Asian Markets Mixed Amid Cautious Trades

(RTTNews) - Asian stock markets are trading mixed on Friday, following the broadly negative cues from global markets overnight, as traders remain cautious and seemed reluctant to make significant moves ahead of the highly anticipated US monthly jobs report later in the day as well as next week's US presidential election. The uncertainty about the outlook for interest rate cuts weighed on market sentiment. Asian markets ended mostly lower on Thursday.

The Australian stock market is significantly lower on Friday, extending the losses in the previous two sessions, following the broadly negative cues from global markets overnight. The benchmark S&P/ASX 200 is falling below the 8,100 level, with weakness across most sectors led by mining, financial and technology stocks.

The benchmark S&P/ASX 200 Index is losing 75.60 points or 0.93 percent to 8,084.40, after hitting a low of 8,063.20 earlier. The broader All Ordinaries Index is down 74.40 points or 0.88 percent to 8,347.70. Australian markets ended modestly lower on Thursday.

Among major miners, BHP Group and Fortescue Metals are losing almost 1 percent each, while Rio Tinto is edging down 0.1 percent and Mineral Resources is declining almost 2 percent.

Oil stocks are mostly weak. Woodside Energy is gaining almost 1 percent, while Origin Energy is edging down 0.2 percent. Santos and Beach energy are flat.

Among tech stocks, Afterpay owner Block is losing more than 1 percent, Zip is declining more than 2 percent and WiseTech Global Energy is edging down 0.2 percent, while Xero and Appen are down almost 2 percent each.

Among the big four banks, Commonwealth Bank, ANZ Banking and Westpac are losing more than 1 percent each, while National Australia Bank is declining almost 2 percent. Gold miners are mostly lower. Evolution Mining is losing almost 3 percent, Northern Star Resources is down almost 2 percent, Newmont is declining 2.5 percent, Resolute Mining is slipping more than 3 percent and Gold Road Resources is sliding more than 1 percent.

In economic news, the manufacturing sector in Australia continued to contract in October, albeit at a slower rate, the latest survey from Judo Bank revealed on Friday with a manufacturing PMI score of 47.3. That's up from 46.7 in September, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

Meanwhile, the Australian Bureau of Statistics said producer prices in Australia were up 0.9 percent on quarter in the third quarter of 2024. That exceeded expectations for an increase of 0.7 percent, although it eased 0.1.0 percent in the three months prior. On a yearly basis, producer prices climbed 3.9 percent - roughly in line with forecasts and down from 4.8 percent in the previous three months.

In the currency market, the Aussie dollar is trading at $0.657 on Friday.

Extending the losses in the previous session, the Japanese stock market is sharply lower on Friday, following the broadly negative cues from global markets overnight. The benchmark Nikkei 225 is falling more than 2 percent to be just above the 38,200 level, with weakness across most sectors led by index heavyweights and technology stocks after the Bank of Japan kept rates steady and warned of high uncertainties.

The benchmark Nikkei 225 Index closed the morning session at 38,196.53, down 884.72 points or 2.26 percent, after hitting a low of 38,180.35 earlier. Japanese stocks closed notably lower on Thursday.

Market heavyweight SoftBank Group is losing more than 5 percent and Uniqlo operator Fast Retailing is declining almost 2 percent. Among automakers, Honda is losing 1.5 percent and Toyota is declining almost 2 percent.

In the tech space, Advantest is losing almost 3 percent and Tokyo Electron is declining more than 3 percent, while Screen Holdings is gaining almost 1 percent.

In the banking sector, Mitsubishi UFJ Financial and Mizuho Financial are edging up 0.1 to 0.4 percent each, while Sumitomo Mitsui Financial is edging down 0.3 percent.

Among major exporters, Canon is losing more than 1 percent and Sony is down almost 1 percent, while Panasonic is soaring more than 10 percent and Mitsubishi Electric is skyrocketing almost 15 percent.

Among other major losers, Lasertec is plummeting almost 15 percent, Socionext is plunging more than 11 percent, Fujitsu is sliding more than 9 percent, Renesas Electronics is slipping almost 7 percent and Shiseido is declining more than 6 percent, while Fujikura and Sumitomo Heavy Industries are losing more than 5 percent each. Nikon is down almost 5 percent, while Nippon Electric Glass, TDK, Hitachi, Nitto Denko, NTN and Furukawa Electric are declining more than 4 percent each.

Conversely, Fuji Electric and Keisei Electric Railway are gaining more than 5 percent each, while JTEKT is adding more than 4 percent. Oriental Land and Resona Holdings are advancing almost 3 percent each.

In economic news, the manufacturing sector in Japan continued to contract in October, and at a faster rate, the latest survey from Jibun Bank revealed on Friday with a manufacturing PMI score of 49.2. That's down from 49.7 in September, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

In the currency market, the U.S. dollar is trading in the lower 152 yen-range on Friday.

Elsewhere in Asia, New Zealand, Malaysia, Singapore, Taiwan and Indonesia are lower by between 0.3 and 0.9 percent each. China, Hong Kong and South Korea are higher by between 0.1 and 0.6 percent each.

On Wall Street, stocks continued to see considerable weakness throughout the trading day on Thursday after moving sharply lower early in the session. The Nasdaq saw a particularly steep drop on the day amid a sell-off by technology stocks.

The major averages saw further downside going into the close, ending the session near their worst levels of the day. The Nasdaq plunged 512.78 points or 2.8 percent to 18,095.15, the S&P 500 tumbled 108.22 points or 1.9 percent to 5,705.45 and the Dow slumped 378.08 points or 0.9 percent to 41,763.46.

The major European markets also moved to the downside on the day. While the French CAC 40 Index slumped 1.1 percent, the German DAX Index slid by 0.9 percent and the U.K.'s FTSE 100 Index declined by 0.6 percent.

Crude oil prices climbed higher on Thursday amid expectations of increased demand from the U.S. and a likely delay in OPEC's planned output increase from December. West Texas Intermediate Crude oil futures for December ended higher by $0.65 or 0.95 percent at $69.26 a barrel.