CANBERA (dpa-AFX) - Asian markets are mixed on Tuesday, following the mixed cues from Wall Street overnight, as traders remained cautious and braced for a prolonged Middle East conflict as the war entered day number thirty-two, with Yemen's Houthi rebels joining the Iran war and additional U.S. troops arrived in the Middle East. Traders have adopted a 'wait-and-watch' stance as they looked to pick up stocks at reduced levels following recent weakness. Asian markets closed mostly lower on Monday.
Concerns of an impending full-blown U.S.-Iran war are gaining ground after the U.S. reportedly sent around 5,000 troops to the region last week, including 2,500 Marines. The Houthi rebels also attacked Israel with a barrage of ballistic missiles.
In recent developments, Iran struck a Kuwaiti oil tanker near a Dubai port, highlighting heightened risks for shipping in the Persian Gulf and further restricting global access to Middle East energy.
The Australian stock market is trading significantly higher on Tuesday, snapping the three-session losing streak, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,500 level, with gains in energy and technology stocks partially offset by weakness in mining and financial stocks.
The benchmark S&P/ASX 200 Index is gaining 66.10 points or 0.78 percent to 8,527.10, after hitting a low of 8,410.60 and a high of 8,545.60 earlier. The broader All Ordinaries Index is up 69.20 points or 0.80 percent to 8,726.70. Australian stocks closed notably lower on Monday.
Among the major miners, BHP Group is losing more than 1 percent, Mineral Resources is slipping almost 4 percent, Fortescue is down almost 2 percent and Rio Tinto is declining almost 1 percent.
Oil stocks are mostly higher. Woodside Energy is adding more than 1 percent, Santos is up almost 1 percent, Origin Energy is edging up 0.2 percent and Beach energy is gaining almost 2 percent.
Among tech stocks, Afterpay owner Block is gaining more than 2 percent, WiseTech Global is edging up 0.4 percent and Xero is advancing almost 3 percent, while Appen is declining more than 2 percent and Zip is edging down 0.2 percent.
Gold miners are mixed. Evolution Mining is losing more than 2 percent and Genesis Minerals is declining almost 2 percent, while Resolute Mining is advancing almost 2 percent, Newmont is gaining almost 1 percent and Northern Star resources is edging up 0.2 percent.
Among the big four banks, Commonwealth Bank and ANZ Banking are edging down 0.3 to 0.5 percent each, while National Australia Bank is losing almost 1 percent. Westpac is flat.
In economic news, the Reserve Bank of Australia will release the minutes from its March 17 monetary policy meeting. At the meeting, the RBA lifted its benchmark rate for the second straight time as the conflict in the Middle East poses material risk to inflation.
The bank decided to hike the cash rate target by 25 basis points to 4.10 percent, with five members voting to raise the rate and four seeking to hold it at 3.85 percent.
In the currency market, the Aussie dollar is trading at $0.684 on Tuesday.
The Japanese stock market is trading modestly lower on Tuesday, extending the losses in the previous three sessions, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling well below the 51,850 level, with weakness in technology stocks nearly offset by gains in exporters and financial stocks.
The benchmark Nikkei 225 Index closed the morning session at 51,820.30, down 65.55 points or 0.13 percent, after hitting a low of 50,558.91 earlier. Japanese shares ended sharply lower on Monday.
Market heavyweight SoftBank Group is losing 1.5 percent, while Uniqlo operator Fast Retailing is edging up 0.5 percent. Among automakers, Honda is edging up 0.1 percent, while Toyota is losing almost 1 percent.
In the tech space, Tokyo Electron is declining more than 2 percent, Screen Holdings is edging down 0.1percent and Advantest is losing almost 1 percent.
In the banking sector, Sumitomo Mitsui Financial is adding more than 1 percent, while Mizuho Financial and Mitsubishi UFJ Financial are gaining almost 1 percent each.
