CANBERA (dpa-AFX) - Asian stock markets are trading mostly lower on Monday, following the broadly negative cues from Wall Street on Friday, as traders remain concerned about surging crude oil prices and rising global bond yields. They also remain concerned if the fragile U.S.-Iran truce would hold while the U.S and Iran continue talks to end the war in the Middle East even as both factions rejected each other's latest peace proposals. Asian markets closed mostly lower on Friday.
U.S. President Donald Trump on Sunday warned that 'the clock is ticking' for Iran and they better get moving, FAST, or there won't be anything left of them.
According to Iran's Fars News Agency, the U.S. has demanded for the permanent cessation of uranium enrichment and the handover of its enriched uranium stockpile. The U.S. also refused to pay any war compensation and wants only one operating nuclear facility to remain in the Islamic Republic.
The Australian stock market is sharply lower on Monday, reversing the slight losses in the previous session, following the broadly negative cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling well below the 8,550.00 level, with weakness in mining stocks partially offset by gains in energy stocks. Technology and financial stocks were mixed.
The benchmark S&P/ASX 200 Index is losing 106.60 points or 1.24 percent to 8,524.20, after hitting a low of 8,507.60 earlier. The broader All Ordinaries Index is down 115.90 points or 1.31 percent to 8,754.70. Australian stocks closed slightly lower on Friday.
Among the major miners, Fortescue and Rio Tinto are declining almost 3 percent each, while BHP Group is losing more than 2 percent and Mineral Resources is down almost 1 percent.
Oil stocks are mostly higher. Origin Energy is edging up 0.4 percent and Santos is adding almost 2 percent, while Beach energy and Woodside Energy are gaining more than 2 percent each.
Among tech stocks, Afterpay owner Block is edging down 0.2 percent and Appen is losing more than 1 percent, while Xero is gaining almost 2 percent, Zip is up almost 1 percent, WiseTech Global is adding more than 2 percent.
Gold miners are mostly lower. Newmont and Evolution Mining are declining almost 4 percent each, while Resolute Mining and Genesis Minerals are slipping more than 4 percent each. Northern Star Resources is losing more than 3 percent.
Among the big four banks, Commonwealth Bank and Westpac are gaining almost 1 percent each, while ANZ Banking is edging up 0.2 percent. National Australia Bank is edging down 0.4 percent.
In other news, shares in Brambles are tumbling more than 16 percent after it downgraded its 2026 fiscal year earnings guidance..
Shares in Elders are plunging almost 18 percent after the agribusiness group warned of the high risk posed by diesel fuel prices to the industry, despite upbeat half-year results. However, earnings per share were negatively impacted by a higher share count following its capital raising.
In the currency market, the Aussie dollar is trading at $0.712 on Monday.
The Japanese stock market is trading notably lower on Monday, extending the losses in the previous two sessions, following the broadly negative from Wall Street on Friday, with the Nikkei 225 falling below the 60,850 mark, with weakness in index heavyweights, automakers and technology stocks, while exporters and financial stocks were mixed.
The benchmark Nikkei 225 Index closed the morning session at 60,843.09, down 566.20 points or 0.92 percent, after hitting a low of 60,376.98 earlier. Japanese shares ended sharply lower on Friday.
Market heavyweight SoftBank Group is losing more than 2 percent, while Uniqlo operator Fast Retailing is down almost 2 percent. Among automakers, Honda is tumbling almost 6 percent and Toyota is declining almost 4 percent.
In the tech space, Advantest is declining more than 1 percent, Screen Holdings slipping more than 3 percent and Tokyo Electron are edging down 0.5 percent.
In the banking sector, Sumitomo Mitsui Financial is gaining almost 1 percent and Mitsubishi UFJ Financial is advancing almost 3 percent, while Mizuho Financial is tumbling almost 7 percent. b The major exporters are mostly higher. Mitsubishi Electric is losing almost 2 percent, while Panasonic is gaining more than 1 percent, Sony is adding almost 1 percent and Canon is edging up 0.4 percent.
Among the other major losers, Marui Group is tumbling almost 10 percent, while Nikon and Subaru are sliding more than 7 percent each. Eisai is tumbling almost 7 percent, while Sumitomo Pharma and Tokuyama are slipping almost 6 percent each. JGC Holdings, Toray Industries, Mitsubishi Materials and Toyota Tsusho are declining almost 5 percent each, while Yamaha Motor, Taisei and Shimizu are losing more than 4 percent each.
Conversely, Recruit Holdings is skyrocketing more than 18 percent, Terumo is jumping more than 16 percent, Haseko is soaring almost 7 percent and Trend Micro is surging more than 5 percent, while Mitsui Kinzoku, Nissan Chemical and Nomura Research Institute are advancing more than 4 percent each. Japan Post Holdings, Nisshin Seifun Group, BayCurrent, NEC and Furukawa Electric are gaining more than 3 percent each.
In the currency market, the U.S. dollar is trading in the higher 158 yen-range on Monday.
Elsewhere in Asia, Indonesia is slipping 3.3 percent, while Singapore and Malaysia are down 0.3 and 0.4 percent, respectively. New Zealand, Hong Kong and Taiwan are lower by between 1.1 and 1.3 percent each, while South Korea is up 1.7 percent. China is relatively flat.
On Wall Street, stocks pulled back sharply over the course of the trading day on Friday following the strength seen in the previous session. The major averages all showed significant moves to the downside on the day.
The major averages finished the day off their lows of the session but still firmly negative. The Dow slumped 537.29 points or 1.1 percent to 49,526.17, the Nasdaq plunged 410.08 points or 1.5 percent to 26,225.14 and the S&P 500 tumbled 92.74 points or 1.2 percent to 7,408.50.
The major European markets also showed significant moves to the downside. While the German DAX Index dove by 2.1 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index shed 1.7 percent and 1.6 percent, respectively.
Crude oil prices surged on Friday after the U.S.-China summit ended with no announcement of Chinese intervention to end the gulf war, leaving the Strait of Hormuz blockade in place. West Texas Intermediate crude for June was up $4.18 or 4.13 percent at $105.35 per barrel.
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