Asian Markets Trade Mixed

(RTTNews) - Asian stock markets are trading mixed on Tuesday, following the broadly positive cues from European markets and lack of cues from Wall Street overnight, amid renewed uncertainty about a potential peace deal to end the Middle East conflict after the US attacked key Iranian missile launch sites in Southern Iran and boats attempting to lay mines, in what Iran said were defensive actions. Asian markets closed mostly higher on Monday.

Meanwhile, US President Donald Trump said talks were progressing well, but warned that additional attacks could follow if negotiations broke down. The current talks are on extending the ceasefire for about two months, during which Washington would lift its blockade and Tehran would reopen the Strait of Hormuz, which will ease pressure on major Asian economies.

The Australian stock market is notably lower on Tuesday, reversing some of the gains in the previous two sessions, despite the broadly positive cues from European markets and lack of cues from Wall Street overnight. The benchmark S&P/ASX 200 index is falling below the 8,650 level, with weakness in gold miners, energy, financial and technology stocks partially offset by gains in iron ore miners.

The benchmark S&P/ASX 200 Index is losing 46.20 points or 0.53 percent to 8,645.80, after hitting a low of 8,628.90 earlier. The broader All Ordinaries Index is down 47.90 points or 0.54 percent to 8,867.50. Australian stocks closed modestly higher on Monday.

Among the major miners, Rio Tinto and Fortescue are edging up 0.5 percent each, while Mineral Resources is gaining more than 1 percent. BHP Group is flat.

Oil stocks are mostly lower. Beach energy is edging down 0.3 percent, while Woodside Energy and Origin Energy are down almost 1 percent each. Santos is flat

Among tech stocks, Afterpay owner Block is down almost 1 percent. Zip and WiseTech Global are declining almost 2 percent each, while Xero and Appen are edging down 0.4 percent each.

Gold miners are mostly lower. Northern Star Resources and Resolute Mining are edging down 0.2 to 0.4 percent each, while Evolution Mining is down almost 1 percent, Newmont is losing more than 1 percent and Genesis Minerals is declining almost 2 percent.

Among the big four banks, Commonwealth Bank and ANZ Banking are losing almost 1 percent each, while National Australia Bank is down more than 1 percent and Westpac is declining almost 2 percent.

In other news, shares in Kogan.com soared almost 18 percent after it reported upbeat sales for the second half.

In the currency market, the Aussie dollar is trading at $0.717 on Tuesday.

The Japanese stock market is trading modestly lower on Tuesday after opening in the green, snapping a three-session winning streak, despite the broadly positive cues from European markets and lack of cues from Wall Street overnight, with the Nikkei 225 falling well below the 64,750 level, with weakness in index heavyweights, automakers and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 64,897.64, down 260.55 points or 0.40 percent, after hitting a low of 64,605.69 and a high of 65,317.69 earlier. Japanese shares ended sharply higher on Monday.

Market heavyweight SoftBank Group is jumping more than 8 percent and Uniqlo operator Fast Retailing is edging up 0.3 percent. Among automakers, Honda is edging down 0.5 percent and Toyota is also edging down 0.2 percent.

In the tech space, Advantest is tumbling more than 5 percent, Screen Holdings is edging down 0.3 percent and Tokyo Electron is declining more than 2 percent.

In the banking sector, Sumitomo Mitsui Financial is edging down 0.1 percent and Mitsubishi UFJ Financial is losing almost 1 percent, while Mizuho Financial is gaining almost 1 percent.

The major exporters are mixed. Mitsubishi Electric and Panasonic are gaining more than 1 percent each, while Sony and Canon are losing more than 1 percent each.

Among the other major losers, Chugai Pharmaceutical is tumbling more than 5 percent, while ARCHION and Kioxia Holdings are sliding almost 5 percent each. Eisai is declining more than 4 percent, while Fujikura and Trend Micro are slipping almost 4 percent each. SHIFT and Mitsubishi are down more than 3 percent each, while Daikin Industries, Shiseido, Nikon and Olympus are losing almost 3 percent each.

Conversely, Taiyo Yuden is jumping almost 9 percent, while Kawasaki Heavy Industries and IHI are surging more than 7 percent each. Taisei and Kajima are advancing more than 5 percent each, while AGC, Ibiden and Furukawa Electric are gaining almost 5 percent each. Shimizu is adding more than 4 percent each, while Renesas Electronics, NTN, Tokuyama and Japan Steel Works are rising more than 3 percent each. Murata Manufacturing is up almost 3 percent.

In the currency market, the U.S. dollar is trading in the higher 158 yen-range on Tuesday.

Elsewhere in Asia, South Korea is up 3.2 percent, while New Zealand, Hong Kong and Indonesia are higher by between 0.3 and 1.0 percent each. China, Singapore, Malaysia and Taiwan are lower by between 0.1 and 0.4 percent each.

On Wall Street, the markets were closed on Monday for Memorial Day holiday.

The major European markets moved to the upside over the course of the session. Germany's DAX and France's CAC 40 moved up 2.01% and 1.76%, respectively. The UK market remained closed for Bank Holiday.

Crude oil prices slumped to hit two-week lows on Monday amid expectations that a potential U.S.-Iran peace deal could restore smoother energy flows through the key shipping route. West Texas Intermediate crude for July delivery was down 5.2 percent at $91.56 per barrel.