Asian Markets Trade Mostly Higher

(RTTNews) - Asian stock markets are trading mostly higher on Monday, following the mixed cues from Wall Street on Friday, with markets in China and Japan closed, as traders remain cautious amid the uncertainty prevailing around the peace proposal to end the Middle East war. Crude oil prices also eased with potential US-led maritime security measures in the Strait of Hormuz to provide safe passage to vessels. Asian markets closed mostly higher on Friday.

US President Donald Trump announced that the US would escort neutral vessels safely through the passageway, aiming to help ships stranded by the conflict with Iran transit securely.

Meanwhile, Iran is said to have delivered its response to the latest U.S. amendments on the agreement to end the war through Pakistani mediators. However, White House is reportedly "not satisfied" with Iran's proposal.

The Australian stock market is notably lower on Monday, reversing some of the gains in the previous session, following the mixed cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling to near the 8,700.00 level, with weakness in gold miner, financial and energy stocks partially offset by gains in technology stocks.

The benchmark S&P/ASX 200 Index is losing 22.80 points or 0.26 percent to 8,707.00, after hitting a low of 8,675.40 earlier. The broader All Ordinaries Index is down 19.10 points or 0.21 percent to 8,935.60. Australian stocks closed notably higher on Friday.

Among the major miners, Rio Tinto and Fortescue are edging down 0.1 percent each, while BHP Group is edging up 0.4 percent and Mineral Resources is gaining more than 1 percent.

Oil stocks are mostly lower. Beach energy is losing more than 1 percent, Woodside Energy is declining almost 3 percent , Santos is down almost 2 percent and Origin Energy is slipping almost 1 percent.

Among tech stocks, Afterpay owner Block is gaining almost 2 percent, Appen is jumping more than 7 percent, Xero is adding more than 2 percent and Zip is edging up 0.2 percent, while WiseTech Global is losing more than 1 percent.

Gold miners are mostly lower. Resolute Mining and Genesis Minerals are edging down 0.3 to 0.4 percent each, while Newmont is losing almost 2 percent. Evolution Mining is gaining almost 1 percent. Northern Star Resources is flat.

Among the big four banks, Commonwealth Bank and Westpac are edging down 0.1 to 0.4 percent each, while National Australia Bank is declining almost 2 percent. ANZ Banking is gaining almost 1 percent. In other news, shares in Accent Group are tumbling almost 13 percent after it downgraded its earnings guidance amid softer trading conditions. It is also assisting with an investigation by the corporate regulator following the downgrade.

Shares in a2 Milk are plunging more than 11 percent after it launched a voluntary recall of three batches of its US-labelled a2 Platinum infant formula on detecting cereulide, a toxin linked to foodborne illness, in products sold in America.

In economic news, Australia's Melbourne Institute Monthly Inflation Gauge rose 0.6 percent on month in April 2026, easing from a record 1.3 percent surge in the previous month but marking a second straight monthly increase, though moderated compared to last year. Meanwhile, annual inflation accelerated to 4.6 percent in March 2026 from 3.7 percent previously, the highest since September 2023 and still well above the central bank's 2 to 3 percent target band.

Meanwhile, private house approvals in Australia rose by 0.9 percent on month to 10,194 units in March 2026, easing from an upwardly revised 2 percent growth in February, preliminary estimates showed. This marked the fifth consecutive monthly gain, although it was the softest in the current sequence. On an annual basis, private house approvals climbed 12 percent, accelerating from a 9.3 percent increase in the previous month.

The seasonally adjusted number of total dwellings approved in Australia plunged 10.5 percent on month to 17,300 units in March 2026, sharply reversing an upwardly revised 31.1 percent jump in the previous month and coming in worse than market forecasts of a 9.9 percent decline, preliminary data showed. It marked the steepest decline in permits since last December. On an annual basis, dwelling approvals grew 9.0 percent, following an upwardly revised 16.1 percent gain in February.

In the currency market, the Aussie dollar is trading at $0.721 on Monday.

The Japanese stock market is closed for Greenery Day on Monday. Japanese shares ended modestly higher on Friday.

In the currency market, the U.S. dollar is trading in the lower 157 yen-range on Monday.

Elsewhere in Asia, South Korea and Taiwan are surging almost 4 percent each, while Hong Kong and Indonesia are up 1.8 and 1.5 percent, respectively. Malaysia and Singapore are up 0.5 and 0.7 percent, respectively. New Zealand is bucking the trend and is down 0.4 percent. China is closed for Labor Day.

On Wall Street, stocks gave back ground over the course of the trading day on Friday after showing a strong move to the upside early in the session. The major averages pulled back well off their highs of the session, with the Dow sliding into negative territory.

The major averages eventually ended the day mixed. While the Dow fell 152.87 points or 0.3 percent to 49,499.27, the S&P 500 rose 21.11 points or 0.3 percent to 7,320.12 and the Nasdaq advanced 222.13 points or 0.9 percent to 25,144.44.

Meanwhile, most major European markets were closed for May Day, but U.K. stocks showed a modest move to the downside. The U.K.'s FTSE 100 Index edged down by 0.1 percent.

Crude oil prices plunged on Friday on hopes for an end to hostilities even as the Strait of Hormuz remains closed, continuing to disrupt crude oil supply. West Texas Intermediate crude for June delivery was down $3.28 or 3.28 percent at $101.79 per barrel.