Asian Markets Mostly Higher

Asian stock markets are mostly higher on Thursday, despite negative cues overnight from Wall Street. Investors are largely upbeat about a stimulus-fueled global economic recovery after reports that the Biden administration is considering up to $3 trillion in additional spending on infrastructure, green energy, and education. Asian markets closed mostly lower on Wednesday.

The Australian stock market is modestly higher on Thursday, extending gains of the previous two sessions, with the benchmark S&P/ASX 200 hovering below the 6,800 level, despite negative cues overnight from Wall Street. Gains in the energy and financial sector are partially offset by weakness in technology stocks which mirrored the steep drop by the tech-heavy Nasdaq.

The benchmark S&P/ASX 200 Index is gaining 13.30 points or 0.20 percent to 6,792.10, after hitting a low of 6,769.90 earlier. The broader All Ordinaries Index is up 9.30 points or 0.13 percent to 7,023.20. Australian markets ended modestly higher on Wednesday.

Among major miners, Fortescue Metals is edging up 0.3 percent, while BHP Group is edging down 0.4 percent and Rio Tinto is losing almost 1 percent.

Oil stocks are higher after crude oil prices rebounded overnight. Oil Search is adding almost 1 percent, Santos and Woodside Petroleum are gaining more than 1 percent each. Beach Energy is up almost 2 percent.

Among Tech stocks, Appen is losing more than 2 percent, WiseTech Global is is down more than 1 percent and Afterpay is declining more than 3 percent.

Among the big four banks, Westpac is flat, while Commonwealth Bank and ANZ Banking are edging up 0.5 percent each. National Australia Bank is adding almost 1 percent.

Gold miners are mixed. Evolution Mining is flat, while Newcrest Mining and Northern Star Resources are edging up 0.3 percent each. Gold Road Resources in down almost 1 percent.

Resolute Mining Ltd share are plummeting more than 21 percent, after emerging from yesterday’s trading halt, as the Ghanaian Minerals Commission terminated the African-focused gold producer’s lease for the Bibiani gold mine in the West African nation. It was in the process of selling Bibiani to Chifeng Jilong Gold Mining Co for US$105 million cash.

Shares in Washington H Soul Pattinson hit a new all-time high and is adding more than 3 percent after the investment house boosted its interim dividend, and projected an improving outlook for the companies under it. It also reported a 35.3 percent increase in statutory profit to $68.9 million for the first half.

Shares in Brickworks are gaining almost 4 percent after the brick and concrete firm reported net profit of $71 million for the first half, despite a 4 percent total revenue drop to $432 million. The company also said it will boost its interim dividend by 1 cent to 21 cents, payable on April 28. Washington H Soul Pattinson holds a 40 percent stake in Brickworks.

In the currency market, the Aussie dollar is trading at $0.760 on Thursday.

The Japanese stock market is higher on Thursday, rebounding from its seven-week low closing, with the Nikkei 225 just above the 28,700 level, as gains in materials and energy stocks offset weakness in technology stocks which mirrored the steep drop by the tech-heavy Nasdaq.

The benchmark Nikkei 225 Index closed the morning session at 28,709.27, up 303.75 points or 1.07 percent, after hitting a low of 28,414.92 in early trades. Japanese shares ended sharply lower on Wednesday.

Market heavyweight SoftBank Group is losing more than 3 percent and Uniqlo operator Fast Retailing is edging down 0.1 3 percent. Among automakers, Honda is adding almost 2 percent and Toyota is edging up 0.4 percent.

In the tech space, Advantest and Tokyo Electron are losing almost 3 percent each. In the banking sector, Mitsubishi UFJ Financial is adding more than 2 percent and Sumitomo Mitsui Financial is up almost 3 percent.

The major exporters are mostly higher. Mitsubishi Electric is rising more than 1 percent, Canon is adding nearly 4 percent and Panasonic is gaining almost than 2 percent. Sony is losing more than 1 percent.

Among the other major gainers, Mitsui Mining is adding almost 5 percent, while Konica Minolta, Aozora Bank, Mitsubishi Materials and Nippon Light Metals are gaining more than 4 percent each. Canon, Minebea Mitsumi, Sunitomo Heavy industries, Tokyu Fudosan, Sumitomo Osaka Cement and Nippon Suisan Kaisha are up almost 3 percent each.

Conversely, Hino motors is losing almost 7 percent, while DeNA, Rakuten, Z Holdings, M3 and Sumco Corp. are down more than 2 percent each.

In the currency market, the U.S. dollar is trading in higher 108 yen-range on Thursday.

Elsewhere in Asia, New Zealand, Shanghai, Singapore, Taiwan, Hong Kong and South Korea are all advancing between 0.2 and 0.7 percent each. Meanwhile, Malaysia and Indonesia are relatively flat.

On Wall Street, stocks saw further downside over the course of the trading day on Wednesday after coming under pressure late in the previous session. Technology stocks helped lead the way lower, resulting in a steep drop by the tech-heavy Nasdaq.

The major averages all closed in negative territory, although the Dow edged down just 3.09 points or less than a tenth of a percent to 32,420.06. The Nasdaq plunged 265.81 points or 2 percent to 12,961.89 and the S&P 500 slid 21.38 points or 0.6 percent to 3,889.14.

Meanwhile, the major European markets turned in a mixed performance the day. While the German DAX Index fell by 0.4 percent, the French CAC 40 Index closed just above the unchanged line and the U.K.’s FTSE 100 Index inched up by 0.2 percent.

Crude oil futures surged on Wednesday after a container ship got struck in the Suez Canal and raised concerns about possible supply disruptions. West Texas Intermediate Crude oil futures for May ended up $3.42 or 5.9 percent at $61.18 a barrel.

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