Asian Markets Mixed In Cautious Trades

(RTTNews) - Asian stock markets are trading mixed on Friday, following the broadly positive cues from Wall Street overnight, as traders continue to be cautious amid ongoing uncertainty over trade deals between the U.S. and its trade partner countries as well as the threat of heavy tariffs. Meanwhile, the stronger-than-expected U.S. jobs report helped ease investor concerns about a potential economic slowdown. Asian markets ended mixed on Thursday.

Though traders reacted positively to the U.S. jobs data, it is likely to reduce the chances of a near-term interest rate cut by the US Federal Reserve.

Analysts feel that the decision by Fed in the coming weeks and the upcoming trade deals could decide the direction of global markets.

The Australian stock market is trading modestly higher on Friday, reversing the slight losses in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,600 level, with gains in financial and technology stocks partially offset by weakness in mining stocks.

The benchmark S&P/ASX 200 Index is gaining 13.70 points or 0.16 percent to 8,609.50, after touching a high of 8,616.80 earlier. The broader All Ordinaries Index is up 15.40 points or 0.17 percent to 8,849.00. Australian stocks closed slightly lower on Thursday.

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

Oil stocks are mostly lower. Santos is edging down 0.1 percent and Beach energy is losing almost 1 percent, while Origin Energy is gaining more than 1 percent. Woodside Energy is flat.

Among tech stocks, Afterpay-owner Block is losing almost 1 percent, while WiseTech Global is gaining more than 1 percent, Appen is surging more than 7 percent and Xero is adding almost 2 percent. Zip is flat.

Among the big four banks, National Australia Bank and Westpac are edging up 0.4 percent each, while ANZ Banking is gaining almost 1 percent. Commonwealth Bank is losing almost 1 percent.

Gold miners are mostly lower. Evolution Mining, Resolute Mining and Northern Star Resources are losing more than 1 percent each, while Gold Road Resources is edging down 0.2 percent. Newmont is gaining almost 1 percent.

In other news, shares in Silk Logistics are skyrocketing more than 22 percent after the ACCC announced it would not oppose DP World Australia's $174 million takeover of the national container services provider.

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

Extending the slight gains in the previous session, the Japanese market is modestly higher on Friday, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving well above the 39,800 level, with gains in exporters, financial and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 39,828.20, up 42.30 points or 0.11 percent, after touching a high of 40,012.66 earlier. Japanese shares ended slightly higher on Thursday.

Market heavyweight SoftBank Group is flat and Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Toyota is edging down 0.5 percent and Honda is losing almost 1 percent.

In the tech space, Advantest is gaining almost 3 percent, Tokyo Electron is adding more than 1 percent and Screen Holdings is advancing almost 4 percent.

In the banking sector, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are gaining almost 2 percent each, while Mizuho Financial is adding more than 2 percent.

Among the major exporters, Sony is gaining almost 2 percent, Canon is edging up 0.2 percent and Mitsubishi Electric is adding almost 1 percent, while Panasonic is edging down 0.3 percent.

Among other major gainers, Ryohin Keikaku is gaining almost 4 percent.

Conversely, there are no other major losers.

In economic news, the average of household spending in Japan was up 4.7 percent on year in May, the Ministry of Economy, Trade and Industry said on Friday - coming in at 316,085 yen. That beat forecasts for an increase of 1.3 percent following the 0.1 percent contraction in April.

On a monthly basis, household spending rose a seasonally adjusted 4.6 percent - again exceeding expectations for a gain of 0.4 percent following the 1.8 percent decline in the previous month. The average of monthly income per household stood at 522,318 yen, up 0.4 percent from the previous year.

In the currency market, the U.S. dollar is trading in the higher 144 yen-range on Friday.

Elsewhere in Asia, Hong Kong and South Korea are down 1.2 and 1.7 percent, respectively. Singapore and Taiwan are down 0.3 and 0.5 percent, respectively. New Zealand, China, Malaysia and Indonesia are higher by between 0.1 and 0.4 percent each. On Wall Street, stocks saw continued strength during trading on Thursday after moving mostly higher over the course of Wednesday's session. With the continued advance, the Nasdaq and the S&P 500 once again reached new record closing highs.

The major averages moved roughly sideways after an early upward move, hovering firmly in positive territory. The Nasdaq jumped 207.97 points or 1.0 percent to 20,601.10, the S&P 500 advanced 51.93 points or 0.8 percent to 6,279.35 and the Dow climbed 344.11 points or 0.7 percent to 44,828.53.

The major European markets also moved to the upside on the day. While the French CAC 40 Index crept up by 0.6 percent, the U.K.'s FTSE 100 Index and the German DAX Index both climbed by 0.6 percent.

Crude oil prices settled lower on Thursday as excess U.S. inventories and an upcoming OPEC+ meeting triggered supply side concerns. West Texas Intermediate crude for August delivery closed down by $0.45, to settle at $67 per barrel.