Asian Markets Mostly Higher

Asian stock markets are trading mostly higher on Friday, despite the broadly negative cues from global markets overnight, as traders took the opportunity to pick up stocks at relatively reduced levels following the recent sell-off. They are also reluctant to make significant moves while assessing the monetary policy moves of several central banks and the outlook for global economic growth. Asian markets ended mostly lower on Thursday.

The Australian stock market is slightly higher on Friday, recouping some of the losses in the previous two sessions, with the benchmark S&P/ASX 200 staying a tad below the 7,400 level, despite the broadly negative cues from global markets overnight, as traders await the Reserve Bank of Australia’s Monetary Policy later in the day. Gains in mining and energy stocks were partially offset by weakness in technology stocks.

The benchmark S&P/ASX 200 Index is losing 13.10 points or 0.18 percent to 7,298.60, after hitting a low of 7,294.60 earlier. The broader All Ordinaries Index is down 13.70 points or 0.18 percent to 7,508.60. Australian markets ended notably lower on Thursday.

Among major miners, BHP Group and Rio Tinto are gaining almost 1 percent each, while Fortescue Metals and Mineral Resources are edging up 0.1 to 0.4 percent each.

Oil stocks are higher. Santos and Origin Energy are edging up 0.2 to 0.5 percent each, while Woodside Energy is gaining more than 1 percent and Beach energy is advancing more than 2 percent.

Among tech stocks, Afterpay owner Block is plummeting more than 10 percent. Zip and Xero are losing more than 1 percent each, while WiseTech Global and Appen are edging up 0.3 to 0.3 percent each.

Among the big four banks, Commonwealth Bank is edging up 0.2 percent and ANZ Banking is gaining more than 1 percent, while Westpac and National Australia Bank are adding almost 1 percent each.

Gold miners are mostly lower. Northern Star Resources is losing 1.5 percent and Gold Road Resources is down almost 1 percent, while Evolution Mining and Newcrest Mining are edging down 0.5 percent each. and Resolute Mining is flat.

In other news, shares in ResMed are plunging more than 11 percent after the medical devices maker reported results that came in below analyst estimates.

In the currency market, the Aussie dollar is trading at $0.658 on Friday.

The Japanese stock market is modestly lower in choppy trading on Friday, extending the sharp losses in the previous two sessions, with the benchmark Nikkei 225 staying below the 32,200 level, following the broadly negative cues from global markets overnight, as traders remain cautious and track the yen and bond yields after the Bank of Japan made adjustments to its yield curve control policy last week.

The benchmark Nikkei 225 Index closed the morning session at 32,130.94, down 28.34 points or 0.09 percent, after hitting a low of 31,934.35 earlier. Japanese stocks closed sharply lower on Thursday.

Market heavyweight SoftBank Group is gaining almost 1 percent and Uniqlo operator Fast Retailing is edging up 0.5 percent. Among automakers, Honda is edging down 0.5 percent, while Toyota is gaining 1.5 percent.

In the tech space, Advantest is edging up 0.4 percent, Tokyo Electron is gaining 1.5 percent and Screen Holdings is adding almost 2 percent.

In the banking sector, Mitsubishi UFJ Financial and Mizuho Financial are gaining more than 1 percent each, while Sumitomo Mitsui Financial is adding almost 1percent.

Among major exporters, Sony and Mitsubishi Electric are edging down 0.1 percent each, while Panasonic is losing more than 1 percent. Canon is edging up 0.3 percent.

Among other major losers, Furukawa Electric is plunging more than 8 percent, Kyowa Kirin is losing more than 5 percent and Asahi Kasei is down more than 3 percent, while GS Yuasa, Sumitomo Pharma and Nintendo are declining almost 3 percent each.
Asahi Kasei Corp.

Conversely, Z Holdings is soaring almost 12 percent, while Casio Computer and Yamato Holdings are surging more than 6 percent. CyberAgent and Kao are gaining more than 4 percent each. Konami Group is adding more than 3 percent.

In the currency market, the U.S. dollar is trading in the higher 142 yen-range on Friday.

Elsewhere in Asia, China, Hong Kong, Malaysia and Indonesia are higher by between 0.1 and 0.7 percent each, while Singapore and Taiwan are down 0.3 and 0.1 percent, respectively. New Zealand and South Korea are relatively flat.

On Wall Street, stocks fluctuated over the course of the trading session on Thursday after an early move to the downside. The major averages bounced back and forth across the unchanged line before closing modestly lower.

The Dow slipped 66.63 points or 0.2 percent to 35,215.89, the Nasdaq edged down 13.73 points or 0.1 percent to 13,959.72 and the S&P 500 dipped 11.50 points or 0.3 percent to 4,501.89.

The major European markets also moved to the downside on the day. While the U.K.’s FTSE 100 Index declined by 0.4 percent, the French CAC 40 Index and the German DAX Index slid by 0.7 percent and 0.8 percent, respectively.

Crude oil prices climbed higher Thursday after Saudi Arabia announced that it would extend its production cut to next month. West Texas Intermediate Crude oil futures for September climbed $2.06 or 2.6 percent at $81.66 a barrel.

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