(RTTNews) - Despite positive cues from Wall Street, where stocks edged higher overnight amid some encouraging economic reports, Asian stock markets are exhibiting a mixed trend on Tuesday. Though markets in the region got off to a fairly good start, some of them have pared early gains and are currently seen struggling for support, with participants choosing to tread cautiously ahead of some crucial decision on interest rates.

In the Australian market, financials and energy stocks have drifted lower after a steady start. Information technology and materials stocks are mostly trading higher, while consumer discretionary, healthcare and industrials stocks are exhibiting a mixed trend.

The benchmark S&P/ASX 200 index, which rose to 4,579.2 in early trades, is currently down in the red at 4,526 with a loss of 14.4 points, or 0.3%. The broader All Ordinaries index is down 12.3 points, or 0.3%, at 4,534, well off the day’s high of 4,584.3.

After trading notably higher earlier, ANZ Bank and Commonwealth Bank of Australia are currently down with modest losses. Westpac Banking Corporation and National Australia Bank are trading lower by 1.4% and 1.2% respectively. Diversified financials stock Macquarie Group is down 0.8% from Monday’s closing price.

Top miners Rio Tinto and BHP Billiton are up 0.6% and 0.2% respectively. Newcrest Mining is trading up 4.2% on strong buying support, while Lihir Gold is trading stronger by about 3.7%. Orica and Fortescue Metals are exhibiting weakness.

Among top energy stocks, Woodside Petroleum, Origin Energy and Santos are trading lower, while Oil Search is up in positive territory with a notable gain.

Boart Longyear Ltd has slashed its net debt after completing a capital raising of $A771.4 million. The capital raising has allowed the company, engaged in providing drilling services, to reduce net debt by more than 90%, to less than A$110.2 million. The stock is trading nearly 2% up.

On the economic front, according to a new business survey, Australian business is still under a marked degree of pressure, although rising confidence levels suggest firms are hopeful of a sustained recovery down the track. The Australian Chamber of Commerce and Industry-Commonwealth Bank business expectations survey for the September quarter released on Tuesday shows general business conditions index was 47.1 points in the three months to September, up from 40.4 in the June quarter, but below the 50 point level that separates expansion from contraction.

Meanwhile, the Reserve Bank of Australia holds its monthly board meeting. Its decision on interest rates is due to be announced at 2.30 p.m. local time.

In the currency market, the Australian dollar opened lower against the U.S. dollar. In early trades, the Aussie was quoting at US$0.9022-US$0.9023, down from Monday’s close of US$0.9045-US$0.9050.

The South Korean market too is seen struggling for support despite an early move up north. Bank stocks are among the prominent losers, while automobile stocks are trading mostly higher.

The benchmark KOSPI index, which fell to 1,552 after an early surge to 1,565, is currently down with a loss of 1.1 points at 1,558.

Korea Exchange Bank is down by about 2.5%. Woori Finance is losing 3.6%, Shinhan Financial is trading lower by over 2% and KB Financial is down with a 1.3% loss.

Among tech stocks, heavyweight Samsung Electronics is up with a modest gain, LG Display LCD is trading 1.2% up and Hynix Semiconductor is trading flat, while LG Electronics is down in negative territory with a loss of 1.4%.

In the automobile space, Kia Motors, Ssangyong Motor and Hyundai Motora are trading up 1.25%-2.5% over their previous closing prices.

Oil, steel, telecom and airlines stocks are trading mixed. Among shipping stocks, Hyundai Heavy Industries, Samsung Heavy Industries and STX Pan Ocean are trading higher, while Daewoo Shipbuilding is exhibiting weakness.

Among other markets in the Asia-Pacific region, New Zealand and Hong Kong are trading notably lower. Singapore, Taiwan and Indonesia are trading flat, while Shanghai is trading in positive territory with a notable gain. The Japanese stock market is closed for a national holiday. Stock markets across the region had closed lower on Monday, tracking negative cues from Wall Street.

On Wall Street, stocks posted solid gains on Monday amid a slew of economic reports and some Fed comments on the financial sector. While data on manufacturing activity in the month of October and the surge of the pending home sales index lifted sentiment after the previous session’s setback, concerns voiced by Federal Reserve’s associate director about the state of the financial system capped gains to an extent.

The Dow closed up 76.7 points at 9,789.4, the Nasdaq edged up 4.1 points to 2,049.2 and the S&P 500 closed up 6.7 points at 1,042.9.

Major European markets closed on the upside on Monday. The U.K.’s FTSE 100 and the French CAC 40 index moved up 1.2% and 0.9% respectively, while the German DAX index gained 0.3%.

Crude oil finished higher on Monday after a choppy ride with some encouraging manufacturing data offsetting a decline in U.S. equities. Light sweet crude for December delivery closed at US$78.13 per barrel, up 13 cents on the session.

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Posted in Categories: Australia, Eurozone, Japan, New Zealand, Releases, Stocks, USA.

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