(RTTNews) – Asian stock markets are trading mostly higher on Monday, following mixed signals from Wall Street on Friday, with a continued surge in crude oil prices and as traders reacted to strong US jobs data. better than expected, which is good for the economic recovery but has raised concerns about the outlook for interest rates. Asian markets mostly closed higher on Friday.
Meanwhile, concerns over the impact of the fast-spreading variant of the Omicron coronavirus on global economic growth continue to impact market sentiment.
The Australian stock market is slightly lower on Monday, giving up some of the gains from the previous session, with the benchmark S&P/ASX 200 index falling below the 7,100 level, following mixed signals from Wall Street on Friday, with weakness in financials and gold mining stocks partially offset by strength in energy and materials stocks.
Meanwhile, traders remain concerned about domestic Covid-19 cases, although daily new cases are steadily declining. New South Wales reported 7,437 new cases and 14 deaths on Sunday. Victoria also reported 8,275 new cases and seven deaths, Queensland reported 4,701 new cases and 19 deaths, South Australia reported 1,147 new cases and five deaths, Northern Territory reported 831 new cases and Tasmania reported 443 new cases.
The benchmark S&P/ASX 200 lost 26.90 points or 0.38% to 7,093.30, after hitting a low of 7,046.50 earlier. The broader All Ordinaries index is down 23.90 points or 0.32% at 7,395.00. Australian stocks closed sharply higher on Friday.
Among the major miners, OZ Minerals and BHP Group each gained almost 1%, while Rio Tinto rose 0.2%, Mineral Resources added more than 1% and Fortescue Metals gained 0.5%. Oil inventories are higher, with Beach Energy and Woodside Petroleum each adding more than 1%, while Santos gains nearly 1% and Origin Energy is up nearly 2%.
Among technology stocks, Appen lost almost 4% and Zip fell more than 1%, while WiseTech Global gained more than 2% each, Xero gained 0.3% and Block gained almost 3%.
Gold miners are mostly inferior. Evolution Mining was down slightly by 0.5%, Gold Road Resources was down more than 1%, Northern Star Resources was down almost 1% and Resolute Mining was down almost 2%. Newcrest Mining rose 0.5%.
Among the big four banks, Commonwealth Bank lost nearly 1%, Westpac fell 0.3% and National Australia Bank fell nearly 2%. ANZ Banking fell more than 2% after reporting a marginal increase in home loan balances in the first quarter, but lower margins.
Magellan Financial shares plunge more than 11% after reporting falling FUM figures.
GrainCorp’s share soars more than 13% after another rise in profits, buoyed by a bumper harvest.
In economic news, the total value of retail sales in Australia fell by 4.4% in December, seasonally adjusted, the Australian Bureau of Statistics said on Monday – to A$31.926 billion. This follows the peak of 7.3% in November. On an annual basis, retail sales rose 4.8% in December. For the fourth quarter of 2021, retail sales increased 8.2% quarter-on-quarter and 3.6% year-on-year to A$92.327 billion.
In the currency market, the Australian dollar is trading at $0.708 on Monday.
The Japanese stock market is down sharply on Monday, giving up gains from the previous session, with the Nikkei 225 remaining above the 27,200 level, following mixed signals from Wall Street on Friday, with tech stocks leading the decline, partially offset by gains. in financial stocks.
Meanwhile, traders also remain concerned about the spike in domestic coronavirus cases, with Japan surpassing 100,000 new daily cases for the first time on Saturday and hitting daily records over the past two weeks. With 34 of Japan’s 47 prefectures already under near-state of emergency, there could be a move to impose a stronger state of emergency.
The benchmark Nikkei 225 closed the morning session at 27,203.66, down 236.33 points or 0.86%, after hitting a low of 27,085.32 earlier. Japanese stocks ended slightly higher on Friday.
The SoftBank group, heavyweight in the market, gained more than 4%, while the operator Uniqlo Fast Retailing lost nearly 2%. Among automakers, Honda lost more than 1% and Toyota fell 0.5%. In technology, Advantest is down 3.5%, Tokyo Electron is down almost 2% and Screen Holdings is down more than 2%. In banking, Sumitomo Mitsui Financial gained almost 2%, while Mizuho Financial and Mitsubishi UFJ Financial gained more than 1%.
Major exporters are mixed, with Panasonic losing almost 1% and Canon down 0.2%, while Mitsubishi Electric is up 0.5%. Sony is flat.
Among the other big losers, Taiyo Yuden plunged nearly 12%, Olympus lost nearly 9%, Sumco fell nearly 8%, Tokai Carbon fell more than 4% and Minebea Mitsumi was down nearly 4%. Conversely, Nissan Chemical gains more than 5% and Dai-ichi Life Holdings adds more than 3%.
In the currency market, the US dollar is trading in the lower range of 115 yen on Monday.
Elsewhere in Asia, China rose by 1.7% and Indonesia by 1%, while Singapore, Malaysia and Taiwan rose by 0.1 to 0.6% each. South Korea lost 1.1% and Hong Kong was down 0.8%. New Zealand is closed for the Waitangi Day holiday.
On Wall Street, stocks closed higher on Friday as investors reacted to another batch of earnings updates and digested nonfarm payrolls data for the month of January.
Among the major averages, the Dow edged down 21.42 points or 0.06% to 35,089.74. The S&P 500 advanced 23.09 points or 0.52% to 4,500.53, while the Nasdaq climbed 219.19 points or 1.58% to settle at 14,098.01.
Meanwhile, major European markets all traded lower on the day. Germany’s DAX fell 1.75% and France’s CAC 40 fell 0.77%, while Britain’s FTSE 100 edged down 0.17%.
Crude oil prices rose sharply on Friday and took the most active crude futures to their highest close in more than seven years. Growing concerns about supply disruptions fueled the rally, as did rising tensions between Russia and Ukraine. West Texas Intermediate crude oil futures for March ended up $2.04 or 2.3% at $92.31 a barrel, the highest settlement since Sept. 29, 2014. The contracts WTI crude oil futures gained more than 6% during the week.
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