CANBERA (dpa-AFX) - Asian stock markets are trading mixed on Monday, following the broadly positive cues from Wall Street on Friday, as the recent interest rate cut decision by the US Fed and the forecast by Fed officials of two more rate cuts this year but just one next year, continue to lift market sentiment. However, major currencies in the region weakened against the US dollar. Asian markets closed mixed on Friday.
Traders also cautiously dove into the message by the US Fed following the interest rate cut announcement on Wednesday and the underlying warning signals.
The Australian stock market is modestly higher on Monday, adding to the gains in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving up to near the 8,800.00 level, with gains across most sectors led by mining and financial stocks.
The benchmark S&P/ASX 200 Index is gaining 24.70 points or 0.28 percent to 8,798.20, after touching a high of 8,846.00 earlier. The broader All Ordinaries Index is up 25.50 points or 0.28 percent to 9,086.70. Australian stocks closed modestly higher on Friday.
Among the major miners, Rio Tinto is adding more than 2 percent, BHP Group is gaining almost 1 percent and Fortescue is advancing more than 3 percent. Mineral Resources is flat.
Oil stocks are mostly lower. Woodside Energy and Beach energy are losing almost 2 percent each, while Santos is edging down 0.1 percent. Origin Energy is gaining almost 1 percent.
Among tech stocks, Afterpay owner Block, Xero and Appen are gaining almost 1 percent each, while Zip is edging up 0.1 percent. WiseTech Global is edging down 0.5 percent.
Gold miners are higher. Evolution Mining is surging more than 5 percent, Resolute Mining is jumping more than 8 percent, Northern Star Resources is soaring more than 7 percent, Newmont is gaining almost 5 percent and Gold Road Resources is adding almost 2 percent.
Among the big four banks, National Australia Bank, ANZ Banking, Commonwealth Bank and Westpac are all edging down 0.1 to 0.5 percent each.
In other news, shares in Starpharma are skyrocketing more than 65 percent after the biotech inked a licensing agreement with Genentech, a member of the Roche Group, to develop new cancer therapies.
Shares in Reece Ltd. are jumping almost 13 percent after the plumbing supplies group announced plans to buy back $250 million of shares.
Shares in Viva Energy are tumbling more than 8 percent after announcing the resignation of C&M CEO Jevan Bouzo, with Jennifer Gray stepping in as Interim CEO and Group CEO Scott Wyatt overseeing the retail strategy. However, it reaffirms its 2025 outlook.
In the currency market, the Aussie dollar is trading at $0.659 on Monday.
The Japanese stock market is trading sharply higher on Monday, reversing the losses in the previous session, following the broadly positive cues from Wall Street on Friday, with the Nikkei 225 nearly 700 points to well above the 45,700 level, with gains across most sectors led by exporters and technology stocks.
The benchmark Nikkei 225 Index closed the morning session at 45,729.33, up 683.52 points or 1.52 percent, after touching a high of 45,751.02 earlier. Japanese shares ended notably lower on Friday.
Market heavyweight SoftBank Group is edging down 0.4 percent, while Uniqlo operator Fast Retailing is adding more than 1 percent. Among automakers, Honda is gaining more than 1 percent and Toyota is adding almost 1 percent.
In the tech space, Advantest and Tokyo Electron are advancing more than 3 percent each, while Screen Holdings is adding 1.5 percent.
In the banking sector, Sumitomo Mitsui Financial is adding almost 1 percent, Mizuho Financial is gaining more than 1 percent and Mitsubishi UFJ Financial is edging up 0.4 percent.
The major exporters are mostly higher. Panasonic is advancing almost 3 percent, Mitsubishi Electric is edging up 0.2 percent, Sony is gaining more than 3 percent and Canon is adding almost 2 percent.
Among the other major gainers, Sumco is jumping almost 11 percent, Taiyo Yuden is soaring almost 8 percent and Lasertec is surging more than 7 percent, while Murata Manufacturing and Omron are advancing more than 6 percent each. Resonac Holdings, Nissan Chemical and Socionext are gaining more than 4 percent each. Renesas Electronics and TDK are adding almost 4 percent each, while Takashimaya, Yaskawa Electric and Sharp are rising more than 3 percent. GS Yuasa is up almost 3 percent.
Conversely, Tokyo Electric Power is losing almost 3 percent.
In the currency market, the U.S. dollar is trading in the lower 148 yen-range on Monday.
Elsewhere in Asia, New Zealand, Hong Kong and Indonesia are lower by between 0.3 and 0.7 percent each, while China, South Korea and Taiwan are higher by between 0.1 and 0.8 percent each. Malaysia and Singapore are relatively flat.
On Wall Street, stocks moved mostly higher during trading on Friday, adding to the gains posted during Thursday's session. With the continued upward move, the major averages all reached new record closing highs.
The major averages reached new highs late in the session before giving back some ground going into the close. The Nasdaq advanced 160.75 points or 0.7 percent to 22,631.48, the S&P 500 climbed 32.40 points or 0.5 percent to 6,664.36 and the Dow rose 172.85 points or 0.4 percent to 46,315.27.
Meanwhile, the major European markets moved modestly lower over the course of the session. While the German DAX Index dipped by 0.2 percent, the U.K.'s FTSE 100 Index edged down by 0.1 percent and the French CAC 40 Index closed just below the unchanged line.
Crude oil prices dropped on Friday as traders dissected the Federal Reserve's message, hinting at underlying risks to the economy and stoking demand concerns. West Texas Intermediate crude for October delivery was down $0.91 or 1.43 percent at $62.66 per barrel.
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