Asian Markets Trading Mostly Higher

Asian stock markets are trading mostly higher on Tuesday, following the lack of cues from Wall Street overnight due to a holiday, as signs of easing COVID-19 curbs in Beijing and Shanghai as well as the announcement of more stimulus measures in China raised optimism about growth in the world’s second largest economy and helped underpin sentiment. Asian markets closed mostly higher on Monday.

Shanghai’s Vice Mayor Wu Qing said over the weekend that authorities will loosen the conditions under which companies are able to resume work this week after strict lockdown for nearly two months.

The Australian stock market is slightly lower on Tuesday, giving up some of the gains in the previous three sessions, with the benchmark S&P/ASX 200 staying below the 7,300 level, following the lack of cues from Wall Street overnight due to a holiday, dragged largely by technology and financial stocks. The losses were partially offset by gains in materials and energy stocks.

The benchmark S&P/ASX 200 Index is losing 35.00 points or 0.48 percent to 7,251.60, after hitting a low of 7,251.50 earlier. The broader All Ordinaries Index is down 28.50 points or 0.38 percent to 7,494.10. Australian stocks closed sharply higher on Monday.

Among the major miners, BHP Group is edging up 0.2 percent and Rio Tinto is edging up 0.5 percent, while Mineral Resources and OZ Minerals are gaining almost 1 percent each. Fortescue Metals is up more than 1 percent.

Oil stocks are mixed, with Beach energy gaining almost 3 percent and Santos adding more than 1 percent, while Woodside Energy is losing almost 1 percent. Origin Energy is flat

Among tech stocks, Appen is gaining more than 1 percent and Xero is edging up 0.2 percent, while Afterpay owner Block is slipping more than 3 percent, WiseTech Global is declining almost 1 percent and Zip is sliding more than 4 percent.

Gold miners are mixed. Newcrest Mining is losing almost 1 percent and Gold Road Resources is down 1.5 percent, while Northern Star Resources is edging up 0.2 percent. Resolute Mining and Evolution Mining are flat.

Among the big four banks, Commonwealth Bank and National Australia Bank are edging down 0.3 to 0.5 percent each, while Westpac and ANZ Banking are losing almost 1 percent each.

In the currency market, the Aussie dollar is trading at $0.719 on Tuesday.

The Japanese stock market is slightly higher on Tuesday after being in the red in most of the morning session, extending the gains in the previous two sessions, with the Nikkei 225 moving above the 27,400 level, despite the lack of cues from Wall Street overnight, after economic data released showed better-than-expected unemployment rate and retail sales growth in April.

The benchmark Nikkei 225 Index closed the morning session at 27,404.14, up 34.71 points or 0.13 percent, after touching a high of 27,463.33 and a low of 27,250.70 earlier. Japanese shares ended sharply higher on Monday.

Market heavyweight SoftBank Group is edging down 0.4 percent and Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Honda is edging up 0.3 percent, while Toyota is flat.

In the tech space, Advantest is edging down 0.2 percent and Tokyo Electron is losing more than 1 percent, while Screen Holdings is flat. In the banking sector, Sumitomo Mitsui Financial, Mizuho Financial and Mitsubishi UFJ Financial are edging down 0.3 to 0.5 percent each.

The major exporters are mixed, with Sony and Mitsubishi Electric edging up 0.1 to 0.3 percent each, while Canon and Panasonic are edging down 0.5 percent each.

Among the other major losers, Tokyo Tatemono is losing 3.5 percent, while Sumitomo Osaka Cement, Pacific Metals and Sumitomo Electric Industries are slipping almost 3 percent each.

Conversely, Inpex is surging more than 6 percent, Subaru is adding almost 4 percent, Fujikura is up more than 3 percent and Minebea Mitsumi is advancing almost 3 percent.

In the currency market, the U.S. dollar is trading in the 128 yen-range on Tuesday.

Elsewhere in Asia, New Zealand, China, Hong Kong, South Korea, Singapore and Indonesia are higher by between 0.1 and 0.6 percent each. Malaysia and Taiwan are down 0.2 percent each.

On Wall Street, the markets were off on Monday for the Memorial Day holiday and will return to action on Tuesday.

The major European markets all moved to the upside on the day. The U.K.’s FTSE 100 ended 0.19 percent up, Germany’s DAX climbed 0.72 percent and France’s CAC 40 surged up 0.7 percent.

Crude oil futures hit their highest level in more than two months on Monday, as China eased COVID-19 restrictions and moved to stimulate the country’s faltering economy. West Texas Intermediate crude oil futures for July ended at $115.75 a barrel, up $0.68 or 0.59 percent.

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