Asian Markets Mostly Higher

(RTTNews) - Asian stock markets are mostly higher on Friday, following the mixed cues from global markets overnight, as traders react to the results of the US Fed's annual bank stress test that showed large banks are well positioned to weather a severe recession and continue to lend to households and businesses even during a severe recession. Asian markets ended mixed on Thursday.

"All 23 banks tested remained above their minimum capital requirements during the hypothetical recession, despite total projected losses of $541 billion," the Fed said.

Meanwhile, traders were also reacting to another batch of largely upbeat U.S. economic data, which further eased recession worries but also renewed concerns about the outlook for interest rates.

The Australian stock market is slightly lower on Friday, extending the slight losses in the previous session, with the benchmark S&P/ASX 200 staying below the 7,200 level, following the mixed cues from global markets overnight, with weakness across most sectors, led by technology stocks. Traders also remain cautious amid the heightened economic uncertainties in China, Australia's largest trading partner.

The benchmark S&P/ASX 200 Index is losing 7.30 points or 0.10 percent to 7,187.60, after hitting a low of 7,165.70 earlier. The broader All Ordinaries Index is down 5.90 points or 0.08 percent to 7,383.70. Australian markets ended slightly lower on Thursday.

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

Oil stocks are mixed. Santos is edging down 0.2 percent, while Beach energy is edging up 0.4 percent. Origin Energy and Woodside Energy are flat.

Among tech stocks, Afterpay owner Block is losing almost 2 percent, while Xero and WiseTech Global are edging down 0.3 to 0.4 percent each. Zip and Appen are flat.

Among the big four banks, Commonwealth Bank is edging up 0.1 percent, Westpac and National Australia Bank are edging down 0.1 percent each. ANZ Banking is flat.

Gold miners are mixed. Northern Star Resources is edging up 0.3 percent, while Evolution Mining and Newcrest Mining are gaining almost 1 percent each. Resolute Mining is losing almost 4 percent. Gold Road Resources is flat.

In the currency market, the Aussie dollar is trading at $0.662 on Friday. The Japanese stock market is notably lower on Friday, giving up some of the gains in the previous two sessions, with the benchmark Nikkei 225 falling below the 33,100 level, following the mixed cues from global markets overnight, with weakness across most sectors, led by financial and technology stocks. The benchmark Nikkei 225 Index closed the morning session at 33,058.99, down 175.15 points or 0.53 percent, after hitting a low of 32,918.77 earlier. Japanese stocks closed slightly higher on Thursday.

Market heavyweight SoftBank Group is edging down 0.1 percent, while Uniqlo operator Fast Retailing is edging up 0.4 percent. Among automakers, Honda is losing more than 1 percent and Toyota is edging down 0.1 percent.

In the tech space, Advantest is edging down 0.1 percent, Screen Holdings is losing almost 1 percent and Tokyo Electron is down more than 1 percent.

In the banking sector, Mitsubishi UFJ Financial is losing almost 1 percent, while Mizuho Financial and Sumitomo Mitsui Financial are edging down 0.3 percent each.

Among major exporters, Sony and Canon are losing more than 1 percent each, while Mitsubishi Electric is gaining almost 1 percent and Panasonic is edging up 0.2 percent.

Among other major losers, Dentsu Group is losing almost 3 percent.

Conversely, Takashimaya is gaining almost 7 percent.

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

Elsewhere in Asia, New Zealand, China, Singapore, South Korea and Malaysia are lower by between 0.1 and 0.3 percent each, while Taiwan is down 0.6 percent. Hong Kong is relatively flat. Indonesia remains closed on account of Eid al-Adha. On Wall Street, stocks once again turned in a relatively lackluster performance throughout much of the trading day on Thursday but managed to close mostly higher following the mixed performance seen in the previous session.

The Dow showed a notable advance, with the blue chip index climbing 269.76 points or 0.8 percent to 34,122.42, the S&P 500 also rose 19.58 points or 0.5 percent to 4,396.44, while the Nasdaq closed nearly unchanged, edging down 0.42 points or less than a tenth of a percent to 13,591.33.

The major European markets also finished the day mixed. While the French CAC 40 Index rose by 0.4 percent, the German DAX Index closed just below the unchanged line and the U.K.'s FTSE 100 Index fell by 0.4 percent.

Crude oil prices climbed higher on Thursday, continuing to benefit from yesterday's report showing a huge decline in crude oil stockpiles in the week ended June 23. Concerns about rising interest rates and economic slowdown limited the uptick in oil prices. West Texas Intermediate Crude oil futures for August ended higher by $0.30 or about 0.4% at $69.86 a barrel.