Asian Markets Track Wall Street Higher

(RTTNews) - Asian stock markets are trading mostly higher on Thursday, following the broadly positive cues from Wall Street overnight, as traders react positively to news of a one-month delay in certain U.S. tariffs on Mexico and Canada imports as well as tumbling crude oil prices. Asian Markets closed mixed on Wednesday.

The White House lconfirmed the exemption for automakers, noting the move came after US President Donald Trump spoke with heads of General Motors (GM), Ford Motor (F) and Stellantis (STLA). The White House also indicated that Trump is open to further tariff concessions, easing concerns about potential economic fallout.

The Australian market is trading notably lower on Thursday, extending the losses in the previous two sessions, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,100 level, with weakness in energy, technology s and financial stocks partially offset by gains in mining stocks.

The benchmark S&P/ASX 200 Index is losing 55.60 points or 0.68 percent to 8,085.50, after hitting a low of 8,084.40 earlier. The broader All Ordinaries Index is down 45.80 points or 0.55 percent to 8,317.30. Australian stocks ended significantly lower on Wednesday.

Among major miners, Mineral Resources is gaining almost 5 percent and Fortescue Metals is adding more than 1 percent, while Rio Tinto is down almost 2 percent and BHP Group is losing more than 1 percent.

Oil stocks are mostly lower. Woodside Energy is declining more than 5 percent and Beach energy is down more than 1 percent, while Origin Energy and Santos are losing more than 2 percent each.

In the tech space, Afterpay owner Block is losing almost 1 percent and Appen is declining 4.5 percent, while Zip and Xero are edging down 0.5 percent each. WiseTech Global is gaining almost 1 percent.

Among the big four banks, Commonwealth Bank and Westpac are losing almost 1 percent each, while National Australia Bank and ANZ Banking are edging down 0.1 to 0.4 percent each. Among gold miners, Northern Star Resources is edging up 0.4 percent and Resolute Mining is surging almost 7 percent and Gold Road Resources, Newmont and Evolution Mining are advancing more than 1 percent each.

In economic news, Australia's trade surplus on goods increased to A$5.62 billion in January 2025, up from a downwardly revised A$ 4.92 billion in November, slightly higher than market expectations of a gain of A$5.50 billion.

Preliminary data showed that the seasonally adjusted estimate for total dwellings approved in Australia increased by 6.3 percent on month to 16,579 units in January 2025, sharply accelerating from an upwardly revised 1.7 percent growth in December 2024.

Meanwhile, private house approvals in Australia rose by 1.1 percent on month to 9,042 units in January 2025, following a downwardly revised 2.8 percent decline in December, preliminary data showed.

In the currency market, the Aussie dollar is trading at $0.634 on Thursday.

The Japanese market is trading significantly higher on Thursday, extending the gains in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving well above the 37,700 level, with gains in index heavyweights, exporters and financial stocks partially offset by gains in some technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 37,726.02, up 307.78 points or 0.82 percent, after touching a high of 37,874.38 earlier. Japanese shares ended modestly higher on Wednesday.

Market heavyweight SoftBank Group is gaining more than 1 percent and Uniqlo operator Fast Retailing is also adding more than 1 percent. Among automakers, Toyota is edging down 0.1 percent, while Honda is gaining more than 2 percent.

In the tech space, Advantest is edging up 0.3 percent, while Tokyo Electron is losing almost 1 percent and Screen Holdings is down more than 1 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, Panasonic is gaining more than 2 percent, Mitsubishi Electric is adding almost 5 percent, Sony is advancing almost 4 percent and Canon is up more than 1 percent.

Among other major gainers, OKUMA is skyrocketing almost 11 percent, Japan Steel Works is soaring almost 10 percent, Mitsubishi Heavy Industries is surging almost 9 percent, Kawasaki Heavy Industries is gaining 8.5 percent and Taiyo Yuden is advancing more than 6 percent, while Kanadevia and IHI are adding almost 6 percent each. Tokuyama is up more than 5 percent and Citizen Watch is rising more than 4 percent, while Sumitomo Heavy Industries, AGC and GS Yuasa are gaining almost 4 percent each. Mercari is adding more than 3 percent.

Conversely, Mitsubishi Logistics is declining almost 6 percent and Furukawa Electric is sliding almost 5 percent and Fujikura is down more than 3 percent, while Disco and Daiichi Sankyo are losing almost 3 percent each.

In the currency market, the U.S. dollar is trading in the lower 149 yen-range on Thursday.

Elsewhere in Asia, Indonesia and Hong Kong are up 1.5 and 1.9 percent, respectively. China, Singapore and South Korea are higher by between 0.6 and 0.8 percent each. New Zealand, Malaysia, and Taiwan are lower by between 0.1 and 0.3 percent each. On Wall Street, stocks showed a significant turnaround over the course of the trading session on Wednesday, recovering from early weakness to end the day sharply higher. With the rebound, the major averages regained some ground after moving substantially lower over the past several sessions.

The major averages pulled back off their best levels going into the close but still posted strong gains. The Nasdaq surged 267.57 points or 1.5 percent to 18,552.73, the S&P 500 shot up 64.48 points or 1.1 percent to 5,842.63 and the Dow jumped 485.60 points or 1.1 percent to 43,006.59.

The major European markets also moved to the upside on the day. The German DAX Index spiked by 3.4 percent and the French CAC 40 Index jumped by 1.6 percent, although the U.K.'s FTSE 100 Index bucked the uptrend and closed just below the unchanged line.

Crude oil prices settled sharply lower on Wednesday on concerns about global economic growth in the wake of new tariffs by U.S. on several countries, and data showing an unexpected jump in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for April ended lower by $1.95 or about 2.86 percent at $66.31 a barrel, the lowest settlement in about six months.