CANBERA (dpa-AFX) - Asian stock markets are trading mixed on Tuesday, following the broadly positive cues from Wall Street overnight, as traders remain optimistic about the outlook for the markets amid expectations of further interest rate cuts by the US Fed. Some traders are also looking to cash in on the recent strength in the markets. However, the escalating tensions in Europe and the Middle East are weighing on market sentiment. Asian markets closed mixed on Monday.
After cutting rates by a quarter point last week, the Fed is widely expected to lower rates by another quarter at each of its next two meetings in October and December.
The release of the Fed's preferred readings on consumer price inflation later in the day could also impact the outlook for interest rates. A number of Fed officials, including Fed Chair Jerome Powell, are also scheduled to deliver remarks over the next several days.
The Australian stock market is trading notably higher on Tuesday, adding to the gains in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,850 level, with gains across most sectors led by mining and technology shares.
The benchmark S&P/ASX 200 Index is gaining 39.70 points or 0.45 percent to 8,850.60, after touching a high of 8,852.60 earlier. The broader All Ordinaries Index is up 38.80 points or 0.43 percent to 9,140.90. Australian stocks closed modestly higher on Monday.
Among the major miners, BHP Group and Rio Tinto are edging up 0.5 percent each, while Mineral Resources advancing almost 2 percent. Fortescue is edging down 0.2 percent.
Oil stocks are mixed. Santos is edging down 0.4 percent, while Origin Energy and Beach energy are edging up 0.3 to 0.4 percent each. Woodside Energy is flat.
Among tech stocks, Afterpay owner Block, Zip and WiseTech Global are edging up 0.1 to 0.5 percent each, while Xero is gaining almost 1 percent. Appen is losing more than 1 percent.
Gold miners are mostly higher. Northern Star resources is gaining almost 2 percent, Newmont is advancing more than 2 percent, Evolution Mining is edging up 0.4 percent, Resolute Mining is surging almost 5 percent and Gold Road Resources is adding almost 1 percent.
Among the big four banks, ANZ Banking and Westpac are gaining almost 1 percent each, while Commonwealth Bank and National Australia Bank are adding more than 1 percent each.
In other news, shares in Myer are tumbling almost 28 percent after reporting that net profit slipped 30 percent, even as total sales increased 0.5 percent on a pro forma basis, due to its acquisition of the Apparel Brands business in January.
Shares in Telix Pharmaceuticals are surging more than 8 percent after it said that the United States Centres for Medicare & Medicaid Services granted transitional pass-through payment status for its prostate cancer imaging product Gozellix.
In economic news, the manufacturing sector in Australia continued to expand in September, albeit at a slower pace, the latest survey from S&P Global revealed on Tuesday with a manufacturing PMI score of 51.6. That's down from 53.0 in August, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. The survey also showed that the services PMI fell to 52.0 from 55.8 in the previous month.
In the currency market, the Aussie dollar is trading at $0.658 on Tuesday.
The Japanese stock market is closed for Autumnal Equinox day on Tuesday. Japanese shares ended significantly higher on Monday.
In the currency market, the U.S. dollar is trading in the higher 147 yen-range on Tuesday.
Elsewhere in Asia, Taiwan is up 1.2 percent, while Singapore, South Korea and Malaysia are higher by between 0.2 and 0.4 percent each. New Zealand, China, Hong Kong and Indonesia are lower by between 0.1 and 1.0 percent each.
On Wall Street, stocks moved mostly higher over the course of the trading session on Monday after recovering from an initial move to the downside. While the tech-heavy Nasdaq led the charge, the major averages all reached new record closing highs.
The major averages ended the day just off their highs of the session. The Nasdaq advanced 157.50 points or 0.7 percent to 22,788.98, the S&P 500 climbed 29.39 points or 0.4 percent to 6,693.75 and the narrower Dow inched up 66.27 points or 0.1 percent to 46,381.54.
Meanwhile, the major European markets were mixed on the day. The German DAX Index fell by 0.5 percent and the French CAC 40 Index declined by 0.3 percent, although the U.K.'s FTSE 100 Index bucked the downtrend and inched up by 0.1 percent.
Crude oil prices were little changed on Monday amid lingering oversupply concerns after OPEC agreed earlier this month to boost production starting in October. West Texas Intermediate crude for October delivery was up $0.05 or 0.08 percent at $62.73 per barrel.
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