FX.co ★ Asian Markets Trading Mixed

Asian stock markets presented a mixed tableau on Tuesday. This was in contrast to the broadly positive cues emanating from global markets overnight, with traders exercising caution ahead of the crucial U.S. employment data to be released later in the week. This data is anticipated to reveal a slowdown in job growth for June, potentially influencing interest rate projections. Notably, most Asian markets had closed higher on Monday.

Market participants also appeared to be in a holding pattern ahead of Federal Reserve Chair Jerome Powell's scheduled remarks and the upcoming Independence Day holiday on Thursday.

In Australia, the stock market opened slightly lower on Tuesday, continuing losses from the previous session. This tepid performance came despite positive global signals. The benchmark S&P/ASX 200 remained well below the 7,800 mark, weighed down by weak financial stocks as traders awaited the minutes from the Reserve Bank of Australia's June monetary policy meeting.

Specifically, the S&P/ASX 200 Index dropped by 26.70 points or 0.34 percent to 7,724.00, after hitting a low of 7,723.60 earlier. Meanwhile, the broader All Ordinaries Index decreased by 26.70 points or 0.33 percent to 7,965.60. Australian equities had closed modestly lower on Monday.

Among major mining stocks, BHP Group edged up by 0.1 percent, Fortescue Metals fell by 0.2 percent, Mineral Resources slipped nearly 1 percent, and Rio Tinto remained flat.

Oil stocks showed mixed results: Woodside Energy rose by over 2 percent, Santos gained almost 1 percent, while Beach Energy and Origin Energy saw slight increases ranging from 0.1 to 0.5 percent each.

Tech stocks had varied performances: Appen climbed above 2 percent, Zip increased by 0.2 percent, and WiseTech Global gained over 1 percent, whereas Block, the owner of Afterpay, declined by 1.5 percent. Gold mining stocks mostly advanced, with Gold Road Resources up nearly 1 percent, Resolute Mining gaining almost 3 percent, Northern Star Resources rising by 0.4 percent, and Evolution Mining climbing 1.5 percent, while Newmont dipped by 0.1 percent.

Among the big four banks, Commonwealth Bank, ANZ Banking, and Westpac edged down by 0.1 to 0.5 percent each, while National Australia Bank declined nearly 1 percent.

The Reserve Bank of Australia is set to release the minutes from its June 18 monetary policy meeting later on Tuesday. In that meeting, the RBA kept its benchmark rate at a 12-year high of 4.35 percent for the fifth consecutive session, emphasizing that inflation was slowing more sluggishly than expected, leaving room for potential future rate hikes.

In currency markets, the Australian dollar traded at $0.664 on Tuesday.

Meanwhile, the Japanese stock market surged on Tuesday, bolstered by global positivity and a depreciating yen against the U.S. dollar. The Nikkei 225 moved above the 39,800 mark, supported by gains in index heavyweights, exporters, and financial stocks.

The benchmark Nikkei 225 Index ended the morning session at 39,780.58, up 149.52 points or 0.38 percent, after reaching a high of 39,929.67 earlier. Japanese shares had closed slightly higher on Monday.

Market heavyweight SoftBank Group was flat, while Uniqlo operator Fast Retailing gained almost 1 percent. Among automakers, Honda increased by 1.5 percent, and Toyota added over 1 percent.

In the tech sector, Advantest and Screen Holdings each gained almost 1 percent, while Tokyo Electron edged down by 0.3 percent.

In banking, Mitsubishi UFJ Financial rose almost 4 percent, and Mizuho Financial and Sumitomo Mitsui Financial each added nearly 3 percent.

Among key exporters, Panasonic edged down by 0.1 percent, Sony gained over 1 percent, Mitsubishi Electric added almost 2 percent, and Canon edged up by 0.3 percent.

Leading gainers included Daiichi Sankyo and Kawasaki Kisen Kaisha, each up by more than 4 percent, while Dai-ichi Life, T&D Holdings, MS&AD Insurance, Mitsubishi Heavy Industries, and Daiwa Securities each rose over 3 percent. Sompo Holdings, Mercari, and Hoya advanced nearly 3 percent each.

Conversely, Sumitomo Pharma and Dentsu Group each fell by almost 3 percent.

In currency trading, the U.S. dollar was in the higher 161 yen range on Tuesday.

Elsewhere in Asia, Hong Kong gained 1.4 percent, while China, Singapore, and Taiwan inched higher by between 0.3 and 0.6 percent each. Markets in New Zealand, South Korea, Malaysia, and Indonesia fell by between 0.1 and 0.5 percent each.

On Wall Street, stocks closed higher on Monday, powered by a strong performance in technology shares. The major indices started on a subdued note but gained strength as the session advanced.The Dow Jones Industrial Average increased by 50.66 points, or 0.13%, to close at 39,169.52. The S&P 500 rose by 14.61 points, or 0.27%, ending at 5,475.09. Meanwhile, the Nasdaq Composite saw a gain of 146.70 points, or 0.83%, reaching 17,879.30.

On the European front, key markets also showed an upward trend. Germany's DAX gained 0.3%, France's CAC 40 advanced by 1.09%, and the U.K.'s FTSE 100 inched up by 0.03%.

In the commodities market, crude oil prices experienced a significant increase on Monday. This rise was driven by expectations of higher demand, supply concerns, and OPEC's production cuts. West Texas Intermediate crude oil futures surged by $1.84, or approximately 2.2%, closing at $83.38 per barrel.