Asian Markets Track Global Markets Lower

(RTTNews) - Asian stock markets are mostly lower on Wednesday, following the broadly positive cues from Wall Street overnight, as weak crude oil and bullion prices triggered some heavy selling at several counters in energy and materials sectors. The US dollar also strengthened against major currencies in the region. Asian markets closed mostly lower on Tuesday.

Hopes also dwindled on an interest rate cut in the near future following some hawkish comments from central bank officials. US Fed Governor Christopher Waller said interest rate cuts are likely this year, but added that the central bank can take its time relaxing monetary policy. He said the process should be "carefully calibrated and not rushed."

Australian shares are trading modestly lower in choppy trading on Wednesday, extending the losses in the previous three sessions, with the benchmark S&P/ASX 200 falling below the 7,400 level, following the broadly negative cues from global markets overnight, with losses in gold miners, technology and energy stocks amid tumbling gold and crude oil prices.

The benchmark S&P/ASX 200 Index is losing 20.30 points or 0.27 percent to 7,394.50, after hitting a low of 7,394.40 earlier. The broader All Ordinaries Index is down 20.50 points or 0.27 percent to 7,626.60. Australian stocks ended sharply lower on Tuesday.

Among major miners, Mineral Resources, Fortescue Metals and Rio Tinto are gaining more than 1 percent each, while BHP Group is adding almost 1 percent.

Oil stocks are mostly lower. Santos is losing almost 1 percent and Woodside Energy is declining more than 1 percent, while Origin Energy and Beach energy are edging up 0.1 to 0.2 percent each. In the tech space, Afterpay owner Block is losing almost 1 percent and Appen is declining more than 3 percent, while Xero and Zip are edging up 0.2 to 0.4 percent each. WiseTech Global is flat.

Among the big four banks, , ANZ Banking is edging up 0.5 percent and National Australia Bank is gaining almost 1 percent, while Commonwealth Bank and Westpac are edging down 0.2 to 0.5 percent each.

Among gold miners, Newmont and Resolute Mining are declining almost 4 percent each, while Gold Road Resources is sliding more than 3 percent, Northern Star Resources is losing more than 4 percent and Evolution Mining is plummeting almost 20 percent after it revised the production guidance for its Red Lake mine, in northern Ontario, Canada.

In the currency market, the Aussie dollar is trading at $0.658 on Wednesday.

The Japanese stock market is notably higher on Wednesday, recouping the losses in the previous session, despite the broadly negative cues from global markets overnight. The Nikkei 225 moved above the 35,800 mark, with gains across most sectors, led by index heavyweights, exporters and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 35,810.35, up 191.17 points or 0.54 percent, after touching a high of 36,239.22 earlier. Japanese stocks ended significantly lower on Tuesday.

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

In the tech space, Advantest and Tokyo Electron are gaining more than 2 percent each, while Screen Holdings is advancing almost 2 percent.

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

Among the major exporters, Sony is advancing almost 3 percent, Mitsubishi Electric is gaining almost 2 percent, Canon is adding almost 1 percent and Panasonic is up more than 1 percent.

Among other major gainers, Furukawa Electric is surging more than 6 percent, while CyberAgent and Kawasaki Kisen Kaisha are advancing more than 5 percent each. Lasertec, Mitsubishi and Mitsui O.S.K. Lines are gaining almost 5 percent each. Toyota Tsusho and Sompo Holdings are adding more than 4 percent each, while Marubeni, MS&AD Insurance, Fuji Electric, Aeon, Fujikura, Nippon Yusen K.K. and Toppan Holdings are advancing almost 4 percent each.

Conversely, Nexon is losing more than 3 percent and Fujitsu is declining almost 3 percent.

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

Elsewhere in Asia, Hong Kong and South Korea are down 2.7 and 1.7 percent, respectively. New Zealand, China Singapore Malaysia, Taiwan and Indonesia are lower by between 0.1 and 0.9 percent each.

On the Wall Street, stocks closed notably lower on Tuesday as higher Treasury yields and concerns that the Federal Reserve may not cut interest rates anytime soon hurt sentiment.

The major averages all ended in the red with the Dow finishing with a more pronounced loss. The Dow settled with a loss of 231.86 points or 0.62 percent at 37,361.12, the S&P 500 ended down 17.85 points or 0.37 percent at 4,765.98 and the Nasdaq closed with a marginal loss of 28.41 points or 0.19 percent at 14,944.35.

The major European markets also moved to the downside on the day. The U.K.'s FTSE 100 drifted down 0.48 percent, Germany's DAX dropped 0.3 percent and France's CAC 40 settled lower by 0.18 percent.

Crude oil prices fell on Tuesday as a stronger dollar and forecasts that weather in the U.S. will be warmer than normal weighed on oil prices. West Texas Intermediate Crude oil futures ended down $0.28 at $72.40 a barrel.