Asian markets are mostly up on global indices

(RTTNews) – Asian stock markets are trading mostly higher on Monday, following broadly positive signals from global markets on Friday, as fairly encouraging economic data from the United States and upbeat earnings updates from some big business helped boost morale. Asian markets closed mostly mixed on Friday.

Traders also reacted positively to a slew of US economic data, including a report showing retail sales jumped more than expected in the month of June and US consumer sentiment unexpectedly showed a modest improvement in the month. of July.

The Australian stock market is slightly higher on Monday, recouping some of the losses from the previous session, with the benchmark S&P/ASX 200 index remaining above the 6,600 level, following broadly positive signals from global markets on Friday, boosted through energy gains. and materials inventory.

The benchmark S&P/ASX 200 gained 37.10 points or 0.56% to 6,642.70, after hitting a high of 6,661.40 earlier. The broader All Ordinaries index is up 41.90 points or 0.62% at 6,839.90. Australian stocks closed significantly lower on Friday.

Among the major miners, BHP Group is up 0.5%, OZ Minerals is up almost 3%, Rio Tinto adds more than 1%, Fortescue Metals is up almost 1% and Mineral Resources is up 1.5%.

Oil inventories are mostly higher. Santos, Woodside Energy and Woodside Energy each gain more than 1%, while Origin Energy adds almost 2%.

Among tech stocks, Afterpay owner Block is up almost 4% and WiseTech Global is up more than 3%, while Xero is down 0.5% and Appen is down more than 2%. The zip is flat.

Gold miners are mostly higher. Gold Road Resources lost nearly 1%. Northern Star Resources, Newcrest Mining and Evolution Mining are up 0.2-0.4%, while Resolute Mining adds almost 1%.

Among the big four banks, Commonwealth Bank is stable while Westpac gains more than 1% and National Australia Bank gains almost 1%.

Shares of ANZ Banking are at a standstill after Australia’s fourth-largest lender offered to buy the banking unit of Australia’s second-largest insurer Suncorp Group for around A$4.9 billion. Suncorp shares rise more than 6%. ANZ has also pulled out of talks to buy software company MYOB Group from private equity giant KKR & Co.

In the currency market, the Australian dollar is trading at $0.681 on Monday.

The Japanese stock exchange is closed for the Marine Day holiday. Japanese stocks ended slightly higher on Friday to extend gains for a third straight session.

In the currency market, the US dollar is trading in the lower range of 138 yen on Monday.

Elsewhere in Asia, South Korea and Hong Kong are up 1.4 and 1.1%, respectively. New Zealand, China, Singapore, Taiwan and Indonesia are higher by 0.2-0.8% each. Malaysia is relatively flat.

On Wall Street, stocks showed substantial movement back up in Friday’s session after trending lower in recent sessions. With the day’s strong upward move, the Dow ended a five-game losing streak.

Major averages saw a further rise heading into the close, ending the session at their best levels for the day. The Dow Jones jumped 658.09 points or 2.2% to 31,288.26, the Nasdaq jumped 201.24 points or 1.8% to 11,452.42 and the S&P 500 jumped 72.78 points or 1.9% at 3,863.16.

Major European markets all also showed substantial upward moves on the day. While the German DAX index jumped 2.8%, the French CAC 40 index jumped 2% and the British FTSE 100 index jumped 1.7%.

Crude oil prices rose sharply on Friday, supported by reports that an increase in Saudi oil production is unlikely at this time. West Texas Intermediate crude oil futures for August ended up $1.81 or 1.9% at $97.59 a barrel. WTI crude futures lost almost 7% during the week.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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