Asian Markets Display Mixed Trend

(RTTNews) – Asian stock markets are displaying a mixed trend on Monday, with stimulus optimism tempered by inflation concerns and following uncertain cues from Wall Street Friday. Asian markets ended mixed on Friday.

The Australian stock market is trading slightly lower on Monday following uncertain cues from Wall Street Friday. Australia has also begun its mass COVID-19 vaccine program.

The benchmark S&P/ASX 200 Index is losing 14.20 points or 0.21 percent to 6,779.60, after rising to a high of 6,824.80. The broader All Ordinaries Index is falling 2.90 points or 0.04 percent to 7,061.10. Australian stocks closed lower on Friday, its worst fall in three weeks.

Among the major miners, BHP Group, Rio Tinto and Fortescue Metals are all advancing between 2.5 to 3.5 percent.

Oil stocks are mixed after crude oil prices drifted lower on Friday. Oil Search is edging up, while Santos and Woodside Petroleum are edging down.

The big four banks are also displaying a mixed trend. National Australia Bank is down more than 1 percent, Westpac is losing nearly 1 percent and Commonwealth Bank is edging down, while ANZ Banking is edging up.

Two Australian banks, Bank of Queensland and Members Equity Bank, have agreed to merge to form an $88 billion banking giant to challenge the big four dominant banks in Australia.

Gold miners are mixed after gold prices edged lower on Friday. Newcrest Mining is down more than 1 percent, while Evolution Mining is up 0.7 percent.

Property developer Lendlease Group reported a 37 percent decline in earnings for the first half after the COVID-19 pandemic stemmed building development interest. Lendlease’s shares are edging down a third of a percent.

Shares of steelmaker Bluescope are adding 1.5 percent after it reported a 78 percent surge in profit for the first half.

The Japanese stock market is trading higher on Monday. The benchmark Nikkei 225 Index is gaining 232.91 points or 0.78 percent to 30,250.83, after touching a high of 30,458.13 earlier. The index closed lower on Friday.Market heavyweight SoftBank Group is adding 2.4 percent and Uniqlo operator Fast Retailing is rising more than 1.5 percent. Among automakers, Honda is advancing more than 1 percent, while Toyota is up 1.2 percent.The major exporters are also mostly higher on a weaker yen. Panasonic is higher by more than 1 percent, Sony is advancing almost 1 percent, Mitsubishi Electric is adding 0.7 percent, and Canon is gaining 1.4 percent.In the tech space, Advantest is rising 2.4 […]

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