Asian stock markets are trading mostly higher on Tuesday, following the mixed cues from Wall Street overnight, fueled largely by strength in materials and energy stocks amid higher commodity prices. Markets are also upbeat on news that Shanghai plans to gradually reopen after spending more than six weeks in lockdown after recent data showed a sharp contraction in Chinese economic activity.
The Japanese stock market is modestly higher in choppy trading on Tuesday, extending the gains in the previous two sessions, with the Nikkei 225 staying below the 26,700 level, following the mixed cues from Wall Street overnight, with strength in materials and energy stocks, even as concerns remain about slowing growth, soaring inflation and prospects of tighter policy moves by global central banks. The Australian stock market is slightly higher in choppy trading on Tuesday, fueled largely by strength in materials and energy stocks amid higher commodity prices.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 104.18 — off levels above 104.5 seen recently. Oil prices were lower in the afternoon of Asia trading hours, with international benchmark Brent crude futures down 0.36% to $113.83 per barrel. U.S. crude futures shed 0.46% to $113.68 per barrel.