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Asian Markets Follow Global Markets Lower

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Asian stock markets are trading lower on Tuesday, following the broadly negative cues from Wall Street overnight, with technology and energy stocks leading the way lower to mirror their peers on Wall Street. Worries about the ongoing war between Russia and Ukraine as well as the coronavirus outbreak and related shutdowns in China threatening to exacerbate supply-chain snarls also weighed on market sentiment. Asian markets closed mostly lower on Monday.

Traders are also concerned about inflation and the prospect of aggressive rate hikes by central banks around the world.

The Australian stock market is modestly lower on Tuesday, giving up the gains in the previous two sessions, with the benchmark S&P/ASX 200 falling below the 7,500 level, following the broadly negative cues from Wall Street overnight, fueled largely by weakness in energy stocks amid tumbling crude oil prices.

Worries about the ongoing war between Russia and Ukraine as well as the coronavirus outbreak and related shutdowns in China also weighed on market sentiment.

The benchmark S&P/ASX 200 Index is losing 34.90 points or 0.47 percent to 7,450.30, after hitting a low of 7,449.30 earlier. The broader All Ordinaries Index is up 40.50 points or 0.52 percent to 7,732.70. Australian stocks closed a tad higher on Monday.

Among the major miners, OZ Minerals is edging up 0.2 percent and Mineral Resources is adding almost 2 percent, while Rio Tinto and Fortescue Metals are gaining almost 1 percent each. BHP Group is flat.

Oil stocks are lower, with Beach energy edging down 0.3 percent and Origin Energy is declining almost 2 percent, while Woodside Petroleum and Santos are losing more than 1 percent each.

Among tech stocks, Appen is edging down 0.5 percent and Zip is losing 2.5 percent, while WiseTech Global is edging up 0.1 percent, Block is adding almost 1 percent and Xero is edging up 0.3 percent.

Gold miners are mixed. Evolution Mining and Northern Star Resources are edging up 0.1 and 0.2 percent each, while Gold Road Resources is gaining almost 1 percent. Newcrest Mining is losing almost 2 percent and Resolute Mining is flat.

Among the big four banks, Commonwealth Bank and National Australia Bank are flat, while Westpac is edging down 0.4 percent and ANZ Banking is losing almost 1 percent.

In the currency market, the Aussie dollar is trading at $0.742 on Tuesday.

The Japanese stock market is sharply lower on Tuesday, extending the losses in the previous session, with the Nikkei 225 just above the 26,400 level, following the broadly negative cues from Wall Street overnight, as traders remain cautious amid a weaker yen and the economic impact of the ongoing Russia-Ukraine crisis.

The benchmark Nikkei 225 Index closed the morning session at 26,455.97, down 365.55 points or 1.36 percent, after hitting a low of 26,407.84 earlier. Japanese shares ended modestly lower on Monday.

Market heavyweight SoftBank Group and Uniqlo operator Fast Retailing are losing more than 1 percent each. Among automakers, Honda is flat and Toyota is losing almost 1 percent.

In the tech space, Advantest is losing almost 2 percent, while Screen Holdings and Tokyo Electron are down almost 1 percent each. In the banking sector, Sumitomo Mitsui Financial is losing more than 1 percent and Mitsubishi UFJ Financial is edging down 0.5 percent, while Mizuho Financial is gaining almost 1 percent.

The major exporters are lower, with Panasonic edging down 0.2 percent, Sony losing 2.5 percent and Mitsubishi Electric declining almost 2 percent, while Canon is flat.

Among the other major losers, Mitsui O.S.K. Lines is losing more than 5 percent, while Eisai, Kawasaki Kisen Kaisha and Nippon Yusen K.K. are down almost 5 percent. Astellas Pharma is slipping more than 4 percent, while Fanuc is declining almost 4 percent. Terumo, Aeon, Komatsu, Toyota Tsusho, Daiichi Sankyo, JGC Holdings and Hitachi Construction Machinery are sliding almost 3 percent.

Conversely, Takashimaya is gaining more than 4 percent and Tokyo Gas is adding almost 3 percent.

In the currency market, the U.S. dollar is trading in the lower 125 yen-range on Tuesday.

Elsewhere in Asia, New Zealand, China, Hong Kong, South Korea, Singapore and Malaysia are lower by between 0.2 and 0.9 percent each. Indonesia is bucking the trend and is up 0.3 percent. Taiwan is relatively flat.

On Wall Street, stocks moved sharply lower during trading on Monday following the mixed performance seen in the previous session. The major averages all showed significant moves to the downside, with the tech-heavy Nasdaq leading the way lower.

The major averages saw continued weakness late in the session, falling to new lows for the day. The Dow slumped 413.04 points or 1.2 percent to 34,308.08, the Nasdaq plunged 299.04 points or 2.2 percent to 13,411.96 and the S&P 500 tumbled 75.75 points or 1.7 percent to 4,412.53.

Meanwhile, the major European markets turned in a mixed performance on the day. While the French CAC 40 Index inched up by 0.1 percent, the German DAX Index and the U.K.'s FTSE 100 Index fell by 0.6 percent and 0.7 percent, respectively.

Crude oil futures moved lower on Monday, extending losses from the previous week as Chinese coronavirus lockdowns continued, raising concerns about demand from the world's biggest crude importer. West Texas Intermediate Crude oil futures for May ended lower by $3.97 to $94.29 a barrel.

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