Asian Markets Trade Mostly Lower

Asian stock markets are trading mostly lower on Monday, despite the broadly positive cues from Wall Street on Friday, as US data showing much stronger than expected job growth in January and an improvement in consumer sentiment further dimmed the possibility of an interest rate cut in March. Mining and energy stocks were down amid weaker commodity prices. Asian markets closed mostly higher on Friday.

The Australian stock market is currently trading significantly lower on Monday, giving up the gains in the previous session, with the benchmark S&P/ASX 200 falling to near the 7,600.00 level, despite the broadly positive cues from Wall Street on Friday, with losses across most sectors led by miners and energy stocks amid weaker commodity prices.

Traders also remain cautious ahead of the Reserve Bank of Australia’s monetary policy decision on Tuesday, where the RBA is widely expected to hold interest rates steady.

The benchmark S&P/ASX 200 Index is losing 75.10 points or 0.98 percent to 7,624.30, after hitting a low of 7,593.30 earlier. The broader All Ordinaries Index is down 77.50 points or 0.98 percent to 7,854.10. Australian stocks closed sharply higher on Friday.

Among the major miners, Rio Tinto, BHP Group and Fortescue Metals are losing more than 2 percent each, while Mineral Resources is declining more than 4 percent.

Oil stocks are mostly lower. Beach energy is losing almost 2 percent, while Origin Energy, Santos and Woodside Energy are declining almost 1 percent each.

Among tech stocks, Xero is losing almost 2 percent, Appen is declining almost 4 percent and Zip is slipping more than 2 percent, while WiseTech Global is gaining almost 1 percent and Afterpay owner Block is edging up 0.4 percent.

Gold miners are lower. Gold Road Resources and Northern Star Resources are declining almost 4 percent each, while Evolution Mining is losing more than 3 percent and Newmont is slipping almost 5 percent and Resolute Mining is sliding almost 8 percent.

Among the big four…