Asian Markets Mostly Higher Amid Cautious Trades

(RTTNews) - Asian stock markets are trading mostly higher on Friday, despite the broadly negative cues from Wall Street overnight, with traders remaining largely cautious after data showing stronger than expected US private jobs growth points to continued strength in the labor market, which will see the lower interest rate hikes to continue. Asian markets ended mostly higher on Thursday.

Traders also await the key U.S. monthly jobs data due later in the day that could influence the US Fed's policy trajectory.

The Australian stock market is modestly higher on Friday, extending the gains in the previous two sessions, with the benchmark S&P/ASX 200 staying below the 7,100 level, despite the broadly negative cues from Wall Street overnight, boosted by gains in mining and energy stocks amid a rebound in commodity prices.

The benchmark S&P/ASX 200 Index is gaining 41.50 points or 0.59 percent to 7,105.10, after touching a high of 7,106.60 earlier. The broader All Ordinaries Index is up 44.30 points or 0.61 percent to 7,303.60. Australian markets ended slightly higher on Thursday.

Among major miners, BHP Group and Rio Tinto are gaining almost 3 percent each, while Fortescue Metals is adding almost 2 percent and Mineral Resources is advancing more than 3 percent. OZ Minerals is flat.

Oil stocks are higher. Santos, Woodside Energy and Origin Energy are gaining almost 1 percent each, while Beach energy is edging up 0.1 percent.

Among tech stocks, Afterpay owner Block and Appen are losing almost 1 percent each, while Zip and Xero are declining almost 3 percent each. WiseTech Global is edging up 0.1 percent.

Among the big four banks, National Australia Bank, Westpac and Commonwealth Bank are edging down 0.4 to 0.5 percent each, while ANZ Banking is flat. Gold miners are mostly higher. Northern Star Resources and Gold Road Resources are gaining almost 1 percent each, while Newcrest Mining is adding more than 1 percent and Evolution Mining is edging up 0.5 percent. Resolute Mining is losing more than 2 percent.

In other news, shares in Magellan Financial Group are plunging more than 9 percent after it reported a decline in assets under management.

In the currency market, the Aussie dollar is trading at $0.676 on Friday. The Japanese stock market is notably higher on Friday after opening in the red, extending the gains in the previous session, with the benchmark Nikkei 225 moving to a tad below the 26,000 mark, despite the broadly negative cues from Wall Street overnight, as traders reacted to domestic data that showed services sector activity growth for showed a fourth-consecutive month in December. The benchmark Nikkei 225 Index closed the morning session at 25,975.14, up 154.34 points or 0.60 percent, after touching a high of 25,979.24 and a low of 25,719.61. Japanese stocks closed modestly higher on Thursday.

Market heavyweight SoftBank Group is gaining more than 1 percent and Uniqlo operator Fast Retailing is adding almost 1 percent. Among automakers, Honda is gaining more than 1 percent and Toyota is edging up 0.2 percent.

In the tech space, Advantest is declining almost 1 percent, while Screen Holdings is edging up 0.5 percent and Tokyo Electron is gaining more than 1 percent.

In the banking sector, Mizuho Financial is gaining 1.5 percent and Sumitomo Mitsui Financial is adding almost 1 percent, while Mitsubishi UFJ Financial is edging down 0.4 percent.

Among major exporters, Canon and Panasonic are edging up 0.1 percent each, while Sony is gaining more than 1 percent. Mitsubishi Electric is losing almost 1 percent. Among the other major gainers, Kawasaki Kisen Kaisha is gaining more than 3 percent and Mitsui O.S.K. Lines is adding almost 3 percent.

Conversely, Nippon Sheet Glass is losing almost 4 percent and Citizen Watch is declining almost 3 percent.

In the currency market, the U.S. dollar is trading in the higher 133 yen-range on Friday.

Elsewhere in Asia, is down 1.2 percent, while, China, Hong Kong, Singapore, South Korea, Taiwan and Indonesia are higher by between 0.1 and 0.9 percent each. New Zealand and Malaysia are down 0.4 and 0.2 percent, respectively.

On Wall Street, stocks moved sharply lower in early trading on Thursday and remained firmly negative throughout the session. With the steep drop on the day, the major averages more than offset the gains posted in the previous session.

The major averages all showed notable moves to the downside on the day. The Dow slumped 339.69 points or 1.0 percent to 32,930.08, the Nasdaq plunged 152.52 points or 1.5 percent to 10,305.24 and the S&P 500 tumbled 44.87 points or 1.2 percent to 3,808.10.

Meanwhile, the major European markets turned in a mixed performance on the day. While the U.K.'s FTSE 100 Index climbed by 0.6 percent, the French CAC 40 Index edged down by 0.2 percent and the German DAX Index fell by 0.4 percent.

Crude oil futures settled higher on Thursday, rebounding from recent losses, after data showed gasoline and distillate stockpiles dropped in the week ended December 30th. West Texas Intermediate Crude oil futures for February ended higher by $0.83 or about 1.1 percent at $73.67 a barrel.