The major exporters are higher. Mitsubishi Electric is edging up 0.5 percent and Sony is adding almost 2 percent, while Canon and Panasonic are gaining almost 1 percent each.
Among the other major losers, Fujikura is plunging more than 5 percent and Sumco is tumbling almost 5 percent, while Mitsubishi and Toppan Holdings are sliding more than 4 percent each. Resonac Holdings is declining almost 4 percent, while Mitsui Kinzoku and Inpex are slipping more than 3 percent each. Lasertec, Sumitomo Electric Industries and Mitsubishi Heavy Industries are losing almost 3 percent each.
Conversely, SHIFT is jumping almost 6 percent, while JGC Holdings and Recruit Holdings are surging almost 5 percent each. Omron is advancing more than 4 percent and BayCurrent is gaining almost 4 percent, while T&D Holdings, Tokio Marin, M3, LY, Oriental Land and FUJIFILM are adding more than 3 percent each. Dai-ichi Life, Tokyo Electric Power, Trend Micro and Teijin are up almost 3 percent each.
In economic news, the unemployment rate in Japan came in at a seasonally adjusted 2.6 percent in February, the Ministry of Internal Affairs and Communications said on Tuesday. That was below expectations for 2.7 percent, which would have been unchanged from the January reading. The jobs/applicant ratio was 1.19 - beating forecasts for 1.18, which again would have been unchanged.
Meanwhile, overall consumer prices in the Tokyo region of Japan were up 1.4 percent on month in March, the Ministry of Economy, Trade and Industry or METI said on Tuesday. That was below forecasts for 1.5 percent and down from 1.6 percent in February. Core CPI was up 1.7 percent - again shy of expectations for 1.8 percent, which would have been unchanged from the previous month.
The METI also said industrial output in Japan was down a seasonally adjusted 2.1 percent on month in February. That missed forecasts for a decline of 2.0 percent following the 4.3 percent increase in January. On a yearly basis, industrial production was up 0.3 percent.
Upon the release of the data, the METI maintained its assessment of industrial production, saying that it continues to fluctuate indecisively. According to the METI's forecast, industrial production is expected to rise 3.8 percent in March and 3.3 percent in April.
Additionally, the METI said the value of retail sales in Japan was down 0.2 percent on month in February, coming in at 12.155 trillion yen. That missed forecasts for an increase of 0.9 percent following the 1.8 percent jump in January. On a yearly basis, sales were down 2.0 percent after climbing 3.0 percent in the previous month.
In the currency market, the U.S. dollar is trading in the higher 159-yen range on Tuesday.
Elsewhere in Asia, South Korea and Taiwan are down 1.9 and 0.9 percent, respectively. China and Hong Kong are down 0.1 and 0.3 percent, respectively. New Zealand, Singapore, Malaysia and Indonesia are higher by between 0.1 to 0.9 percent each.
On Wall Street, stocks showed a strong move to the upside in early trading on Monday but gave back ground over the course of the session. The major averages pulled back well off their highs of the session, with the Nasdaq and the S&P 500 ending the day in negative territory.
The Nasdaq slid 153.72 points or 0.7 percent to 20,794.64 and the S&P 500 fell 25.13 points or 0.4 percent to 6,343.72, dropping to their lowest closing levels in nearly eight months. The narrower Dow, on the other hand, inched up 49.50 points or 0.1 percent to 45,216.14 after briefly dipping into the red in the final hour of trading.
Meanwhile, the major European markets moved to the upside on the day. While the U.K.'s FTSE 100 Index shot up by 1.6 percent, the German DAX Index jumped by 1.2 percent and the French CAC 40 Index advanced by 0.9 percent.
Crude oil prices catapulted on Monday as the gulf region remains enveloped in war tension after the U.S. sends more soldiers to the area as Trump warned Iran to open the Strait of Hormuz. West Texas Intermediate crude for May delivery was up $3.05 or 3.06 percent at $102.69 per barrel.
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