CANBERA (dpa-AFX) - Asian stock markets are trading mixed on Monday, following the broadly negative cues from Wall Street on Friday, as traders remain cautious amid renewed optimism about new trade deals after US President Donald Trump indicated he does not think he will need to extend the July 9 deadline for countries to secure trade deals with the US. Trump also indicated the US had signed an agreement with China. Asian markets closed mixed on Friday.
A White House official later clarified that the U.S. and China have agreed to 'an additional understanding of a framework to implement the Geneva agreement.' Trump administration also expects to soon reach deals with ten major trading partners.
The Australian stock market is notably higher on Monday, reversing some of the losses in the previous two sessions, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving above the 8,550.00 level, with gains is financial and technology stocks partially offset by weakness in mining stocks.
The benchmark S&P/ASX 200 Index is gaining 35.90 points or 0.42 percent to 8,550.10, after touching a high of 8,551.40 earlier. The broader All Ordinaries Index is up 34.60 points or 0.40 percent to 8,778.20. Australian stocks closed modestly lower on Friday.
Among the major miners, BHP Group, Fortescue Metals and Rio Tinto are losing almost 3 percent each, while Mineral Resources is edging up 0.1 percent.
Oil stocks are mixed. Origin Energy and Beach energy are edging up 0.3 to 0.5 percent each, while Santos is gaining almost 1 percent. Woodside Energy is losing almost 1 percent.
Among tech stocks, Afterpay owner Block gaining more than 4 percent, Zip is advancing almost 4 percent and WiseTech Global is edging up 0.5 percent, while Appen is losing more than 2 percent. Xero is flat.
Gold miners are mostly lower. Evolution Mining is gaining almost 2 percent and Northern Star Resources is edging up 0.5 percent, while Gold Road Resources is edging down 0.2 percent, Newmont is losing almost 2 percent and Resolute Mining is declining almost 4 percent.
Among the big four banks, Westpac and ANZ Banking are edging up 0.2 to 0.5 percent each, while National Australia Bank is gaining almost 1 percent. Commonwealth Bank is edging down 0.2 percent.
In other news, share in James Hardie jumped more than 7 percent after shareholders in US outdoor decking company Azek approved a $14 billion buyout, with James Hardie shifting its primary listing to the NYSE.
In the currency market, the Aussie dollar is trading at $0.653 on Monday.
The Japanese stock market is trading sharply higher on Monday, extending the gains in the previous four sessions, following the broadly positive cues from Wall Street on Friday, with the Nikkei 225 moving above the 40,800 level, with gains across most sectors led by index heavyweights and technology stocks.
The benchmark Nikkei 225 Index closed the morning session at 40,809.82, up 659.03 points or 1.64 percent, after touching a high of 40,852.54 earlier. Japanese shares ended sharply higher on Friday.
Market heavyweight SoftBank Group is surging almost 6 percent and Uniqlo operator Fast Retailing is up more than 1 percent. Among automakers, Honda is losing more than 1 percent and Toyota is edging down 0.2 percent.
In the tech space, Advantest and Tokyo Electron are gaining 3.5 percent each, while Screen Holdings is gaining more than 2 percent.
In the banking sector, Mitsubishi UFJ Financial, Sumitomo Mitsui Financial and Mizuho Financial are edging up 0.1 to 0.5 percent each.
The major exporters are mostly higher. Panasonic is gaining 1.5 percent, while Mitsubishi Electric and Canon are edging up 0.3 percent. Sony is edging down 0.2 percent.
Among the other major gainers, Olympus is surging more than 6 percent, while Tokyo Electric Power and Daikin Industries are gaining more than 4 percent each. Mercari and Lasertec are adding almost 4 percent, while Sumco and Disco are advancing more than 3 percent each. Toho, Orix, Daiichi Sankyo and Yokohama Rubber are rising almost 3 percent each.
Conversely, there are no other major losers.
In economic news, industrial production in Japan was up a seasonally adjusted 0.5 percent on month in May, the ministry of Economy, Trade and Industry said on Monday. That missed forecasts for an increase of 3.4 percent following the 1.1 percent decline in April. On a yearly basis, industrial production was down 1.8 percent. Upon the release of the data, the METI maintained its assessment of industrial production, saying that it continues to fluctuate indecisively.
In the currency market, the U.S. dollar is trading in the mid-144 yen-range on Monday.
Elsewhere in Asia, China, Singapore, South Korea and Indonesia are higher by between 0.1 and 0.8 percent each, while New Zealand, , Hong Kong, Taiwan are lower by between 0.1 and 0.5 percent each. Malaysia is relatively flat.
On Wall Street, stocks saw considerable volatility over the course of the trading day on Friday after moving sharply higher early in the session. The major averages showed wild swings as the day progressed, although the S&P 500 and the Nasdaq still managed to end the day at new record closing highs.
The major averages moved to the upside going into the close after an early afternoon pullback. The Dow jumped 432.43 points or 1.0 percent at 43,819.27, the Nasdaq climbed 105.55 points or 0.5 percent to 20,273.46 and the S&P 500 rose 32.05 points or 0.5 percent to 6,173.07.
The major European markets also moved to the upside on the day. The French CAC 40 Index surged by 1.8 percent, the German DAX Index jumped by 1.6 percent and the U.K.'s FTSE 100 Index climbed by 0.7 percent.
Crude oil prices moved higher on Friday in the wake of the U.S. confirming readiness to sign trade deals with China and multiple other trading partners, plus indications of strong summer demand. West Texas Intermediate crude for August delivery rose $0.28 to settle at $65.52 per barrel.
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