CANBERA (dpa-AFX) - Asian stock markets are trading mostly higher on Monday, following the broadly positive cues from Wall Street on Friday, as traders remain optimistic on easing trade tensions between the U.S. and China after U.S. President Donald Trump said the high tariffs he has threatened on Chinese imports are probably not sustainable, but argued 'they forced me to do that.' Asian markets closed mostly lower on Friday.
Trump confirmed he would meet with Chinese President Xi Jinping at a summit in South Korea later this month after previously casting doubt on whether the planned meeting would be worthwhile.
Reports emerged earlier that the U.S. may impose up to 500 percent tariffs on China over rare earth limits and Russian oil, risking global trade turmoil.
The Australian stock market is slightly higher on Monday, reversing some of the losses in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving a tad above the 9,000.00 mark, with gains in energy, financial and technology stocks partially offset by weakness in mining stocks.
The benchmark S&P/ASX 200 Index is gaining 8.30 points or 0.09 percent to 9,003.60, after hitting a low of 8,963.60 earlier. The broader All Ordinaries Index is up 6.00 points or 0.07 percent to 9,299.20. Australian stocks closed notably lower on Friday.
Among the major miners, Rio Tinto and Fortescue are down almost 1 percent each, while BHP Group is losing almost 2 percent and Mineral Resources is declining more than 1 percent.
Oil stocks are mostly higher. Origin Energy is adding almost 1 percent, Santos is gaining more than 1 percent, Beach energy is advancing almost 4 percent and Woodside Energy is edging up 0.3 percent.
Among tech stocks, Afterpay owner Block is adding almost 3 percent, Xero is gaining almost 1 percent and Zip is advancing almost 4 percent, while Appen is losing more than 1 percent. WiseTech Global is flat.
Gold miners are mostly lower. Evolution Mining is declining almost 5 percent, Newmont is tumbling 5.5 percent and Northern Star Resources is slipping more than 3 percent, while Resolute Mining and Genesis Minerals are sliding almost 3 percent each
Among the big four banks, Commonwealth Bank is gaining more than 1 percent and Westpac is adding almost 1 percent, while National Australia Bank and ANZ Banking are edging up 0.1 percent each.
In other news, shares in Bapcor slipping almost 18 percent after the auto parts group downgraded its profit outlook and the disclosure of $12 million pre-tax earnings hit due to 'unsatisfactory operational practices' in its trade division.
Shares in Deep Yellow are tumbling almost 17 percent after the immediate exit of the uranium miner's chief executive John Borshoff.
In the currency market, the Aussie dollar is trading at $0.651 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 surging nearly 3 percent to well above the 48,700 level, with gains across most sectors led by index heavyweights, financial and technology stocks.
The benchmark Nikkei 225 Index closed the morning session at the day's high of 48,970.40, up 1,388.25 points or 2.92 percent. Japanese shares ended sharply lower on Friday.
Market heavyweight SoftBank Group is gaining more than 4 percent and Uniqlo operator Fast Retailing is adding almost 4 percent. Among automakers, Honda is gaining more than 2 percent and Toyota is adding almost 2 percent.
In the tech space, Advantest is gaining almost 2 percent, Tokyo Electron is advancing almost 4 percent and Screen Holdings is adding almost 1 percent.
In the banking sector, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are gaining almost 2 percent each, while Mizuho Financial is advancing almost 4 percent.
The major exporters are mostly higher. Panasonic and Sony are gaining more than 1 percent each, while Mitsubishi Electric and Canon are advancing more than 2 percent each.
Among the other major gainers, Yaskawa Electric is soaring more than 7 percent and Fanuc is surging almost 6 percent, while Lasertec and NEXON are gaining more than 5 percent each. Recruit Holdings is adding more than 4 percent, while Keyence, NEC and Nissan Motor are advancing almost 4 percent each. Resona Holdings, SMC and Kyowa Kirin are up more than 3 percent each.
Conversely, Ryohin Keikaku is declining more than 4 percent and Sumitomo Metal Mining is losing almost 3 percent.
In the currency market, the U.S. dollar is trading in the higher 150 yen-range on Monday.
Elsewhere in Asia, Hong Kong and Taiwan are up 2.4 and 1.5 percent, respectively. South Korea and Indonesia are up 1.0 and 1.3 percent, respectively. New Zealand and China are up 0.3 and 0.7 percent, respectively. Malaysia and Singapore are closed on Monday for Diwali
On Wall Street, stocks moved mostly higher over the course of the trading day on Friday after showing a lack of direction early in the session. The major averages all moved to the upside, regaining ground following the downturn seen in the previous session.
The major averages finished the day off their highs of the session but still firmly in positive territory. The Dow advanced 238.37 points or 0.5 percent to 46,190.61, the Nasdaq climbed 117.44 points or 0.5 percent to 22,679.97 and the S&P 500 rose 34.94 points or 0.5 percent to 6,664.01.
Meanwhile, the major European markets moved to the downside on the day. While the German DAX Index tumbled 1.8 percent, the U.K.'s FTSE 100 Index slid by 0.9 percent and the French CAC 40 Index dipped by 0.2 percent.
Crude oil prices rose on Friday after Trump suddenly reversed his hardline stance on China, suggesting warmer trade relations could lead to an increase in energy demand. West Texas Intermediate crude for November delivery was up by $0.20 or 0.35 percent at $57.66 per barrel.
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