Asian stock markets are trading mostly lower on Friday, following the mixed cues from Wall Street overnight, as concerns about a slowdown in Chinese growth more than offset strong U.S. GDP data and signs of cooling inflation that continued to raise hopes the US Fed will cut interest rates as early as September. Asian markets ended mostly lower on Thursday.
Recouping some of the losses in the previous two sessions, the Australian stock market is significantly higher on Friday, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 7,900 level, with gains in iron ore miners, financial and energy stocks partially offset by losses in gold miners.
The benchmark S&P/ASX 200 Index is gaining 72.60 points or 0.92 percent to 7,933.80, after touching a high of 7,938.30 earlier. The broader All Ordinaries Index is up 73.20 points or 0.90 percent to 8,167.50. Australian markets ended sharply lower on Thursday.
Among major miners, BHP Group and Rio Tinto are gaining more than 2 percent each, while Mineral Resources is advancing almost 5 percent and Fortescue Metals is adding almost 3 percent.
Oil stocks are mostly higher. Woodside Energy is gaining almost 1 percent, Beach energy is adding more than 1 percent and Santos is advancing almost 2 percent, while Origin Energy is edging down 0.1 percent.
Among tech stocks, Afterpay owner Block and Xero are edging up 0.2 to 0.4 percent each, while WiseTech Global is adding more than 1 percent. Zip is losing almost 4 percent. Appen is flat.
Among the big four banks, Commonwealth Bank, Westpac, ANZ Banking and National Australia Bank are edging up 0.3 to 0.5 percent each.
Gold miners are mostly lower. Newmont is losing more than 3 percent, Gold Road Resources is down almost 1 percent and Northern Star Resources is declining more than 2 percent, while Evolution Mining is edging up 0.1 percent. Resolute Mining is flat.
In the currency market, the Aussie dollar is trading at $0.655 on Friday.
Recouping some of the sharp losses in the previous two sessions, the Japanese stock market is notably higher in choppy trading on Friday, following the mixed cues from Wall Street overnight. The benchmark Nikkei 225 is moving above the 37,900 level, with gains in financial stocks partially offset by weakness in technology stocks. The yen rose to its strongest level in recent months against the US dollar on Bank of Japan’s rate hike bets.
Traders also reacted to the latest inflation figures from Tokyo that showed Tokyo’s core inflation rate accelerated for a third month in July.
The benchmark Nikkei 225 Index closed the morning session at 38,057.61, up 188.10 points or 0.50 percent, after hitting a low of 37,668.93 and a high of 38,105.96 earlier. Japanese stocks closed sharply lower on Thursday.
Market heavyweight SoftBank Group is losing almost 1 percent, while Uniqlo operator Fast Retailing is gaining almost 2 percent. Among automakers, Honda is adding almost 2 percent, while Toyota is losing 1.5 percent.
In the tech space, Advantest is losing almost 3 percent, Tokyo Electron is declining more than 4 percent and Screen Holdings is down almost 1 percent.
In the banking sector, Mitsubishi UFJ Financial is gaining more than 2 percent and Mizuho Financial is adding more than 1 percent, while Sumitomo Mitsui Financial is advancing almost 2 percent.
Among major exporters, Mitsubishi Electric is losing almost 1 percent, while Sony and Panasonic are edging down 0.1 to 0.2 percent each. Canon is soaring almost 8 percent after reporting upbeat results and boosting full-year outlook.
Among other major gainers, Hino Motors is skyrocketing 14 percent, Fujitsu is soaring more than 10 percent, Tokuyama is surging more than 6 percent and Chugai Pharmaceutical is gaining almost 5 percent, while Fuji Electric and Taiyo Yuden are adding almost 4 percent each. IHI and Sumco are advancing more than 3 percent each, while Fanuc, Hitachi and Mitsubishi Heavy Industries are up almost 3 percent each.
Conversely, Renesas Electronics is plunging more than 6 percent, Lasertec is losing more than 4 percent and Nissan Motor is declining algmost 4 percent.
In the currency market, the U.S. dollar is trading in the higher 153 yen-range on Friday.
Elsewhere in Asia, Taiwan is surging 3.4 percent, while New Zealand, China, Singapore and Malaysia are lower by between 0.1 and 0.2 percent each. Hong Kong, South Korea and Indonesia are higher by between 0.6 and 0.8 percent each.
On Wall Street, stocks saw some heavy selling in the final hour of the session on Thursday as the mood turned a bit cautious amid concerns about mega-cap firms’ earnings.
Among the major averages, the Dow managed to settle higher, gaining 81.20 points or 0.20 percent at 39,935.07, while the S&P 500 ended nearly 100 points down from that level, at 5,399.22, losing 27.91 points or 0.51 percent and the Nasdaq ended with a loss of 160.69 points or 0.93 percent at 17,181.72, coming off a high of 17,544.46.
Meanwhile, the major European markets also ended the day mixed. The U.K.’s FTSE 100 gained 0.4 percent, while Germany’s DAX and France’s CAC 40 ended down 0.48 percent and 1.15 percent, respectively.
Crude oil prices climbed higher on Thursday, extending recent gains after data showed a sharper than expected acceleration in U.S. GDP growth in Q2. West Texas Intermediate Crude oil futures for September rose $0.69 at $78.28 a barrel.
