Asian stock markets are in negative territory on Monday as the ongoing turmoil in Turkey and the fresh fall in the Turkish lira sparked concerns of contagion fears. Tensions between the U.S. and Turkey haven risen due to Turkish detention of U.S. pastor Andrew Brunson and as U.S. President Donald Trump announced that he has authorized the doubling on steel and aluminum tariffs on Turkey.
The Australian market is declining following the weak cues from Wall Street and a fresh fall in the Turkish lira. Investors also digested mixed corporate earnings results.
In late-morning trades, the benchmark S&P/ASX 200 Index is down 17.60 points or 0.28 percent to 6,260.80. The broader All Ordinaries Index is losing 15.30 points or 0.24 percent to 6,351.50.
In the banking space, ANZ Banking, Commonwealth Bank, Westpac and National Australia Bank are lower in a range of 0.6 percent to 0.9 percent.
The major miners are also mostly lower. BHP Billiton is edging up less than 0.1 percent, while Fortescue Metals is down 0.2 percent and Rio Tinto is lower by 0.5 percent.
Gold miners are mixed even as gold prices gained on Friday. Evolution Mining is advancing almost 2 percent, while Newcrest Mining is down 0.7 percent.
Oil stocks are higher after crude oil prices rose more than 1 percent Friday. Santos is rising almost 1 percent, Woodside Petroleum is adding 0.6 percent and Oil Search is up 0.3 percent.
APA Group said it has accepted an A$12.98 billion takeover from a consortium led by Hong Kong's CK Infrastructure. The pipeline company's shares are advancing almost 1 percent.
Domain Holdings, which was spun-off from Fairfax Media, reported a net loss for the full year, while profit excluding significant items rose almost 8 percent. The real estate advertiser's shares are gaining 5 percent.
Bluescope Steel reported a full-year net profit that more than doubled from last year and also announced a A$250 million share buyback. The steel manufacturer's shares are rising more than 2 percent.
JB Hi-Fi reported a 35 percent increase in full-year net profit following its takeover of rival The Good Guys. The consumer electronics retailer's shares are also gaining more than 2 percent.
Wesfarmers has agreed to sell its Kmart tyre and auto service business to German tire manufacturer Continental for A$350 million. Shares of the conglomerate are adding 0.3 percent.
In the currency market, the Australian dollar is higher against the U.S. dollar on Monday. The local currency was quoted at US$0.7280, up from US$0.7317 on Friday.
The Japanese market is notably lower, tracking the weak cues from Wall Street and a stronger safe-haven yen amid the ongoing turmoil in Turkey.
The benchmark Nikkei 225 Index is losing 275.28 points or 1.23 percent to 22,022.80, off a low of 22,016.67 earlier.
The major exporters are lower on a stronger yen. Sony and Panasonic are losing 2 percent each, while Canon and Mitsubishi Electric are declining more than 2 percent each.
In the auto space, Toyota is down more than 1 percent and Honda is lower by more than 2 percent. In the banking sector, Mitsubishi UFJ Financial is losing 3 percent and Sumitomo Mitsui Financial is declining more than 2 percent.
Among oil stocks, Inpex is down more than 2 percent and Japan Petroleum is losing more than 1 percent despite higher crude oil prices.
Among the market's best performers, staffing firm Recruit Holdings is gaining almost 9 percent on upbeat quarterly earnings results, while Japan Post is rising almost 3 percent and Suzuki Motor is higher by more than 2 percent.
On the flip side, Mitsui Mining & Smelting is falling almost 17 percent, Sumco Corp. is losing almost 6 percent and Toppan Printing is lower by almost 5 percent.
In the currency market, the U.S. dollar is trading in the lower 110 yen-range on Monday.
Elsewhere in Asia, Indonesia is losing more than 2 percent, while Shanghai, Singapore, South Korea, Hong Kong and Taiwan are more than 1 percent lower. Malaysia and New Zealand are also lower.
On Wall Street, stocks closed lower on Friday amid concerns about rising tensions between the U.S. and Turkey due to the Turkish detention of U.S. pastor Andrew Brunson. The Turkish lira has shown a sharp decline to a record low, contributing to considerable weakness in the overseas markets.
The Dow slid 196.09 points or 0.8 percent to 25,313.14, the Nasdaq fell 52.67 points or 0.7 percent to 7,839.11 and the S&P 500 dropped 20.30 points or 0.7 percent to 2,833.28.
The major European markets also moved to the downside on Friday. While the U.K.'s FTSE 100 Index slumped by 1 percent, the French CAC 40 Index tumbled by 1.7 percent and the German DAX Index plunged by 2 percent.
Crude oil prices climbed higher on Friday, lifted by International Energy Agency's forecast that world oil demand will increase by 110,000 barrels a day to 1.5 million barrels next year. Crude oil futures for September delivery ended up $0.82 or 1.3 percent at $67.63 a barrel on the New York Mercantile Exchange.
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