CANBERA (dpa-AFX) - Asian stock markets are trading mostly higher on Monday, following the broadly positive cues from Wall Street on Friday, with thin trading as some of the markets in the region are on a holiday. Traders remain optimistic about a permanent end to the Middle East war despite some pricking points on discussions to reach a potential deal to end the war and the opening of the Strait of Hormuz. Asian markets closed mostly higher on Friday.
The Australian stock market is modestly lower on Monday, reversing some of the sharp gains in the previous session, despite the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling well below the 8,750.00 level, with weakness in energy stocks amid tumbling crude oil prices partially offset by gains in technology and mining stocks.
The benchmark S&P/ASX 200 Index is losing 17.00 points or 0.20 percent to 8,714.70, after hitting a low of 8,697.30 earlier. The broader All Ordinaries Index is down 8.70 points or 0.10 percent to 8,956.30. Australian stocks closed sharply higher on Friday.
Among the major miners, Fortescue and BHP Group are gaining almost 1 percent each, while Rio Tinto is adding more than 1 percent. Mineral Resources is edging down 0.1 percent.
Oil stocks are mostly lower. Beach energy is edging down 0.5 percent and Woodside Energy is declining almost 2 percent, while Santos and Origin Energy are down more than 1 percent each.
Among tech stocks, Afterpay owner Block and Zip are gaining almost 2 percent each, while Appen is jumping almost 6 percent, WiseTech Global is surging more than 6 percent and Xero is soaring more than 8 percent.
Gold miners are mostly higher. Newmont is gaining almost 1 percent, Genesis Minerals is adding almost 3 percent and Evolution Mining is advancing more than 2 percent, while Resolute Mining is losing almost 1 percent. Northern Star Resources flat.
Among the big four banks, Commonwealth Bank is losing almost 1 percent and ANZ Banking is edging down 0.4 percent, while Westpac and National Australia Bank are edging up 0.1 to 0.5 percent each.
In other news, shares in Pro Medicus are jumping almost 9 percent after its wholly-owned U.S. subsidiary, Visage Imaging, inked a five-year, A$28 million contract renewal with Allegheny Health Network (AHN).
In the currency market, the Aussie dollar is trading at $0.719 on Monday.
The Japanese stock market is trading significantly higher on Monday, extending the sharp gains in the previous session, following the broadly positive from Wall Street on Friday, with the Nikkei 225 moving above the 67,000 mark to fresh all-time highs, with gains in index heavyweights and financial stocks partially offset by weakness in automaker stocks and a mixed performance is most other sectors.
The benchmark Nikkei 225 Index closed the morning session at 67,038.24, up 708.74 points or 1.07 percent, after touching an all-time high of 67,231.28 earlier. Japanese shares ended sharply higher on Friday.
Market heavyweight SoftBank Group is surging almost 9 percent, while Uniqlo operator Fast Retailing is losing almost 2 percent. Among automakers, Honda is slipping more than 4 percent and Toyota is also declining more than 4 percent.
In the tech space, Advantest is losing more than 2 percent and Screen Holdings is edging down 0.4 percent, while Tokyo Electron are advancing more than 3 percent.
In the banking sector, Sumitomo Mitsui Financial is gaining more than 1 percent, while Mitsubishi UFJ Financial and Mizuho Financial are adding almost 1 percent each.
The major exporters are mixed. Mitsubishi Electric is losing more than 2 percent and Panasonic is down almost 1 percent, while Sony is adding almost 4 percent and Canon is gaining more than 1 percent.
Among the other major gainers, Murata Manufacturing and Fujitsu are soaring almost 9 percent each, while BayCurrent is jumping more than 8 percent. Kioxia Holdings and NEC are surging more than 7 percent each, while Recruit Holdings, Nomura Research Institute, Konami Group and Socionext are advancing more than 6 percent each. Trend Micro and Omron are gaining almost 6 percent each, while Sumco and CyberAgent are adding almost 5 percent each. SHIFT is up more than 4 percent.
Conversely, Mitsubishi Motors is tumbling almost 8 percent and Rakuten Group is sliding almost 7 percent, while Nissan Motor, Ryohin Keikaku and Marubeni are slipping more than 6 percent each. JTEKT is declining almost 6 percent, while JFE Holdings and Mitsubishi Chemical are losing almost 5 percent each. Astellas Pharma, Takeda Pharmaceutical, Isuzu Motors and Mitsui & Co. are declining more than 4 percent each, while Toray Industries is down almost 4 percent.
In the currency market, the U.S. dollar is trading in the lower 159 yen-range on Monday.
Elsewhere in Asia, Taiwan and South Korea are surging 1.9 and 4.5 percent, respectively. China and Hong Kong are up 0.6 and 0.7 percent, respectively. Malaysia is closed for Agong's birthday, Singapore is closed for Vesak Day, Indonesia is closed for Pancasila Day and New Zealand is closed for King's birthday.
On Wall Street, stocks fluctuated over the course of the trading session on Friday but largely maintained a positive bias before ending the day mostly higher. The Dow led the way higher, although all three major averages ended the day at new record closing highs.
The Dow climbed 363.49 points or 0.7 percent to 51,032.46, while the Nasdaq increased 55.15 points or 0.2 percent to 26,972.62 and the S&P 500 rose 16.43 points or 0.2 percent to 7,580.06.
Meanwhile, the major European markets ended the day narrowly mixed. While the German DAX Index crept up by 0.1 percent, the French CAC 40 Index edged down by 0.1 percent and the U.K.'s FTSE 100 Index dipped by 0.2 percent.
Crude oil prices tumbled Friday on expectations of the U.S. and Iran signing an agreement, which would allow for the immediate reopening of the Strait of Hormuz and pave the way for the resumption of oil and energy trade. West Texas Intermediate crude for July delivery was down $1.65 or 1.86 percent at $87.25 per barrel.
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