,533.80 and a high of 8,566.80 earlier. The broader All Ordinaries Index is up 10.40 points or 0.12 percent to 8,785.40. Australian stocks closed slightly higher on Monday.
Among the major miners, Fortescue Metals and Rio Tinto are edging up 0.1 to 0.2 percent each, while Mineral Resources is gaining more than 1 percent. BHP Group is edging down 0.4 percent.
Oil stocks are mostly lower. Origin Energy is down almost 1 percent and Santos are edging down 0.1 percent, while Woodside Energy and Beach energy are losing more than 1 percent each.
Among tech stocks, Afterpay owner Block is gaining almost 4 percent, Zip is advancing almost 5 percent and Appen is rising more than 1 percent, while Xero and WiseTech Global are adding more than 1 percent each.
Gold miners are mostly higher. Northern Star resources is adding almost 2 percent, Resolute Mining is surging almost 11 percent, Newmont is advancing almost 3 percent, Gold Road Resources is up almost 1 percent and Evolution Mining is gaining more than 1 percent.
However, St Barbara is tumbling almost 12 percent after it downgraded its full year gold production guidance and projects higher all-in sustaining cost for the year.
Uranium miners, Deep Yellow is soaring almost 10 percent, Boss Energy is surging almost 6 percent and Paladin Energy is advancing more than 5 percent following news that Canadian investment fund Sprott Physical Uranium Trust will acquire US$100 million in physical uranium. Lotus Resources is surging almost 9 percent also after a promising update on its Kayelekera uranium project in Malawi.
Among the big four banks, Commonwealth Bank, ANZ Banking and National Australia Bank are edging down 0.1 to 0.4 percent each, while Westpac is losing almost 1 percent.
In the currency market, the Aussie dollar is trading at $0.652 on Tuesday.
The Japanese stock market is trading notably higher on Tuesday, extending the gains in the previous session, following the broadly positive cues from Wall Street overnight, with the Nikkei 225 moving a tad above the 38,500 level, with gains in technology and financial stocks partially offset by weakness in exporters and automakers.
The benchmark Nikkei 225 Index closed the morning session at 38,501.08, up 189.75 points or 0.50 percent, after touching a high of 38,581.25 earlier. Japanese shares ended sharply higher on Monday.
Market heavyweight SoftBank Group is gaining more than 2 percent, while Uniqlo operator Fast Retailing is losing more than 1 percent. Among automakers, Honda and Toyota are edging down 0.5 percent each.
In the tech space, Advantest and Screen Holdings are gaining almost 4 percent each, while Tokyo Electron is advancing almost 3 percent.
In the banking sector, Mitsubishi UFJ Financial is edging down 0.3 percent, while Mizuho Financial and Sumitomo Mitsui Financial are gaining almost 1 percent each.
The major exporters are mostly lower. Panasonic, Canon and Sony are edging down 0.1 to 0.5 percent each, while Mitsubishi Electric is adding almost 2 percent.
Among the other major gainers, Disco is surging almost 7 percent, Shiseido is gaining more than 4 percent, Socionext is adding almost 4 percent and Lasertec is advancing more than 3 percent, while Nissui, Tokyo Electric Power, Ebara and Oriental Land are rising almost 3 percent each.
Conversely, Nippon Steel and Hino Motors are losing more than 3 percent each.
In economic news, the Bank of Japan will wrap up its monetary policy meeting on Tuesday and then announce its decision on interest rates. The BoJ is widely expected to keep its benchmark lending rate unchanged at 0.50 percent.
In the currency market, the U.S. dollar is trading in the higher 144 yen-range on Tuesday.
Elsewhere in Asia, Singapore, South Korea, Taiwan and Indonesia are higher by between 0.3 and 0.6 percent each, while China, Hong Kong and Malaysia are lower by between 0.3 and 0.4 percent each. New Zealand is relatively flat.
On Wall Street, stocks gave back some ground over the course of the trading day on Monday but continued to turn in a strong performance after moving sharply higher early in the session. With the upward move, the markets largely offset the steep losses seen during Friday's session.
The major averages all ended the day firmly in positive territory, with the tech-heavy Nasdaq posting a standout gain. The Nasdaq jumped 294.39 points or 1.5 percent to 19,701.21, the S&P 500 advanced 56.14 points or 0.9 percent to 6,033.11 and the Dow climbed 317.30 points or 0.8 percent at 42,515.09.
The major European markets have also moved to the upside on the day. While the U.K.'s FTSE 100 Index rose by 0.3 percent, the French CAC 40 Index and the German DAX Index both advanced by 0.8 percent.
Crude oil prices fell sharply on Monday after reports that Iran signaled its readiness to end its hostility with Israel. West Texas Intermediate crude oil for July delivery closed down by $1.21 to settle at $71.77 per barrel.
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