Asian Markets Mostly Trade Weak On Wall Street Cues
(RTTNews.com) - Asian stock markets are mostly trading lower on Monday, with investors treading cautiously amid renewed concerns about the outlook for the Federal Reserve's monetary stimulus program. A lack of fresh triggers from the region too appears to be prompting investors to indulge in some profit taking.
In the Australian market, energy, mining, consumer staples and industrial stocks are mostly trading notably lower. Bank and healthcare stocks are trading mixed.
The benchmark S&P/ASX 200 index, which declined to 5,227.4, is currently trading at 5,253.3, down 23.4 points or 0.4 percent from its previous close. The broader All Ordinaries index is down 24 points or 0.5 percent at 5,246.8, off the day's low of 5,221.3.
Among bank stocks, ANZ Bank, National Australia Bank and Westpac (WBK) are up marginally, while Commonwealth Bank of Australia is trading slightly weak. Bendigo & Adelaide Bank and Bank of Queensland are trading flat.
Top miners BHP Billiton (BHP) and Rio Tinto (RIO) are down 0.6 percent and 0.8 percent, respectively. Newcrest Mining is trading lower by about 6.3 percent and Fortescue Metals is down with a marginal loss.
In the energy sector, Woodside Petroleum, Santos, Oil Search, Caltex Australia and Origin Energy are down 0.8 to 1.4 percent.
Treasury Wine Estates shares are down 5.5 percent on the back of reports that chief executive David Dearie is leaving the company with immediate effect.
Investa Office Fund, Regis Resources, Metcash, Sydney Airport, Ansell, Atlas Iron and Downer EDI are trading lower by 1.5 to 2.3 percent. Ramsay Healthcare, Lend Lease Group, Duet Group, Beach Energy, Oz Minrals and Sims Metal Management are also trading notably lower.
Meanwhile, Navitas, Commonwealth Property Office Fund, Aristocrat Leisure and Federation Centres are trading in positive territory, gaining 1.3 to 1.6 percent.
In the currency market, the Australian dollar opened lower against the U.S. dollar. In early trades, the local unit was quoting at US$0.9369, down 0.8 percent from Friday's close of US$0.9450.
Among other markets in the Asia-Pacific region, Indonesia, New Zealand and Singapore are trading notably lower. Malaysia is trading marginally down, while Shanghai, South Korea and Taiwan are trading in positive territory. The Japanese market is closed for a holiday for Autumnal Equinox.
On Wall Street, stocks moved lower on Friday, as traders cashed in on some of the recent gains. Renewed concerns about the outlook for the Federal Reserve's stimulus program and worries about a potential government shutdown weighed on the markets.
The major averages ended the session near their worst levels of the day. The Dow tumbled 185.5 points or 1.2 percent to 15,451.1, the Nasdaq declined 14.7 points or 0.4 percent to 3,774.7 and the S&P 500 slid 12.4 points or 0.7 percent to 1,709.9.
Major European markets too closed weak on Friday. The U.K.'s FTSE 100 index ended down 0.4 percent, while the German DAX index and the French CAC 40 index closed lower by 0.2 percent and 0.1 percent, respectively.
U.S. crude oil plunged to end at a one-month low on Friday, on easing supply concerns with Syria situation improving and some thawing in relations with Iran. Oil prices were also impacted over possibilities the Federal Reserve could scale down its $85 billion bond-buying program after its October meeting.
Crude for October delivery ended down $1.72 or 1.6 percent at $104.67 a barrel on the New York Mercantile Exchange.
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