Asian Markets Trade Mixed

(RTTNews) - Asian stock markets are trading mixed on Thursday, following the broadly negative cues from global markets overnight, as traders reacted to the minutes of the US Fed's recent monetary policy meeting that suggested officials expect to maintain interest rates at current levels longer than previously thought. Asian Markets closed mixed on Wednesday.

The meeting participants highlighted disappointing readings on inflation over the first quarter and indicators pointing to strong economic momentum. They subsequently assessed that it would take longer than previously anticipated for them to gain "greater confidence" inflation is moving sustainably toward 2 percent.

Meanwhile, the participants reiterated the future path of interest rates would depend on incoming data, the evolving outlook, and the balance of risks.

The Australian market is significantly lower on Thursday, extending the losses in the previous two sessions, following the broadly negative cues from global markets overnight. The benchmark S&P/ASX 200 is falling below the 7,800 level, with weakness across most sectors led by mining and energy stocks amid tumbling commodity prices.

The benchmark S&P/ASX 200 Index is losing 47.80 points or 0.61 percent to 7,800.30, after hitting a low of 7,764.60 earlier. The broader All Ordinaries Index is down 46.20 points or 0.57 percent to 8,072.10. Australian stocks ended slightly lower on Wednesday.

Among major miners, Rio Tinto and Mineral Resources are declining almost 2 percent each, while Fortescue Metals is down 1.5 percent. BHP Group is losing almost 3 percent after Anglo American rejected the miner's third offer and gave it a week to come up with an improved fourth bid.

Oil stocks are mostly lower. Woodside Energy is losing more than 1 percent, while Beach energy and Santos are down more than 1 percent each. Origin Energy is edging up 0.1 percent.

In the tech space, Afterpay owner Block is slipping 4.5 percent and Zip is losing more than 3 percent, while WiseTech Global and Appen are flat. Xero is surging more than 7 percent after reporting a surge in full-year revenues and issuing upbeat outlook for fiscal 2025.

Among the big four banks, Commonwealth Bank is losing almost 1 percent, while ANZ Banking, Westpac and National Australia Bank are declining more than 1 percent each.

Among gold miners, Evolution Mining is losing almost 4 percent and Gold Road Resources is declining more than 2 percent, while Newmont and Northern Star Resources are down more than 3 percent each. Resolute Mining is gaining almost 1 percent.

In other news, shares in Nufarm are slipping 6.5 percent after the agricultural tech business reported shrinking profits and falling revenue for the half-year.

Shares in The Reject Shop are declining more than 5 percent after the discount retailer warned of a steep drop in earnings, despite the recent improvement in sales at its stores.

In economic news, the manufacturing sector in Australia continued to contract in May, and at a steady pace, the latest survey from Judo Bank revealed on Thursday with a manufacturing PMI score of 49.6. That's unchanged from the April reading, and it remains beneath the boom-or-bust line of 50 that separates expansion from contraction. The survey also said the services PMI eased to 53.1 in May from 53.6 in April. The composite PMI fell to 52.6 in May from 53.0 in April.

In the currency market, the Aussie dollar is trading at $0.662 on Thursday. The Japanese market is significantly higher on Thursday, recouping the losses in the previous two sessions, despite the broadly negative cues from global markets overnight. The Nikkei 225 is moving well above the 38,800 level, with gains across most sectors led by index heavyweights and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 38,913.48, up 296.38 points or 0.77 percent, after touching a high of 38,938.67 earlier. Japanese shares ended significantly lower on Wednesday.

Market heavyweight SoftBank Group is gaining more than 3 percent and Uniqlo operator Fast Retailing is edging up 0.5 percent. Among automakers, Toyota is edging up 0.1 percent and Honda is also edging up 0.4 percent.

In the tech space, Advantest is gaining almost 4 percent, Tokyo Electron is adding 1.5 percent and Screen Holdings is advancing almost 2 percent.

In the banking sector, Sumitomo Mitsui Financial is losing almost 1 percent, while Mizuho Financial and Mitsubishi UFJ Financial are edging up 0.1 percent each.

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

Among other major gainers, Teijin is soaring 7.5 percent and Disco is surging almost 6 percent, while Yamato Holdings, Socionext and Renesas Electronics are gaining almost 4 percent each. Astellas Pharma, NTT Data and Sumco are adding almost 3 percent each.

Conversely, Sumitomo Metal Mining is losing almost 4 percent, while Dowa Holdings, NEXON and Mitsubishi Materials are declining more than 3 percent each. Sumitomo Realty & Development is down almost 3 percent.

In the currency market, the U.S. dollar is trading in the higher 156 yen-range on Thursday.

Elsewhere in Asia, New Zealand, Singapore, Malaysia and Taiwan are higher by between 0.1 and 0.5 percent each, while Hong Kong and China are down 1.6 and 1.0 percent, respectively. Indonesia is closed for Wesak Day. South Korea is relatively flat.

On Wall Street, stocks showed a lack of direction throughout much of the trading session on Wednesday before coming under pressure following the release of the minutes of the Federal Reserve's latest monetary policy meeting.

The major averages climbed off their worst levels going into the close but ended the day in the red after ending Tuesday's choppy trading session modestly higher. The Dow slid 201.95 points or 0.5 percent to 39,671.04, the S&P 500 fell 14.40 points or 0.3 percent to 5,307.01 and the Nasdaq dipped 31.08 points or 0.2 percent at 16,801.54.

The major European markets also moved to the downside on the day. While the German DAX Index dipped by 0.3 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index both fell by 0.6 percent.

Crude oil prices fell to a two-month low on Wednesday after data showed an unexpected rebound in crude oil inventories in the U.S. last week. West Texas Intermediate crude oil futures for July ended down by $1.09 or 1.4 percent at $77.57 a barrel.