Asian Markets Track Wall Street Higher

(RTTNews) - Asian markets are trading mostly higher on Thursday, following the broadly positive cues from Wall Street overnight, with the semiconductor and technology stocks continuing to rebound amid reports of strong results from the sector and optimism about AI trade. Market sentiment also improved on fading concerns about the re-escalation in the Middle East crisis. Asian markets closed mostly higher on Wednesday.

Meanwhile, hotter-than-expected US inflation figures and increasingly hawkish comments from US Fed officials reinforced expectations of further interest rate increases.

Fed Governor Christopher Waller indicated that a 50-basis-point hike in December may be necessary, while Dallas Fed President Lorie Logan supported at least two additional 25-basis-point increases to address persistent inflationary pressures.

The Australian market is trading notably lower on Thursday, snapping a three-session winning streak, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling well below the 9,150 level, with weakness in mining and technology stocks partially offset by gains in financial stocks.

The benchmark S&P/ASX 200 Index is losing 42.80 points or 0.47 percent to 9,110.40, after hitting a low of 9,100.50 earlier. The broader All Ordinaries Index is down 45.70 points or 0.49 percent to 9,245.60. Australian stocks ended modestly higher on Wednesday.

Among major miners, BHP Group, Mineral Resources and Rio Tinto are declining more than 1 percent each, while Fortescue is losing almost 2 percent.

Oil stocks are mixed. Beach energy and Santos are edging up 0.3 percent each, while Origin Energy is losing almost 1 percent and Woodside Energy is edging down 0.2 percent.

In the tech space, Afterpay owner Block and Zip are losing more than 1 percent each, while WiseTech Global is down almost 1 percent. Xero is jumping almost 5 percent after reporting upbeat half-yearly results, boosting full-year outlook and $1 billion share buy-back announcement. Appen is flat.

Among the big four banks, ANZ Banking and National Australia Bank is edging up 0.2 percent, while Commonwealth Bank is advancing almost 2 percent and Westpac is gaining more than 1 percent.

Among gold miners, Evolution Mining and Resolute Mining are declining almost 3 percent each, while Northern Star Resources and Newmont are losing more than 2 percent each. Genesis Minerals is tumbling almost 5 percent.

In other news, shares in Paladin Energy shares are in a trading halt pending a capital raising update.

In economic news, Australia's consumer inflation expectations held steady at 5.3 percent in November 2026, unchanged from the previous month and remaining at their highest level since June. Elevated expectations came as September headline inflation accelerated to a six-month high of 4.3 percent, staying above the Reserve Bank's 2 to 3 percent target range.

In the currency market, the Aussie dollar is trading at $0.685 on Thursday.

The Japanese market is trading modestly higher on Thursday, extending the gains in the previous three sessions, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 61,700 level, with gains in index heavyweights and exporter stocks, while most other sectors are trading mixed.

The benchmark Nikkei 225 Index closed the morning session at 61,714.16, up 465.57 points or 0.76 percent, after touching a high of 61,788.44 and a low of 61,060.90 earlier. Japanese stocks ended sharply higher on Wednesday.

Market heavyweight SoftBank Group is gaining more than 1 percent and Uniqlo operator Fast Retailing is adding almost 1 percent. Among automakers, Toyota is edging down 0.3 percent, while Honda is gaining almost 2 percent.

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

In the banking sector, Mizuho Financial is edging up 0.4 percent, while Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are edging down 0.3 to 0.4 percent each.

Among the major exporters, Mitsubishi Electric is gaining more than 2 percent, Panasonic is edging up 0.4 percent, Sony is adding more than 1 percent and Canon is advancing almost 2 percent.

Among other major gainers, Resonac Holdings is skyrocketing almost 16 percent, Dowa Holdings is soaring more than 12 percent, Mitsubishi Materials is jumping almost 8 percent and Sumco is surging almost 6 percent, while Daiwa House Industry and Japan Tobacco are advancing almost 5 percent each. Nippon Express and Mitsui Chemicals are gaining more than 4 percent each, while Sapporo Holdings and Shin-Etsu Chemical are adding almost 4 percent each. Kioxia Holdings and Taisei are rising more than 3 percent each, while Nissui is up almost 3 percent.

Conversely, Recruit Holdings is tumbling more than 6 percent, while Ibiden and Nissan Motor are declining more than 4 percent each. BayCurrent is losing more than 3 percent.

In economic news, producer prices in Japan were up 0.7 percent on month in October, the Bank of Japan said on Thursday. That was well above expectations for an increase of 0.3 percent following the upwardly revised 0.2 percent gain in September. On a yearly basis, producer prices climbed 7.1 percent - again exceeding expectations for 6.5 percent and up from 6.8 percent in the previous month.

Export prices were up 0.6 percent on month and 12.2 percent on year, the bank said, while import prices spiked 2.3 percent on month and 19.2 percent on year.

In the currency market, the U.S. dollar is trading in the higher 159 yen-range on Thursday.

Elsewhere in Asia, South Korea and Indonesia are up 1.2 percent each, while New Zealand, China, Singapore and Taiwan are higher by between 0.1 and 0.5 percent each. Hong Kong and Malaysia are down 1.1 and 0.5 percent, respectively. On Wall Street, stocks saw a significant rebound during trading on Wednesday following the pullback seen during Tuesday's session. The Nasdaq and S&P 500 moved sharply higher, while the narrower Dow posted a more moderate gain.

The major averages gave back some ground in the latter part of the trading day but remained firmly positive. The Nasdaq surged 400.31 points or 1.6 percent to 25,466.19, the S&P 500 jumped 98.45 points or 1.3 percent to 7,619.38 and the Dow climbed 254.60 points or 0.5 percent to 52,486.49.

The major European markets also moved to the upside on the day. While the German DAX Index shot up by 1.2 percent, the U.K.'s FTSE 100 Index advanced by 0.8 and the French CAC 40 Index climbed by 0.7 percent.

Crude oil prices advanced on Wednesday after strong remarks by Iranian leaders against the U.S. diminished expectations of an early reopening of the Strait of Hormuz. West Texas Intermediate crude for December delivery was up $0.96 or 1.12 percent at $87.00 per barrel.