Asian stock markets showed a mixed performance on Tuesday. This followed generally positive signals from European markets and the absence of direction from Wall Street due to the U.S. holiday. Investors reacted favorably to U.S. President Donald Trump's indication that he would not impose tariffs targeting China on his first day in office. Nevertheless, Trump did suggest that 25 percent tariffs on Canada and Mexico could be implemented as soon as February 1. Most Asian markets closed higher on Monday.
Reports suggest that Trump will instruct U.S. federal agencies to evaluate trade relations with China and neighboring countries but will refrain from imposing new tariffs immediately upon taking office.
Markets are preparing for significant policy announcements and changes to U.S. trade policies, which could introduce a high degree of uncertainty for businesses.
In Australia, the stock market is seeing notable gains on Tuesday, building on Monday's positive performance. The S&P/ASX 200 index is approaching the 8,400 mark, buoyed by gains in mining and financial stocks, which are partially offset by declines in energy and technology sectors.
The S&P/ASX 200 Index is up by 44.70 points, or 0.54%, reaching 8,392.10, after peaking at 8,453.30 earlier. The broader All Ordinaries Index has risen by 46.90 points, or 0.55%, to 8,641.30. Australian stocks ended Monday's session significantly higher.
Among major miners, BHP Group and Fortescue Metals are both advancing by 0.5%, while Mineral Resources has dropped over 2%. Rio Tinto remains unchanged.
Oil stocks are weaker, with Origin Energy and Santos both falling by more than 2%, while Beach Energy is down nearly 1%. Woodside Energy's share price is stable. In the tech sector, shares of Block, the owner of Afterpay, and Appen are slightly down by 0.2 to 0.4%, and WiseTech Global Xero has lost over 1%. Conversely, Zip is up by almost 2%.
Gold mining stocks are up, with Gold Road Resources and Resolute Mining both gaining nearly 2%, and Evolution Mining climbing more than 1%. Newmont is marginally up by 0.4%, and Northern Star Resources is stable.
Among Australia's major banks, Commonwealth Bank and Westpac are each up over 1%, while National Australia Bank has added more than 2%, and ANZ Banking is up nearly 2%.
Hub24 shares have surged over 12% following news of record quarterly platform net inflows of $5.5 billion.
Liontown Resources shares are soaring almost 12% after reporting a three-fold increase in spodumene concentrate output with the ramp-up at Kathleen Valley Lithium Operation.
Novonix shares have dropped nearly 8% as CEO Chris Burns steps down from his role.
Yancoal Australia shares are climbing more than 5%, following a report of a 5% increase in saleable coal production to 36.9 million tonnes, hitting targets.
In forex markets, the Australian dollar is trading at $0.625.
Meanwhile, the Japanese stock market is slightly up on Tuesday, extending the gains of the previous session, encouraged by European market trends and the lack of direction from Wall Street. The Nikkei 225 is nearing the 39,000 mark, bolstered by several heavyweight stocks, automakers, and technology names.
The Nikkei 225 Index closed the morning session at 38,951.77, up by 49.27 points or 0.13%, after hitting a high of 39,238.21 earlier. Japanese stocks ended with significant gains on Monday.
Market heavyweight SoftBank Group is down almost 1%, while Fast Retailing, operator of Uniqlo, is slightly up by 0.4%. Among automakers, Honda is up by 0.4%, and Toyota has gained nearly 1%.
In the tech sector, Advantest is down by 0.3%, while Screen Holdings and Tokyo Electron are both up nearly 1%.
In banking, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are each down almost 1%, while Mizuho Financial is slightly down by 0.5%.
Major exporters are mostly on the decline, with Sony and Mitsubishi Electric down almost 1% each; Canon and Panasonic are each down by roughly 0.3 to 0.4%.
Among the notable gainers, Sumitomo Pharma is up over 4%, DeNA advancing almost 4%, and Disco up by more than 3%.
In contrast, Kawasaki Heavy Industries and IHI are both down almost 3%.
In the currency market, the U.S. dollar is trading within the high 154 yen range on Tuesday.Across Asia, stock markets showed a mixed performance. Indices in New Zealand, China, Singapore, South Korea, and Taiwan experienced slight declines, ranging from 0.1% to 0.6%. Conversely, markets in Hong Kong, Malaysia, and Indonesia posted modest gains, with increases between 0.3% and 0.8%.
In the United States, Wall Street remained closed for the observance of Martin Luther King Jr. Day, following a notable upward trend in Friday's trading session.
In Europe, major markets demonstrated positive momentum. The U.K.'s FTSE 100 rose by 0.18%, Germany's DAX advanced 0.42%, and France's CAC 40 ended the day with a 0.31% increase.
