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Asian Markets Trade Mostly Lower

CANBERA (dpa-AFX) - Asian markets are trading mostly lower on Tuesday, despite the broadly positive cues from Wall Street overnight, dragged by technology stocks which came under significant selling pressure amid concerns over high valuations in AI-linked companies. Meanwhile, markets scaled back expectations for US Fed rate hikes this month and in September amid easing Middle East tensions and global inflationary pressures. Asian markets closed mixed on Monday.

The Australian stock market is slightly lower on Tuesday, extending the slight losses in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 index is falling well below the 8,850 level, with weakness in gold miners and energy stocks.

The benchmark S&P/ASX 200 Index is losing 11.70 points or 0.13 percent to 8,819.30, after hitting a low of 8,790.30 earlier. The broader All Ordinaries Index is down 12.30 points or 0.14 percent to 9,024.70. Australian stocks closed slightly lower on Monday.

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

Oil stocks are mostly lower. Beach energy is losing almost 1 percent and Origin Energy is slipping almost 2 percent, while Woodside Energy and Santos are declining more than 1 percent each.

Among tech stocks, Afterpay owner Block and Appen are edging down 0.3 to 0.5 percent each, while Zip is edging up 0.2 percent, WiseTech Global is surging more than 5 percent and Xero is gaining more than 1 percent.

Gold miners are mostly lower. Evolution Mining and Resolute Mining are losing more than 3 percent each, while Northern Star Resources is slipping almost 3 percent, Newmont is down almost 1 percent and Genesis Minerals are declining more than 1 percent.

Among the big four banks, Commonwealth Bank and Westpac are edging up 0.1 to 0.2 percent each, while ANZ Banking and National Australia Bank are flat.

In the currency market, the Aussie dollar is trading at $0.695 on Tuesday.

The Japanese stock market is trading notably lower on Tuesday, extending the slight losses in the previous session, despite the broadly positive cues from Wall Street overnight, with the Nikkei 225 falling well below the 69,300 level, with weakness in technology stocks partially offset by gains in financial stocks.

The benchmark Nikkei 225 Index closed the morning session at 68,848.59, down 889.10 points or 1.27 percent, after hitting a low of 68,668.51 earlier. Japanese shares ended slightly lower on Monday.

Market heavyweight SoftBank Group is gaining almost 1 percent, while Uniqlo operator Fast Retailing is edging down 0.5 percent. Among automakers, Honda is edging down 0.4 percent, while Toyota is gaining more than 1 percent.

In the tech space, Advantest is edging up 0.2 percent, while Screen Holdings is declining more than 2 percent and Tokyo Electron is losing almost 1 percent.

In the banking sector, Sumitomo Mitsui Financial is adding almost 2 percent, Mitsubishi UFJ Financial is advancing almost 4 percent and Mizuho Financial is gaining more than 3 percent.

The major exporters are mostly higher. Mitsubishi Electric and Sony are gaining almost 1 percent each, while Canon is edging up 0.1 percent. Panasonic is slipping almost 3 percent.

Among the other major losers, Sumco and Kioxia Holdings are tumbling almost 6 percent each, while Taiyo Yuden, Lasertec and Kawasaki Kisen Kaisha are declining almost 5 percent each. Nippon Yusen K.K., Nippon Express and Keisei Electric Railway are losing almost 3 percent each.

Conversely, Resona Holdings is surging more than 5 percent, while SHIFT and Renesas Electronics are advancing almost 5 percent each. Recruit Holdings, Chiba Bank, Fukuoka Financial, Hitachi, Sumitomo, Yokohama Financial and Toyota Tsusho are gaining more than 3 percent each. Shizuoka Financial, Mitsubishi and Nomura Holdings are adding almost 3 percent each.

In economic news, the average of household spending in Japan was up a seasonally adjusted 3.7 percent on month in May, the Ministry of Internal Affairs and Communications said on Tuesday - standing at 320,345 yen. That beat expectations for an increase of 1.4 percent and was up from 1.6 percent in April.

On a yearly basis, spending was down 0.4 percent - but that also beat forecasts for a decline of 2.3 percent following the 0.5 percent drop in the previous month. The average of monthly income per household stood at 534,893 yen, up 0.7 percent on year.

In the currency market, the U.S. dollar is trading in the higher 161 yen-range on Tuesday.

Elsewhere in Asia, South Korea is tumbling 6.3 percent and China is down 1.1 percent, while New Zealand, Malaysia and Hong Kong are lower by between 0.1 and 0.2 percent each. Singapore and Taiwan are up 0.8 and 0.2 percent, respectively.

On Wall Street, stocks moved mostly higher during trading on Monday following the long Independence Day weekend. The major averages all moved to the upside, with the Dow reaching a new record closing high.

The tech-heavy Nasdaq led the way higher, jumping 288.49 points or 1.1 percent to 26,121.16. The S&P 500 also advanced 54.19 points or 0.7 percent to 7,537.43, while the Dow rose 155.84 points or 0.3 percent to 53,055.91.

Meanwhile, the major European markets ended the day mixed. While the German DAX Index rose by 0.2 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index both fell by 0.3 percent.

Crude oil prices ticked lower on Monday as oil tanker traffic across the Strait of Hormuz increased gradually, while the Organization of Petroleum Exporting Countries (OPEC) agreed to increase output. West Texas Intermediate crude for August delivery was down $0.15 or 0.22 percent at $68.54 per barrel.