CANBERA (dpa-AFX) - Asian stock markets are trading mixed on Tuesday, following the mixed cues from Wall Street overnight, as traders have been reluctant to make more significant moves ahead of the release of US payroll processor ADP's report on private sector employment on Wednesday. A survey showed economic activity in the U.S. manufacturing sector contracted in October for the eighth consecutive month. Asian markets closed mostly higher on Monday.
Due to the paucity of official US economic data as the ongoing government shutdown extends to 34 days, available private releases on the economy and jobs are being parsed by the U.S. Fed as well as by the markets amid uncertainty about the outlook for interest rates.
CME Group's FedWatch Tool is currently indicating a 66.4 percent chance the US Fed will lower rates by another quarter point last month, although that is down from 94.4 percent a week.
The Australian stock market is trading significantly lower on Tuesday, reversing the gains in the previous session, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling well below the 8,850 level, with weakness in iron ore miners, financial, energy and technology stocks partially offset by gains in gold miners and stocks.
Traders cautiously look ahead to the Reserve Bank of Australia's interest rate decision later in the day and RBA Governor Michele Bullock's press conference. The RBA is widely anticipated to keep interest rates unchanged at 3.60 percent.
The benchmark S&P/ASX 200 Index is losing 71.50 points or 0.80 percent to 8,823.30, after hitting a low of 8,823.20 earlier. The broader All Ordinaries Index is down 73.80 points or 0.80 percent to 9,108.70. Australian stocks closed modestly higher on Monday.
Among the major miners, BHP Group is losing almost 3 percent, Rio Tinto is declining more than 2 percent and Fortescue is down more than 1 percent, while Mineral Resources is edging up 0.2 percent.
Oil stocks are mostly lower. Santos is edging down 0.2 percent and Origin Energy is declining more than 3 percent, while Woodside Energy and Beach energy are losing almost 1 percent each.
Among tech stocks, Afterpay owner Block is losing more than 2 percent, Appen is down almost 1 percent, Xero is edging down 0.1 percent and Zip is slipping more than 1 percent, while WiseTech Global is adding almost 2 percent.
Gold miners are mostly higher. Northern Star resources is gaining more than 1 percent and Genesis Minerals is adding more than 2 percent, while Evolution Mining and Newmont are edging up 0.3 to 0.4 percent each. Resolute Mining is declining almost 4 percent.
Among the big four banks, Commonwealth Bank is losing almost 2 percent, while National Australia Bank, ANZ Banking and Westpac are edging down 0.2 to 0.5 percent each.
In other news, shares in Novonix are tumbling more than 11 percent following the cancellation of an offtake agreement with Stellantis for synthetic graphite material.
In the currency market, the Aussie dollar is trading at $0.653 on Tuesday.
The Japanese stock market is slightly lower in post-holiday trading on Tuesday after opening well in the red, snapping a three-session losing streak, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling well below the 52,400 level, with weakness in index heavyweights, technology and financial stocks partially offset by gains in exporters and automaker stocks.
The benchmark Nikkei 225 Index closed the morning session at 52,361.14 down 50.20 points or 0.10 percent, after hitting a low of 52,020.68 and a high of 52,636.87 earlier. Japanese shares ended sharply higher on Friday ahead of the holiday on Monday.
Market heavyweight SoftBank Group is losing almost 1 percent and Uniqlo operator Fast Retailing is down more than 2 percent. Among automakers, Honda is adding almost 2 percent and Toyota is gaining almost 2 percent.
In the tech space, Tokyo Electron is surging more than 5 percent, while Advantest is losing more than 3 percent and Screen Holdings is tumbling more than 13 percent.
In the banking sector, Sumitomo Mitsui Financial, Mitsubishi UFJ Financial and Mizuho Financial are edging down 0.1 to 0.5 percent each.
The major exporters are mostly higher. Panasonic is losing almost 1 percent, while Mitsubishi Electric is adding more than 1 percent, Canon is edging up 0.2 percent and Sony is gaining almost 1 percent.
Among the other major gainers, Sumitomo Pharma is skyrocketing almost 22 percent, Sumitomo Electric Industries is jumping almost 17 percent, Alps Alpine is soaring more than 16 percent, Lasertec is surging almost 14 percent and Fanuc is gaining more than 7 percent, while Daiwa Securities and Mitsui Kinzoku are advancing almost 7 percent each. SMC and NGK Insulators are adding more than 6 percent each. NEXON and Furukawa Electric are up almost 6 percent each, while Yaskawa Electric is gaining more than 5 percent. Sumitomo Chemical and Nippon Electric Glass are advancing almost 4 percent each.
Conversely, Socionext is plummeting almost 19 percent, Nomura Research Institute is plunging almost 11 percent and ZOZO is sliding more than 8 percent, while Daiichi Sankyo and Aeon are losing more than 4 percent each. Recruit Holdings and Ryohin Keikaku are slipping almost 4 percent each, while Suzuki Motor is declining more than 3 percent. Isetan Mitsukoshi is down almost 3 percent.
In economic news, the manufacturing sector in Japan continued to contract in October, and at a faster pace, the latest survey from Jibun Bank revealed on Tuesday with a manufacturing PMI score of 48.2. That missed expectations for 48.3 and was down from 48.5 in September. It also moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
In the currency market, the U.S. dollar is trading in the lower 154-yen range on Tuesday.
Elsewhere in Asia, South Korea is down 1.7 percent, while China, Singapore and Taiwan are lower by between 0.1 and 0.2 percent each. New Zealand, Hong Kong, Malaysia and Indonesia are higher by between 0.2 and 0.4 percent each.
On Wall Street, stocks turned in a mixed performance during trading on Monday after ending last Friday's session in positive territory. While the Nasdaq and the S&P 500 saw further upside, the narrower Dow moved to the downside.
The Dow fell by 226.19 points or 0.5 percent to 47,336.68, but the S&P 500 rose 11.77 points or 0.2 percent to 6,851.97 and the Nasdaq climbed 109.77 points or 0.5 percent to 23,834.72.
The major European markets also turned in a mixed performance on the day. While the German DAX Index advanced by 0.7 percent, although the French CAC 40 Index edged down by 0.1 percent and the U.K.'s FTSE 100 Index slipped by 0.2 percent.
Crude oil prices edged slightly higher on Monday after OPEC agreed to halt production hikes for the first quarter of 2026. West Texas Intermediate crude for December delivery was up $0.07 or 0.11 percent at $61.05 per barrel.
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