Asian Markets Track Global Markets Higher

(RTTNews) - Asian stock markets are trading mostly higher on Thursday, following the broadly positive cues from global markets overnight, amid optimism about the outlook for U.S. interest rates after a report showed US private sector job growth slowed by more than expected in the month of May. Treasury yields also extended the recent downward trend. Asian Markets closed mixed on Wednesday.

The Australian market is significantly higher on Thursday, adding to the gains in the previous session, following the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is moving above the 7,800 level, with gains across most sectors led by gold miners and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 54.50 points or 0.70 percent to 7,823.50, after touching a high of 7,835.60 earlier. The broader All Ordinaries Index is up 53.10 points or 0.66 percent to 8,075.30. Australian stocks ended modestly higher on Wednesday.

Among major miners, Rio Tinto is losing more than 1 percent, while Fortescue Metals is edging up 0.3 percent and Mineral Resources is adding almost 1 percent. BHP Group is flat.

Oil stocks are mostly higher. Woodside Energy, Beach energy and Santos are edging up 0.1 to 0.2 percent each, while Origin Energy is adding almost 1 percent.

In the tech space, Xero and Appen are adding almost 1 percent each, while Zip is edging up 0.4 percent and WiseTech Global is gaining 2.5 percent. Afterpay owner Block is edging down 0.2 percent.

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

Among gold miners, Evolution Mining and Resolute Mining are gaining almost 2 percent each, while Gold Road Resources is advancing more than 3 percent, Newmont is adding almost 1 percent and Northern Star Resources is rising more than 2 percent.

In other news, shares in IDP Education are tumbling 8 percent after it warned of a large reduction in business due to restrictive policy in Australia and around the world for international students.

Shares in SkyCity are plunging 18 percent after the Auckland casino operator trimmed its guidance for net profit in financial 2024, blaming the weak economy in recession-hit New Zealand and a delay in launching a new hotel project.

In the currency market, the Aussie dollar is trading at $0.667 on Thursday. Recouping some of the losses in the previous two sessions, the Japanese market is sharply higher on Thursday, following the broadly positive cues from global markets overnight. The Nikkei 225 is moving above the 39,900 level, with gains across most sectors led by index heavyweights and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 38,841.75, up 351.58 points or 0.91 percent, after touching a high of 39,911.93 earlier. Japanese shares ended significantly lower on Wednesday.

Market heavyweight SoftBank Group is gaining more than 4 percent and Uniqlo operator Fast Retailing is edging up 0.2 percent. Among automakers, Toyota is gaining almost 2 percent and Honda is adding almost 1 percent.

In the tech space, Advantest is surging almost 5 percent, Tokyo Electron is gaining more than 4 percent and Screen Holdings is adding almost 2 percent.

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

Among the major exporters, Canon is gaining more than 1 percent and Sony is adding almost 2 percent, while Mitsubishi Electric is edging out 0.5 percent and Panasonic is losing almost 1 percent.

Among other major gainers, Credit Saison is surging almost 6 percent, while Kawasaki Kisen Kaisha, Dowa Holdings, Fujikura and Disco are gaining more than 4 percent each. Daiichi Sankyo is adding almost 4 percent, while Mitsubishi Logistics, Mitsui Mining & Smelting and Tosoh are advancing more than 3 percent each. Nippon Yusen K.K., Idemitsu Kosan and NEC are up almost 3 percent each.

Conversely, Alps Alpine is plunging almost 5 percent, Lasertec is losing almost 1 percent and Mercari is declining almost 3 percent.

In the currency market, the U.S. dollar is trading in the higher 155 yen-range on Thursday.

Elsewhere in Asia, Taiwan and Indonesia are up 1.9 and 1.0 percent, respectively, while Hong Kong, Malaysia and Singapore are higher by between 0.2 and 0.5 percent each. New Zealand and China are down 0.1 and 0.3 percent, respectively. South Korea is closed for the Memorial Day holiday.

On Wall Street, stocks moved sharply higher over the course of the trading day on Wednesday, adding to the modest gains posted in the previous session. With the rally on the day, the Nasdaq and the S&P 500 reached new record closing highs.

The Nasdaq and the S&P 500 saw further upside going into the close, reaching new highs for the session. The Nasdaq surged 330.86 points or 2.0 percent to 17,187.90 and the S&P 500 jumped 62.69 points or 1.2 percent to 5,354.03, while the narrower Dow posted a more modest gain, rising 96.04 points or 0.3 percent to 38,807.33.

The major European markets all also moved to the upside on the day. While the U.K.'s FTSE 100 Index edged up by 0.2 percent, the French CAC 40 Index and the German DAX Index both advanced by 0.9 percent.

Crude oil prices bounced higher from four-month lows after OPEC decided not to extend production cuts. West Texas Intermediate for July delivery was up $1.04 or 1.42 percent to $74.29 per barrel.