CANBERA (dpa-AFX) - Asian stock markets are trading mostly lower on Tuesday, following the mixed cues from Wall Street overnight, amid continued uncertainty over U.S. President Donald Trump's reciprocal tariffs on imports from trading partners, though he set a deadline of August 1 to reach deals. Reports suggest that EU leaders are preparing for a showdown over U.S. tariff threats. Asian markets closed mostly higher on Monday.
US Commerce Secretary Howard Lutnick called August 1st a 'hard deadline' for countries to start paying tariffs but added that 'nothing stops countries from talking to us after August 1.'
Major economic powers trading with the US are working hard to find a 'good trade deal' with the US. US Commerce Secretary Howard Lutnick said he is confident the U.S. will reach an agreement with the European Union.
The Australian stock market is trading slightly higher on Tuesday, reversing some of the losses in the previous session, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying below the 8,700 level, with gains in mining and energy stocks nearly offset by weakness in financial and technology stocks.
The benchmark S&P/ASX 200 Index is gaining 2.60 points or 0.03 percent to 8,670.80, after touching a high of 8,714.60 earlier. The broader All Ordinaries Index is up 5.80 points or 0.07 percent to 8,932.00. Australian stocks closed significantly lower on Monday.
Among the major miners, BHP Group, Fortescue Metals and Rio Tinto are gaining almost 3 percent each, while Mineral Resources is adding more than 1 percent.
Oil stocks are mostly higher. Woodside Energy is down more than 1 percent, Beach energy is losing almost 1 percent and Santos is edging down 0.5 percent, while Origin Energy is edging up 0.5 percent.
Among tech stocks, Afterpay owner Block, Zip and Appen are losing more than 2 percent each, while Xero and WiseTech Global are edging up 0.1 to 0.4 percent each.
Gold miners are mostly higher. Gold Road Resources is gaining more than 1 percent, Resolute Mining is advancing almost 4 percent and Newmont is rising almost 3 percent, while Northern Star resources and Evolution Mining are adding almost 2 percent each.
Among the big four banks, Commonwealth Bank and National Australia Bank are losing almost 2 percent each, while ANZ Banking and Westpac are declining almost 1 percent each.
In economic news, the Reserve Bank of Australia will on Tuesday release the minutes from its July 8 monetary policy meeting. At the meeting, the RBA maintained its benchmark lending rate at 3.85 percent, defying expectations for a quarter-point rate cut. The current rate was the lowest in two years. Previously, the bank had reduced the rate by 25 basis points in May and February.
In the currency market, the Aussie dollar is trading at $0.652 on Tuesday.
The Japanese stock market is trading modestly higher on Tuesday, reversing the losses in the previous session, following the mixed cues from Wall Street overnight, with the Nikkei 225 moving to just below the 39,900 level, with gains across most sectors led by financial and technology stocks.
The benchmark Nikkei 225 Index closed the morning session at 39,892.81, up 73.70 points or 0.19 percent, after touching a high of 40,275.89 earlier. Japanese shares ended modestly lower Friday ahead of the holiday on Monday.
Market heavyweight SoftBank Group is gaining more than 3 percent and Uniqlo operator Fast Retailing is edging up 0.4 percent. Among automakers, Honda is edging up 0.1 percent, while Toyota is losing more than 1 percent.
In the tech space, Advantest is gaining almost 2 percent, Screen Holdings i is edging up 0.2 percent and Tokyo Electron is up almost 1 percent.
In the banking sector, Mitsubishi UFJ Financial is gaining 1.5 percent, while Mizuho Financial and Sumitomo Mitsui Financial are adding almost 1 percent each.
The major exporters are mostly higher. Canon and Panasonic are edging up 0.1 to 0.2 percent each, while Sony is adding almost 1 percent and Mitsubishi Electric is gaining more than 2 percent.
Among the other major gainers, Mitsubishi Heavy Industries is surging more than 5 percent, while Fujikura, Ryohin Keikaku and Japan Steel Works are gaining almost 4 percent each. IHI and Furukawa Electric are adding more than 3 percent each, while Kawasaki Heavy Industries and LY are advancing almost 3 percent each.
Conversely, Shiseido is declining more than 3 percent and Hoya is losing almost 3 percent.
In the currency market, the U.S. dollar is trading in the lower 147 yen-range on Tuesday.
Elsewhere in Asia, New Zealand is down 1.1 percent, while China, Hong Kong, Malaysia, Singapore and South Korea are lower by between 0.2 and 0.5 percent each, while, Taiwan and Indonesia are up 0.1 and 0.5 percent, respectively.
On Wall Street, stocks continued to turn in a strong performance throughout much of the trading day on Monday before giving back ground going into the close after moving mostly higher early in the session.
Despite the late-day pullback, the Nasdaq and the S&P 500 ended the session at new record closing highs. The Nasdaq rose 78.52 points or 0.4 percent to 20,974.17 and the S&P 500 inched up 8.81 points or 0.1 percent to 6,305.60, although the narrower Dow edged down 19.12 points or less than a tenth of a percent to 44,323.07.
The major European markets also ended the day mixed. While the French CAC 40 Index fell by 0.3 percent, the German DAX Index inched up by 0.1 percent and the U.K.'s FTSE 100 Index rose by 0.2 percent.
Crude oil prices slipped on Monday as investors seem concerned that heavy tariffs could block international trade and reduce demand for oil and energy. West Texas Intermediate crude for August delivery dipped $0.11 to $69.17 per barrel.
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