Asian Markets Trade Mixed

(RTTNews) - Asian markets are trading mixed on Thursday, following the positive cues from Wall Street overnight, amid optimism about the outlook for interest rates after the minutes of the US Fed's September fiscal policy meeting revealed participants were of the opinion that it would be appropriate to ease policy further over the remainder of this year, although some noted financial conditions warrant a cautious approach. Asian markets closed mostly lower on Wednesday.

The global economic scenario is getting murkier and uncertain in the wake of the ongoing U.S. government shutdown entering the eighth day, the uncertainty due to tariffs and political upheaval in major economies.

Compounding the economic uncertainty is the inordinate delays in the release of key US economic data, including non-farm payrolls, initial jobless claims, and inflation figures. Even in the absence of data, markets are now betting on additional rate cuts by the Fed on top of its most recent September reduction.

According to CME Group's FedWatch Tool, investors are betting on a 92.5% chance of a 25-basis-point interest rate cut at the Federal Reserve's October 28-29 meeting.

The Australian market is trading modestly higher on Thursday, snapping a three-session losing streak, following the positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,950 level, with gains in iron ore miners and energy stocks partially offset by weakness in financial stocks. The benchmark S&P/ASX 200 Index is gaining 18.10 points or 0.20 percent to 8,965.70, after touching a high of 8,997.30 earlier. The broader All Ordinaries Index is up 25.80 points or 0.28 percent to 9,270.60. Australian stocks ended slightly lower on Wednesday.

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

Oil stocks are mostly higher. Beach energy is gaining more than 1 percent, while Origin Energy and Santos are edging up 0.2 to 0.3 percent each. Woodside Energy is edging down 0.1 percent.

In the tech space, Afterpay owner Block is advancing almost 3 percent, while Appen is losing almost 1 percent, WiseTech Global is edging down 0.1 percent and Zip is declining almost 2 percent. Xero is flat.

Among the big four banks, Commonwealth Bank is declining almost 1 percent, Westpac is edging down 0.4 percent and National Australia Bank is losing more than 1 percent, while ANZ Banking is edging up 0.4 percent.

Among gold miners, Evolution Mining and Resolute Mining are edging up 0.4 percent each, while Newmont is losing almost 1 percent and Northern Star Resources is edging down 0.1 percent.

In other news, shares in Strickland Metals are skyrocketing more than 27 percent after the miner reported promising exploration results from its Rogozna Gold & Base Metals Project.

In the currency market, the Aussie dollar is trading at $0.660 on Thursday.

The Japanese market is sharply higher on Thursday, reversing the losses in the previous two sessions, following the positive cues from Wall Street overnight. The Nikkei 225 is moving above the 48,400 level, with gains in index heavyweights and a mixed performance across other sectors. Automaker stocks were weak.

The benchmark Nikkei 225 Index closed the morning session at 48,405.93, up 670.94 points or 1.41 percent, after touching a high of 48,481.09 earlier. Japanese shares ended notably lower on Wednesday.

Market heavyweight SoftBank Group is soaring almost 11 percent and Uniqlo operator Fast Retailing is edging up 0.3 percent. Among automakers, Toyota is losing more than 2 percent and Honda is declining almost 2 percent.

In the tech space, Advantest is edging up 0.3 percent and Tokyo Electron is gaining more than 1 percent, while Screen Holdings is losing almost 3 percent.

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

Among the major exporters, Mitsubishi Electric is edging down 0.2 percent, while Panasonic and Sony are gaining more than 1 percent. Canon is flat.

Among other major gainers, Yaskawa Electric is soaring almost 10 percent and Fujikura is surging more than 5 percent, while Ebara, Sumco, Fanuc, SMC and SHIFT are gaining more than 3 percent each. Resonac Holdings, Konica Minolta and Fuji Electric are advancing almost 3 percent each.

Conversely, IHI is losing more than 4 percent and Kawasaki Heavy Industries is declining almost 3 percent.

In the currency market, the U.S. dollar is trading in the mid-152 yen-range on Thursday.

Elsewhere in Asia, New Zealand, Hong Kong and Singapore are lower by between 0.1 and 0.4 percent each, while China, Malaysia, Taiwan and Indonesia are higher by between 0.3 and 1.0 percent each. South Korea is closed for Hangul Day.

On Wall Street, stocks moved back to the upside during trading on Wednesday following the pullback seen in the previous session. The Nasdaq and the S&P 500 more than offset yesterday's losses, reaching new record closing highs.

The tech-heavy Nasdaq led the way higher, jumping 255.02 points or 1.1 percent to 23,043.38, while the S&P 500 climbed 39.13 points or 0.6 percent to 6,753.72. The narrower Dow ended the day little changed, edging down 1.20 points or less than a tenth of a percent to 46,601.78.

The major European markets all also moved to the upside on the day. While the French CAC 40 Index jumped by 1.1 percent, the German DAX Index advanced by 0.9 percent and the U.K.'s FTSE 100 Index climbed by 0.7 percent.

Crude oil prices surged on Wednesday, extending gains from the past two sessions after OPEC said it would affect only a modest hike in production next month. West Texas Intermediate crude for November delivery was up $0.89 or 1.44 percent at $62.62 per barrel.