Asian Markets Track Global Markets Lower

(RTTNews) - Asian stock markets are trading mostly lower on Thursday, following the broadly negative cues from global markets overnight and reflecting ongoing concerns about the outlook for the global economy following the recent release of disappointing economic data across the globe. The spike in crude oil prices and the strength of the US dollar against major Asian currencies also weighed on sentiment. Asian Markets closed mixed on Wednesday.

The stronger-than-expected US services sector data further renewed inflation and interest rate concerns.

The Australian stock market is sharply lower on Thursday, extending the losses in the previous two sessions, with the benchmark S&P/ASX 200 falling below the 7,200 level, following the broadly negative cues from global markets overnight, with losses across most sectors, led by mining stocks amid weaker metals prices.

The benchmark S&P/ASX 200 Index is losing 83.80 points or 1.16 percent to 7,173.30, after hitting a low of 7,164.30 earlier. The broader All Ordinaries Index is down 83.20 points or 1.12 percent to 7,378.40. Australian stocks ended significantly lower on Wednesday.

Among major miners, BHP Group is losing almost 4 percent and Fortescue Metals is down almost 1 percent, while Rio Tinto and Mineral Resources are slipping more than 1 percent each.

Oil stocks are mixed. Santos is edging down 0.1 percent and Woodside Energy is losing almost 1 percent, while Beach energy is gaining more than 3 percent and Origin Energy is edging up 0.3 percent.

In the tech space, Afterpay owner Block, Appen and WiseTech Global are losing more than 1 percent each, while Xero is edging down 0.5 percent. Zip is gaining almost 1 percent. Among the big four banks, Commonwealth Bank, Westpac and National Australia Bank are edging down 0.3 to 0.5 percent each, while ANZ Banking is losing almost 1 percent. Among gold miners, , Northern Star Resources and Gold Road Resources are losing more than 1 percent each, while Resolute Mining is gaining almost 3 percent. Evolution Mining and Newcrest Mining are flat.

In other news, shares in Austal are surging more than 4 percent after the shipbuilder won a $143 million contract with the US Navy.

In the currency market, the Aussie dollar is trading at $0.637 on Thursday.

The Japanese stock market is slightly lower in choppy trading on Thursday, snapping an eight-session winning streak, with the Nikkei 225 falling to a tad above the 33,200 level, following the broadly negative cues from global markets overnight, with weakness in technology stocks partially offset by gains in index heavyweights.

The benchmark Nikkei 225 Index closed the morning session at 33,204.82, down 36.20 points or 0.11 percent, after hitting a low of 33,096.47 earlier. Japanese stocks closed notably higher on Wednesday.

Market heavyweight SoftBank Group is edging up 0.3 percent and Uniqlo operator Fast Retailing is gaining almost 1 percent. Among automakers, Toyota is edging up 0.5 percent and Honda is flat.

In the tech space, Advantest is losing more than 4 percent and Screen Holdings is down more than1 percent, while Tokyo Electron is edging up 0.1 percent.

In the banking sector, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are edging up 0.2 percent each, while Mizuho Financial is edging down 0.2 percent.

Among the major exporters, Panasonic is gaining almost 1 percent, while Mitsubishi Electric and Sony are edging down 0.3 percent each. Canon is flat.

Among other major losers, NTN is losing more than 4 percent and M3 is declining more than 3 percent, while Pacific Metals, Hoya, Minebea Mitsumi and Nidec are down almost 3 percent.

Conversely, Mitsui E&S surging almost 7 percent and Kawasaki Heavy Industries is gaining almost 6 percent, while Mitsubishi Heavy Industries, IHI, Nippon Sheet Glass and Nippon Paper Industries are adding more than 3 percent each. Hitachi Construction Machinery, Tobu Railway, Sapporo Holdings, JGC Holdings, Inpex and Kajima are advancing almost 3 percent each.

In the currency market, the U.S. dollar is trading in the higher 147 yen-range on Thursday.

Elsewhere in Asia, New Zealand, China, Hong Kong, Singapore, South Korea and Taiwan are lower by between 0.1 and 0.7 percent each. Malaysia and Indonesia are relatively flat. On Wall Street, stocks saw further downside during trading on Wednesday after ending the previous session mostly lower. The major averages all decreased on the day, with the tech-heavy Nasdaq showing a notable decline.

The major averages climbed off their worst levels in afternoon trading but remained firmly negative. The Nasdaq tumbled 148.48 points or 1.1 percent to 13,872.47, the S&P 500 slid 31.35 points or 0.7 percent to 4,465.48 and the Dow fell 198.78 points or 0.6 percent to 34,443.19.

The major European markets have all also moved to the downside on the day. While the French CAC 40 Index slumped by 0.8 percent, the U.K.'s FTSE 100 Index and the German DAX Index both edged down by 0.2 percent.

Crude oil prices extended recent gains and moved higher on Wednesday, lifting the futures contract to a fresh nine-month closing high - fueled by the decision by Russia and Saudi Arabia to extend production cuts. West Texas Intermediate crude oil futures for October ended higher by $0.85 or 1 percent at $87.54 a barrel.