Asian stock markets are mostly higher on Tuesday, buoyed by a cautious optimism following conflicting signals from Wall Street. Traders are particularly attentive to developments regarding trade negotiations, especially after US Treasury Secretary Scott Bessent expressed confidence that agreements could be reached on “17 or 18 important trade deals” currently under discussion. On Monday, Asian markets also closed primarily with gains.
Investor activity appears somewhat restrained as they await key earnings reports and economic data releases, particularly the US monthly jobs report and the Fed’s preferred consumer price inflation metrics, expected in the upcoming days.
The Australian stock market shows substantial gains on Tuesday, continuing the upward trend from the past three sessions, influenced by the mixed cues from the US markets. The S&P/ASX 200 benchmark has surged above the 8,000 mark, with significant contributions coming from sectors such as iron ore mining and energy. Currently, the S&P/ASX 200 Index has risen by 54.20 points (0.68 percent) to 8,051.30, having previously peaked at 8,056.40. The broader All Ordinaries Index has also increased, up by 60.50 points (0.74 percent) to 8,264.40, building on modest gains from the prior session.
In the mining sector, major players like BHP Group and Rio Tinto see slight increases of 0.3 to 0.4 percent, while Fortescue Metals reports nearly a 2 percent rise, and Mineral Resources shows more than 2 percent growth. The oil sector is predominantly positive, with Origin Energy up nearly 1 percent, Beach Energy gaining about 3 percent, and Santos and Woodside Energy edging higher between 0.1 to 0.3 percent.
In technology, Afterpay owner Block and Xero each rise by roughly 1 percent, while Appen and Zip rise by more than 1 percent. However, WiseTech Global experiences a slight drop of 0.3 percent. The gold mining sector presents mixed results, with Evolution Mining down by 0.5 percent, Gold Road Resources nearly 1 percent lower, and Northern Star Resources dropping almost 5 percent. Newmont, in contrast, edges up by 0.1 percent, while Resolute Mining gains over 2 percent.
Among the major banks in Australia, Westpac is observing a gain of nearly 1 percent, while Commonwealth Bank and National Australia Bank have increased by 0.3 to 0.4 percent each. In contrast, ANZ Banking has seen a slight decline of 0.2 percent. In the currency market, the Australian dollar is trading at $0.644 on Tuesday.
The Japanese stock market is closed for the Showa Day holiday on Tuesday, with Japanese shares having ended positively on Monday. The U.S. dollar is trading in the lower 142 yen-range on Tuesday as well.
In Asia, stock markets in China, Hong Kong, Singapore, Taiwan, South Korea, Malaysia, and Indonesia are up, ranging from 0.1 to 0.7 percent. However, New Zealand is the exception, recording a decrease of 0.2 percent.
On Wall Street, stock performance was fluctuating on Monday, extending the volatility observed previously on Friday. After an initially directionless morning, stocks faced pressure during late morning and early afternoon trading, but managed to rebound toward the end of the day. The major averages concluded the session narrowly mixed: the Nasdaq dipped by 16.81 points or 0.1 percent to 17,366.13, while the S&P 500 gained 3.54 points or 0.1 percent to reach 5,528.75. The Dow experienced a rise of 114.09 points or 0.3 percent to finish at 40,227.59.
In Europe, major markets experienced upward movement. The French CAC 40 Index increased by 0.5 percent, the German DAX Index saw a modest rise of 0.1 percent, while the UK’s FTSE 100 Index closed just above the unchanged mark.
Crude oil prices are continuing to decline amid concerns regarding tariff threats and their potential implications for the global economy. For June delivery, West Texas Intermediate crude fell by $1.15 or 1.82 percent, settling at $61.87 per barrel.
