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, after US President Donald Trump suggested he's willing to take a less confrontational approach to trade talks with China, predicting the current 145 percent tariff on Chinese imports will "come down substantially." Asian Markets closed mostly higher on Wednesday.

China also expressed willingness to resume trade talks, provided Washington halts its threats.

Adding to the positive sentiment, Treasury Secretary Scott Bessent said there is an "opportunity for a big deal" between the U.S. and China. "If they want to rebalance, let's do it together," Bessent added. "This is an incredible opportunity."

Investors also eyed progress in ongoing trade negotiations between the U.S. and Japan.

There were also easing concerns over the US Fed's independence after Trump appeared to soften his stance on Fed Chair Jerome Powell, saying, "I have no intention of firing him." He reiterated he would like to see Powell and the Fed resume lowering interest rates.

Trump's attacks on Powell, including calling him a "major loser" as recently as Monday, had led to anxiety in the markets about the Fed's independence.

The Australian market is trading notably higher on Thursday, extending the gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving up to stay below the 8,000 mark, with gains across most sectors led by mining and technology stocks. Energy stocks were the only weak spot.

The benchmark S&P/ASX 200 Index is gaining 49.30 points or 0.62 percent to 7,969.80, after touching a high of 7,975.00 earlier. The broader All Ordinaries Index is up 51.20 points or 0.63 percent to 8,176.40. Australian stocks ended sharply higher on Wednesday.

Among major miners, Mineral Resources is advancing more than 3 percent and Fortescue Metals is adding more than 1 percent, while BHP Group and Rio Tinto are gaining almost 1 percent each.

Oil stocks are mostly lower. Beach energy is down almost 1 percent, Santos is losing almost 2 percent and Woodside Energy is declining almost 3 percent, while Origin Energy is gaining almost 1 percent.

In the tech space, WiseTech Global and Appen are gaining more than 1 percent each, while Zip is advancing more than 2 percent and Xero is up almost 1 percent. Afterpay owner Block is down almost 1 percent.

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

Among gold miners, Northern Star Resources and Evolution Mining are gaining almost 1 percent each, while Gold Road Resources is edging up 0.3 percent, Resolute Mining is adding 1.5 percent and Newmont is advancing more than 4 percent.

In the currency market, the Aussie dollar is trading at $0.637 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 35,100 mark, with gains across most sectors led by index heavyweights and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 35,244.41, up 375.78 points or 1.08 percent, after touching a high of 35,287.95 earlier. Japanese shares ended sharply higher on Wednesday.

Market heavyweight SoftBank Group is gaining more than 3 percent and Uniqlo operator Fast Retailing is adding almost 1 percent. Among automakers, Toyota is gaining almost 3 percent and Honda is up almost 1 percent.

In the tech space, Advantest and Tokyo Electron are gaining more than 3 percent each, while Screen Holdings is adding more than 1 percent.

In the banking sector, Mizuho Financial, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are all gaining almost 2 percent each.

Among the major exporters, Mitsubishi Electric is gaining more than 1 percent, Panasonic is adding 2.5 percent and Canon is up almost 1 percent. Sony is flat.

Among other major gainers, Yaskawa Electric is surging almost 6 percent, Sumitomo Electric Industries is advancing more than 5 percent and Ebara is gaining almost 5 percent, while Sumco and Nintendo are adding more than 4 percent each. SMC, Dai-ichi Life and Isetan Mitsukoshi are rising almost 4 percent each, while Taiyo Yuden, Fujikura, JTEKT, Nippon Electric Glass and TDK are up more than 3 percent each.

Conversely, Nitori Holdings is declining almost 5 percent and East Japan Railway is losing almost 4 percent, while West Japan Railway, Ryohin Keikaku and Toho are down almost 3 percent each.

In the currency market, the U.S. dollar is trading in the higher 142 yen-range on Thursday.

Elsewhere in Asia, New Zealand, China, Singapore, Indonesia and Malaysia are higher by between 0.2 and 0.8 percent each, while Hong Kong, South Korea and Taiwan are lower by between 0.1 and 0.5 percent each. On Wall Street, stocks gave back ground over the course of the trading day on Wednesday following a substantial move to the upside early in the session, but held on to strong gains. The major averages all ended the day sharply higher, with the Nasdaq posting a particularly strong gain.

The Nasdaq soared as much as 4.5 percent in early trading before pulling back but still closed up 407.63 points or 2.5 percent at 16,708.05. The S&P 500 also shot up 88.10 points or 1.7 percent to 5,375.86 and the Dow jumped 419.59 points or 1.1 percent at 39,606.57.

The major European markets also showed strong moves to the upside on the day. While the German DAX Index spiked by 3.1 percent, the French CAC 40 Index shot up by 2.1 percent and the U.K.'s FTSE 100 Index advanced by 0.9 percent.

Crude oil prices moved sharply lower on Wednesday after reports suggested that OPEC may accelerate oil output hikes in June for a second consecutive month. West Texas Intermediate crude for June delivery tumbled $1.52 or 2.4 percent to $62.15 a barrel.