CANBERA (dpa-AFX) - Asian stock markets are trading mostly higher on Tuesday, following the broadly negative cues from Wall Street overnight, extending the recent record global rally in equities with particular gains in Japan and Hong Kong, boosted by strength in mining and technology stocks. Traders remain optimistic about the outlook for interest rates. Asian markets closed mostly higher on Monday.
While the US Fed is widely expected to leave interest rates unchanged at its next meeting. the central bank is still likely to cut rates by at least another quarter point in the coming months.
The Australian stock market is trading significantly higher on Tuesday, extending the gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving to near the 8,850 level, with gains in financial and mining stocks partially offset by weakness in energy stocks.
The benchmark S&P/ASX 200 Index is gaining 90.40 points or 1.03 percent to 8,849.80, after touching a high of 8,851.60 earlier. The broader All Ordinaries Index is up 86.90 points or 0.96 percent to 9,179.60. Australian stocks closed notably higher on Monday.
Among the major miners, BHP Group is gaining 2.5 percent and Rio Tinto is adding almost 3 percent, while Mineral Resources and Fortescue are advancing more than 2 percent each.
Oil stocks are mostly lower. Beach energy is losing almost 1 percent, while Woodside Energy and Origin Energy are declining almost 2 percent each. Santos is flat.
Among tech stocks, Afterpay owner Block is declining almost 2 percent and Zip is losing 2.5 percent, while Xero and WiseTech Global are adding almost 1 percent each. Appen is flat.
Gold miners are higher. Evolution Mining and Genesis Minerals are gaining more than 1 percent each, while Northern Star resources and Resolute Mining are advancing almost 3 percent each. Newmont is edging up 0.5 percent.
Among the big four banks, Commonwealth Bank, National Australia Bank, ANZ Banking and Westpac are all gaining almost 1 percent each.
In economic news, the Westpac-Melbourne Institute Consumer Sentiment Index fell 1.7 percent on month in January 2026 to a three-month low of 92.9, extending the 9.0 percent slump in December as shifting rate expectations weighed on confidence.
In the currency market, the Aussie dollar is trading at $0.671 on Tuesday.
The Japanese stock market is trading sharply higher on Tuesday, extending the sharp gains in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is surging 3 percent to well above the 53,500 level, with gains across most sectors led by index heavyweights and technology stocks.
The benchmark Nikkei 225 Index closed the morning session at 53,540.60, up 1.600.71 points or 3.08 percent, after touching a high of 53,814.79 earlier. Japanese shares ended sharply higher on Friday ahead of the holiday on Monday.
Market heavyweight SoftBank Group is surging more than 5 percent and Uniqlo operator Fast Retailing is adding more than 2 percent. Among automakers, Honda is gaining almost 2 percent and Toyota is surging almost 5 percent.
In the tech space, Tokyo Electron is soaring more than 8 percent, Screen Holdings is gaining almost 2 percent and Advantest is jumping more than 9 percent.
In the banking sector, Sumitomo Mitsui Financial is gaining almost 3 percent, Mitsubishi UFJ Financial is adding almost 4 percent and Mizuho Financial is advancing almost 5 percent.
The major exporters are higher. Panasonic is gaining almost 5 percent, while Mitsubishi Electric and Canon are gaining 1.5 percent each. Sony is flat.
Among the other major gainers, Lasertec is jumping almost 10 percent and Ibiden is soaring more than 7 percent, while Sojitz, Kawasaki Heavy Industries and Dowa Holdings are surging more than 6 percent each. Marubeni, Fuji Electric and Mitsui Kinzoku are gaining almost 6 percent each, while Sumitomo Metal Mining, Toyota Tsusho, Mitsubishi Materials and Ebara are advancing more than 5 percent each.
Conversely, Sumitomo Pharma is losing almost 1 percent.
In the currency market, the U.S. dollar is trading in the higher 158-yen range on Tuesday.
Elsewhere in Asia, Hong Kong is up 1.7 percent, while Singapore, South Korea, Malaysia, Taiwan and Indonesia are higher by between 0.4 and 0.7 percent each. New Zealand is bucking the trend and is down 0.3 percent. China is relatively flat.
On Wall Street, stocks moved to the downside at the start of trading on Monday but showed a notable recovery over the course of the session. The major averages climbed well off their lows of the session and into positive territory, with the Dow and the S&P 500 reaching new record closing highs.
The major averages pulled back off their levels going into the close going into the end of the day but remained positive. The Dow rose 86.13 points or 0.2 percent to 49,590.29, the Nasdaq climbed 62.56 points or 0.3 percent to 23,733.90 and the S&P 500 increased 10.99 points or 0.2 percent to 6,977.27.
The major European markets closed mixed on the day. The German DAX Index climbed by 0.6 percent and the U.K.'s FTSE 100 Index rose by 0.2 percent, although the French CAC 40 Index bucked the uptrend and closed just below the unchanged.
Crude oil prices climbed on Monday as the increasing possibility of U.S. intervention to end the Iran turmoil sets off production disruption concerns. West Texas Intermediate crude for February delivery was up $0.33 or 0.51 percent at $59.42 per barrel.
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