CANBERA (dpa-AFX) - Asian stock markets are trading mostly lower on Tuesday, following the mixed cues from Wall Street overnight, as traders remain cautious ahead of the U.S. interest rate decision later in the week and as they await the outcome of the U.S.-China trade talks. Meanwhile, several European leaders voiced concerns over the EU-U.S. trade deal, calling it 'lopsided' and 'unsustainable'. Asian markets closed mostly higher on Monday.
While the US Fed is widely expected to leave interest rates unchanged, the announcement could impact the outlook for rates.
The Australian stock market is trading modestly lower on Tuesday, reversing the slight gains in the previous session, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying well below the 8,700 level, with weakness in financial and technology stocks partially offset by some gains in energy stocks.
The benchmark S&P/ASX 200 Index is losing 30.00 points or 0.35 percent to 8,667.70, after hitting a low of 8,643.50 earlier. The broader All Ordinaries Index is down 35.30 points or 0.39 percent to 8,928.20. Australian stocks closed slightly higher on Monday.
Among the major miners, BHP Group is edging down 0.2 percent, Fortescue is losing more than 1 percent and Mineral Resources is declining almost 2 percent, while Rio Tinto is edging up 0.3 percent.
Oil stocks are mostly higher. Origin Energy is edging up 0.2 percent, Woodside Energy is adding 1.5 percent and Santos is gaining more than 1 percent, while Beach energy is losing almost 1 percent.
Among tech stocks, Afterpay owner Block and WiseTech Global are losing almost 1 percent each, while Appen is declining more than 3 percent and Zip is down more than 2 percent. Xero is edging up 0.4 percent.
Gold miners are mixed. Northern Star resources is edging up 0.2 percent, Gold Road Resources is gaining more than 1 percent and Resolute Mining is advancing almost 2 percent, while Newmont is losing almost 2 percent and Evolution Mining is declining almost 1 percent.
Among the big four banks, ANZ Banking and Westpac are declining almost 1 percent each, while National Australia Bank and Commonwealth Bank is edging down 0.3 percent each.
In other news, shares in Viva Energy are plunging more than 9 percent after flagging lower earnings on weak convenience sales and refining margins.
In the currency market, the Aussie dollar is trading at $0.653 on Tuesday.
The Japanese stock market is trading significantly lower on Tuesday, extending the losses in the previous two sessions, following the mixed cues from Wall Street overnight, with the Nikkei 225 falling well below the 39,650 level, with weakness across all sectors led by automakers, exporters and financial stocks.
The benchmark Nikkei 225 Index closed the morning session at 40,623.32, down 374.95 points or 0.91 percent, after hitting a low of 40,611.25 earlier. Japanese shares ended sharpy lower on Monday.
Market heavyweight SoftBank Group is edging down 0.4 percent and Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Honda is declining almost 2 percent and Toyota is also losing almost 2 percent.
In the tech space, Screen Holdings is adding more than 1 percent, while Tokyo Electron is losing almost 1 percent and Advantest is edging down 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 mostly lower. Mitsubishi Electric and Sony are losing more than 1 percent each, while Panasonic is declining almost 1 percent and Canon is edging down 0.2 percent.
Among the other major losers, Lasertec is tumbling almost 7 percent and Nitto Denko is declining more than 5 percent, while Shionogi & Co and Tokuyama are losing almost 3 percent each.
Conversely, Nomura Research Institute is surging more than 8 percent.
In the currency market, the U.S. dollar is trading in the higher 148 yen-range on Tuesday.
Elsewhere in Asia, New Zealand, China, Hong Kong, Singapore, Indonesia and Taiwan are lower by between 0.1 and 1.0 percent each, while South Korea and Malaysia are up 0.2 and 0.3 percent, respectively.
On Wall Street, stocks turned in a relatively lackluster performance over the course of the trading day on Monday after moving modestly higher early in the session. Despite the choppy trading, the Nasdaq and the S&P 500 reached new record closing highs.
The Nasdaq rose 70.27 points or 0.3 percent to 21,178.58 and the S&P 500 inched up 1.13 points or less than a tenth of percent to 6,389.77, while the narrower Dow edged down 64.36 points or 0.1 percent to 44,837.56.
Meanwhile, the major European markets moved mostly lower over the course of the session. While the German DAX Index slid by 1.0 percent, the U.K.'s FTSE 100 Index the French CAC 40 Index both fell by 0.4 percent.
Crude oil prices surged on Monday after the US announced a tariff framework agreement with the EU, cooling fears of a big tariff war. West Texas Intermediate crude for September delivery jumped $1.72 or 2.64 percent to $66.88 per barrel.
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