(fxcue news) - Asian stock markets are trading mostly higher on Monday, following the broadly positive cues from Wall Street on Friday, amid prospects of the US Fed cutting interest rates earlier as it is feared that the U.S. trade war may hurt global growth, worsen inflation and possibly spark recessions in some countries. Traders also picked up stocks at a bargain after the recent slump in the markets. Asian markets closed mostly lower on Friday. U.S. President Donald Trump said last week that his proposed 25% tariffs on Mexican and Canadian goods will take effect on March 4 along with an extra 10% duty on Chinese imports over the fentanyl opioid crisis. The Australian stock market is trading notably higher on Monday, reversing the sharp losses in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving above the 8,200.00 level, with gains across most sectors led by mining and technology stocks. Financial stocks were the weak spot. The benchmark S&P/ASX 200 Index is gaining 45.70 points or 0.56 percent to 8,218.10, after touching a high of 8,234.80 earlier. The broader All Ordinaries Index is up 47.70 points or 0.57 percent to 8,451.60. Australian stocks closed sharply lower on Friday. Among the major miners, BHP Group and Fortescue Metals are gaining more than 1 percent each, while Rio Tinto is gaining more than 2 percent and Mineral Resources is adding more than 3 percent. Oil stocks are higher. Woodside Energy is gaining 1.5 percent, Santos is adding more than 1 percent and Beach energy is advancing almost 2 percent, while Origin Energy is edging down 0.5 percent. Among tech stocks, Afterpay owner Block is advancing more than 3 percent and Xero is gaining 1.5 percent, while WiseTech Global and Appen are up almost 1 percent each. Zip is sliding more than 3 percent. Gold miners are mostly higher. Evolution Mining is gaining more than 1 percent, Resolute Mining is advancing almost 5 percent, Newmont is adding almost 3 percent, Northern Star Resources is up almost 2 percent and Gold Road Resources is rising 2.5 percent. Among the big four banks, Commonwealth Bank and ANZ Banking are losing almost 1 percent each, while National Australia Bank and Westpac are edging down 0.2 to 0.3 percent each. In other news, shares in Star Entertainment have been suspended from trading after the casino operator failed to lodge accounts to the ASX. In the currency market, the Aussie dollar is trading at $0.622 on Monday. The Japanese stock market is trading sharply higher on Monday, reversing the sharp losses in the previous session, following the broadly positive cues from Wall Street on Friday, with the Nikkei 225 moving above the 37,500 level, with gains across most sectors led by index heavyweights, automakers and financial stocks. The benchmark Nikkei 225 Index closed the morning session at 37,580.02, up 424.52 points or 1.14 percent, after touching a high of 37,372.26 earlier. Japanese shares ended sharply lower on Friday. Market heavyweight SoftBank Group is edging up 0.5 percent and Uniqlo operator Fast Retailing is adding more than 1 percent. Among automakers, Honda is gaining more than 1 percent and Toyota is adding almost 4 percent. In the tech space, Advantest and Tokyo Electron are gaining almost 1 percent each, while Screen Holdings is flat. In the banking sector, Mitsubishi UFJ Financial, Mizuho Financial and Sumitomo Mitsui Financial are gaining more than 1 percent each. The major exporters are mostly higher. Panasonic and Canon are gaining more than 1 percent each, while Mitsubishi Electric is adding 1.5 percent. Sony is losing almost 1 percent. Among the other major gainers, Daiichi Sankyo is surging more than 5 percent, while Aeon and Toppan Holdings are gaining more than 4 percent each. Recruit Holdings, Mitsubishi Heavy Industries, Kyocera, Tokio Marine, Kawasaki Heavy Industries and Japan Steel Works are advancing almost 4 percent each. IHI is up more than 3 percent, while Shimizu and NEC are adding almost 3 percent. Conversely, DeNA is plunging more than 7 percent. In the currency market, the U.S. dollar is trading in the lower 150 yen-range on Monday. Elsewhere in Asia, Indonesia and Hong Kong are surging 2.0 and 1.7 percent, respectively. China and Singapore are up 0.1 and 0.8 percent, respectively. New Zealand and Taiwan are down 0.8 and 1.6 percent, respectively. Malaysia is relatively flat. South Korea is closed on account of Independence Day. On Wall Street, stocks saw substantial volatility during trading on Friday following the significant pullback seen over the course of the previous session. The major averages swung wildly back and forth across the unchanged line before eventually closing sharply higher. The major averages showed strong moves to the upside going into the close, ending the session near their best levels of the day. The Nasdaq surged 302.86 points or 1.6 percent to 18,847.28, the S&P 500 shot up 92.93 points or 1.6 percent to 5,954.50 and the Dow jumped 601.41 points or 1.4 percent to 43,840.91. The major European markets also moved to the upside over the course of the session. While the U.K.'s FTSE 100 Index climbed by 0.6 percent, the French CAC 40 Index inched up by 0.1 percent and the German DAX Index closed just above the unchanged line. Crude oil prices settled lower on Friday as worries about growth and uncertainty about the outlook for oil demand weighed on the commodity's prices. West Texas Intermediate crude oil futures for April closed down $0.59 or about 0.84 percent at $69.76 a barrel.