CANBERA (dpa-AFX) - Asian stock markets are trading mostly higher on Tuesday, despite the broadly negative cues from Wall Street overnight, amid ongoing mediation efforts in the Middle East to revive a fragile ceasefire after reports that U.S. President Donald Trump is nearing a decision on a 10-day ceasefire to reopen the Strait of Hormuz. Some traders are also picking up stocks at a bargain following the recent slump in the markets. Asian markets closed mixed on Monday.
The U.S. and Iran are set to renew diplomatic efforts to halt the recently erupted confrontation even though both nations have not ceased their attacks on each other.
Following the death of three U.S. service members in the gulf due to Iranian attacks, for the ninth day, U.S. forces bombarded Iran's military facilities. U.S. Secretary of State Marco Rubio stated that the U.S. is still open to diplomacy.
Rubio remarked that the U.S. is receiving feelers through several intermediaries' expressing Iran's willingness to hold talks. He added that the Iranian regime is split into two with one faction keen to carry on talks with the U.S. while the hardliners want to control the strait and use it as a leverage for talks.
Meanwhile, Iran's Foreign Ministry Spokesperson Esmaeil Baghaei also stated that Iran has received proposals to end the renewed fighting.
The Australian stock market is modestly lower on Tuesday, extending the losses in the previous two sessions, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 index is falling well below the 8,8000 level, with weakness in mining and financial stocks.
The benchmark S&P/ASX 200 Index is losing 32.30 points or 0.37 percent to 8,759.00, after hitting a low of 8,733.00 earlier. The broader All Ordinaries Index is down 35.10 points or 0.39 percent to 8,939.60. Australian stocks closed slightly lower on Monday.
Among the major miners, Fortescue is down more than 1 percent, Mineral Resources is slipping almost 3 percent, Rio Tinto is declining almost 2 percent and BHP Group is losing almost 1 percent.
Oil stocks are mostly lower. Beach energy is losing more than 1 percent, Origin Energy is edging up 0.5 percent and Santos is down almost 1 percent, while Woodside Energy is gaining almost 1 percent.
Among tech stocks, Afterpay owner Block is edging down 0.3 percent, while Appen is gaining almost 2 percent, WiseTech Global is edging up 0.3 percent and Xero is adding more than 1 percent. Zip is flat.
Gold miners are mixed. Evolution Mining is gaining almost 1 percent and Genesis Minerals is edging up 0.2 percent, while Resolute Mining is edging down 0.3 percent, Northern Star Resources is slipping more than 1 percent and Newmont is down almost 1 percent.
Among the big four banks, Commonwealth Bank is edging down 0.4 percent and Westpac is down more than 1 percent, while ANZ Banking and National Australia Bank are losing almost 1 percent each.
In the currency market, the Aussie dollar is trading at $0.701 on Tuesday.
The Japanese stock market is trading sharply higher on Tuesday, reversing some of the sharp losses in the previous two sessions, despite the broadly negative cues from Wall Street overnight, with the Nikkei 225 moving above the 65,200 mark, with gains across most sectors led by index heavyweights, exporters and financial stocks.
The benchmark Nikkei 225 Index closed the morning session at 65,255.68, up 1,114.56 points or 1.74 percent, after touching a high of 65,642.59 earlier. Japanese shares ended sharply lower on Friday ahead of the holiday on Monday.
Market heavyweight SoftBank Group is gaining more than 2 percent and Uniqlo operator Fast Retailing is adding almost 2 percent. Among automakers, Honda is edging down 0.2 percent, while Toyota is gaining more than 1 percent.
In the tech space, Advantest is gaining more than 1 percent, while Screen Holdings and Tokyo Electron are edging up 0.2 percent each.
In the banking sector, Sumitomo Mitsui Financial, Mitsubishi UFJ Financial and Mizuho Financial are gaining more than 1 percent each.
The major exporters are mostly higher. Mitsubishi Electric is gaining almost 2 percent and Sony is adding more than 1 percent, while Canon and Panasonic are edging up 0.1 percent each.
Among the other major gainers, Kioxia Holdings is jumping almost 9 percent, Shiseido is surging almost 6 percent and Sumitomo Metal Mining is advancing more than 4 percent, while IHI, Mitsubishi Heavy Industries, Idemitsu Kosan, MS&AD Insurance Group, Toyota Tsusho, Inpex and ENEOS Holdings are advancing almost 4 percent each. Ibiden, Sompo Holdings, Mitsubishi and Tokio Marine are gaining more than 3 percent each. Sumitomo Pharma is adding almost 3 percent.
Conversely, Sumco and Nintendo are declining more than 3 percent each.
In the currency market, the U.S. dollar is trading in the lower 162 yen-range on Tuesday.
Elsewhere in Asia, South Korea and Taiwan are up 2.4 and 2.8 percent, respectively. Singapore, Hong Kong, Malaysia and Indonesia are higher by between 0.1 and 0.6 percent each. New Zealand and China are down 0.4 and 0.6 percent, respectively.
On the Wall Street, stocks showed a strong move to the upside in early trading on Monday but gave back ground over the course of the trading day. The major averages pulled back well off their highs of the session and into negative territory.
The major averages all finished the day in the red. The Dow slid 307.16 points or 0.6 percent to 51,839.26, the S&P 500 dipped 14.41 points or 0.2 percent to 7,443.28 and the Nasdaq edged down 12.17 points or 0.1 percent to 25,508.07.
Meanwhile, the major European markets ended the day mixed. While the U.K.'s FTSE 100 Index slid 0.7 percent, the French CAC 40 Index are closed just above the unchanged line and the German DAX Index inched up by 0.1 percent.
Crude oil prices edged higher on Monday as the U.S. and Iran continue to attack each other even as both sides appear ready to renew diplomatic efforts to halt the conflict. West Texas Intermediate crude for August delivery was up $0.39 or 0.47 percent at $82.88 per barrel.
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