Asian Markets Track Wall Street Lower
(RTTNews) - Asian stock markets are trading mostly lower on Monday, following the broadly negative cues from Wall Street on Friday, as traders are cautious after data showed a drop in U.S. consumer sentiment amid signs of growing stress in the banking sector and the impasse over
(RTTNews) - Asian stock markets are trading mostly lower on Monday, following the broadly negative cues from Wall Street on Friday, as traders are cautious after data showed a drop in U.S. consumer sentiment amid signs of growing stress in the banking sector and the impasse over raising the U.S. debt ceiling. Asian markets closed mostly lower on Friday.
U.S. Treasury Secretary Janet Yellen has warned that a default on the U.S. debt would be catastrophic and was "unthinkable." The postponement of a meeting between President Joe Biden and top lawmakers adding to jitters about a potential default.
The Australian stock market is modestly lower on Monday, giving up the slight gains in the previous session, with the benchmark S&P/ASX 200 staying above the 7,200 level, following the broadly negative cues from Wall Street on Friday, with weakness in technology and financial stocks partially offset by gains in miners and energy stocks.
The benchmark S&P/ASX 200 Index is losing 11.70 points or 0.16 percent to 7,245.00, after hitting a low of 7,235.10 earlier. The broader All Ordinaries Index is down 17.20 points or 0.23 percent to 7,436.00. Australian stocks closed slightly higher on Friday.
Among the major miners, Rio Tinto and Fortescue Metals are gaining almost 1 percent each, while BHP Group is adding more than 1 percent. Mineral Resources is losing more than 1 percent.
Oil stocks are mostly higher. Woodside Energy is gaining almost 1 percent, while Santos and Origin Energy are edging up 0.2 to 0.3 percent each. Beach energy is edging down 0.2 percent.
Among tech stocks, Xero and WiseTech Global are edging down 0.4 to 0.5 percent each, while Zip is losing almost 3 percent. Appen is gaining more than 2 percent and Afterpay owner Block is flat.
Gold miners are higher. Gold Road Resources and Northern Star Resources are gaining more than 2 percent each, while Evolution Mining and Resolute Mining are adding more than 1 percent each. Newcrest Mining is up almost 1 percent after its board unanimously agreed to back US gold giant Newmont's takeover offer.
