Asian Markets Mostly Lower Amid Cautious Trades

With the mood remaining a bit cautious amid concerns about interest rates and the impact of higher borrowing costs on global economic growth, Asian stock markets are mostly lower on Monday, following the mixed cues from Wall Street on Friday. Traders now await key economic data from the U.S., China and Europe later in the week for additional clues about the outlook for interest rates. Asian markets closed mixed on Friday.

Traders are reluctant to make significant moves as they await key economic data from the U.S., China and Europe for additional clues about the outlook for interest rates. Asian markets closed mixed on Friday.

After opening in the green, the Australian stock market is currently trading notably lower on Monday, giving up the gains in the previous session, with the benchmark S&P/ASX 200 staying a tad above the 7,000.00 mark, following the mixed cues from Wall Street on Friday, with a sell-off in iron ore miners amid lower prices, partially offset by gains in gold miners.

Traders also cautiously await domestic inflation data later in the week that will provide cues on the outlook for interest rates.

The benchmark S&P/ASX 200 Index is losing 32.90 points or 0.47 percent to 7,007.90, after hitting a low of 7,006.90 and a high of 7,054.30 earlier. The broader All Ordinaries Index is down 32.30 points or 0.45 percent to 7,211.80. Australian stocks closed modestly higher on Friday.

Among the major miners, BHP Group and Mineral Resources are losing almost 1 percent each, while Rio Tinto is edging down 0.5 percent and Fortescue Metals is down 1.5 percent.

Oil stocks are mixed. Origin Energy is losing more than 1 percent and Woodside Energy is edging down 0.2 percent, while Santos is edging up 0.4 percent. Beach energy is flat.

Among tech stocks, WiseTech Global is gaining more than 2 percent, while Appen and Xero are adding more than 1 percent each. Afterpay owner Block is edging down 0.2 percent. Zip is flat.

Gold miners are mostly higher. Gold Road Resources and Evolution Mining are gaining almost 2 percent each, while Northern Star Resources is adding more than 1 percent and Resolute Mining is advancing almost 3 percent. Newmont is losing almost 1 percent.

Among the big four banks, Commonwealth Bank and ANZ Banking are edging down 0.2 to 0.3 percent each, while National Australia Bank is gaining almost 1 percent. Westpac is flat.

Shares in Adore Beauty are surging more than 20 percent after the online beauty retailer’s board rejected THG’s non-binding indicative cash offer of $1.25 to $1.30 a share.

In the currency market, the Aussie dollar is trading at $0.658 on Monday.

After opening in the green, the Japanese stock market is currently trading modestly lower on Monday, giving up some of the gains in the previous two sessions. The benchmark S&P/ASX 200 is falling below the 33,500 level, following the mixed cues from Wall Street on Friday, with weakness in exporters partially offset by gains in technology and financial stocks.

The benchmark Nikkei 225 Index closed the morning session at 33,479.71, down 145.82 points or 0.43 percent, after hitting a low of 33,469.95 and a high of 33,811.41 earlier. Japanese shares ended notably higher on Friday.

Market heavyweight SoftBank Group is losing almost 2 percent, while Uniqlo operator Fast Retailing is edging up 0.5 percent. Among automakers, Honda and Toyota are losing almost 1 percent each.

In the tech space, Screen Holdings is gaining 2.5 percent, Advantest is adding almost 2 percent and Tokyo Electron is edging up 0.1 percent.

In the banking sector, Sumitomo Mitsui Financial is gaining more than 1 percent, Mitsubishi UFJ Financial is adding 1.5 percent and Mizuho Financial is advancing more than 1 percent.

The major exporters are mixed. Canon and Panasonic are edging down 0.2 to 0.5 percent each, while Mitsubishi Electric is losing almost 2 percent. Sony is gaining more than 1 percent.

Among other major losers, CyberAgent is declining almost 5 percent, Mitsubishi Heavy Industries is losing more than 5 percent and Sumitomo Metal Mining is down almost 3 percent.

Conversely, Sumco and Credit Saison are gaining almost 3 percent each.

In the currency market, the U.S. dollar is trading in the lower 149 yen-range on Monday.

Elsewhere in Asia, China, Hong Kong, Malaysia, Singapore and Taiwan are lower by between 0.1 and 0.9 percent each, while South Korea and Indonesia are up 0.1 and 0.4 percent, respectively. New Zealand is relatively flat.

On Wall Street, stocks turned in a lackluster performance throughout the trading session on Friday, as many traders continued to enjoy the Thanksgiving Day holiday. Despite the choppy trading, the Dow and the S&P 500 ended the day at their best closing levels in well over three months.

The major averages finished the session narrowly mixed. While the Nasdaq edged down 15.00 points or 0.1 percent to 14,250.85, the S&P 500 crept up 2.72 points or 0.1 percent to 4,559.34 and the Dow rose 117.12 points or 0.3 percent to 35,390.15.

Meanwhile, the major European markets moved modestly higher on the day. While the U.K.’s FTSE 100 Index inched up by 0.1 percent, the German DAX Index and the French CAC 40 Index both rose by 0.2 percent.

Crude oil prices fell sharply Friday, with traders waiting on a crucial OPEC meeting this week as oil producers struggling to come to a consensus on production levels. West Texas Intermediate Crude oil futures for January ended lower by $1.56 or 2 percent at $75.54 a barrel.

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