Asian Markets Trade Mostly Higher

(RTTNews) - Asian stock markets are trading mostly higher on Friday, following the broadly positive cues from Wall Street overnight, as traders react to upbeat economic data from the U.S. and Japan that renewed optimism about the global economy. Countries are also hustling to strike trade deals with the US as the August 1 deadline for pausing of "reciprocal tariffs" is less than a fortnight away. Asian markets ended mostly higher on Thursday.

Data showed US retail sales rebounded by much more than expected in the month of June and import prices in the U.S. inched up by less than expected in the month of June.

The Australian stock market is trading notably higher on Friday, 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 near the 8,700 level, with gains across all sectors led by technology and mining stocks.

The benchmark S&P/ASX 200 Index is gaining 55.70 points or 0.65 percent to 8,694.70, after touching a high of 8,696.50 earlier. The broader All Ordinaries Index is up 55.00 points or 0.62 percent to 8,945.80. Australian stocks closed significantly higher on Thursday.

Among major miners, BHP Group is gaining more than 2 percent and Mineral Resources is advancing 4.5 percent, while Fortescue Metals and Rio Tinto are adding almost 1 percent each.

In a fourth quarter and full year update, BHP reported production growth across all key commodities in the fourth quarter and record iron ore and copper production for the full year.

Oil stocks are mostly higher. Beach energy is edging down 0.4 percent, while Woodside Energy and Origin Energy are gaining almost 1 percent each. Santos is flat.

Among tech stocks, Afterpay-owner Block and Appen are gaining almost 3 percent each, while Zip is advancing almost 5 percent and Xero is adding almost 1 percent. WiseTech Global is flat.

Among the big four banks, National Australia Bank, ANZ Banking and Westpac are edging up 0.2 to 0.5 percent each, while Commonwealth Bank is edging down 0.2 percent.

Gold miners are mostly higher. Northern Star Resources, Gold Road Resources, Evolution Mining and Newmont are edging up 0.2 to 0.5 percent each, while Resolute Mining is losing almost 1 percent.

In the currency market, the Aussie dollar is trading at $0.651 on Friday.

Reversing the gains in the previous session, the Japanese market is modestly lower on Friday after opening well in the green, despite the broadly positive cues from Wall Street overnight. The Nikkei 225 is falling below the 39,800 level, with weakness in technology stocks partially offset by gains in exporters and financial stocks.

The benchmark Nikkei 225 Index closed the morning session at 39,778.85, down 122.34 points or 0.31 percent, after touching a high of 40,087.59 earlier. Japanese shares ended notably higher on Thursday.

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

In the tech space, Advantest is losing almost 3 percent, Tokyo Electron is edging down 0.2 percent and Screen Holdings is declining almost 1 percent.

In the banking sector, Sumitomo Mitsui Financial, Mizuho Financial and Mitsubishi UFJ Financial are edging up 0.3 to 0.5 percent each.

Among the major exporters, Sony is losing more than 1 percent, Mitsubishi Electric is down almost 1 percent and Panasonic is edging down 0.4 percent, while Canon is edging up 0.2 percent.

Among other major gainers, Hitachi is gaining more than 3 percent, while Ryohin Keikaku and Sumitomo Pharma are adding almost 3 percent each.

Conversely, Disco is tumbling more than 7 percent and Seven & I Holdings is losing almost 3 percent.

In economic news, Japan's core consumer price index, which excludes fresh food but includes energy, rose 3.3 percent year-on-year in June, marking a slowdown for the first time since February, following a 3.7 percent increase in the previous month, and matching market forecasts.

Japan's annual inflation rate also eased to 3.3 percent in June from the 3.5 percent in the previous month, marking the lowest reading since last November. Monthly, the CPI edged up 0.1 percent, after a 0.3 percent increase in May.

In the currency market, the U.S. dollar is trading in the lower 148 yen-range on Friday.

Elsewhere in Asia, Hong Kong, Indonesia and Taiwan are higher by between 1.0 and 1.4 percent each, while China, Singapore and Malaysia are up 0.4 percent each. New Zealand and South Korea are down 0.2 and 0.4 percent, respectively.

On Wall Street, stocks saw further upside during trading on Thursday after moving modestly higher over the course of the previous session. With the continued upward move, the Nasdaq and the S&P 500 reached new record closing highs.

The major averages ended the session near their best levels of the day. The Nasdaq advanced 153.78 points or 0.7 percent to 20,884.27, the S&P 500 climbed 33.66 points or 0.5 percent to 6,297.36 and the Dow rose 229.71 points or 0.5 percent to 44,484.49.

The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index climbed by 0.5 percent, the French CAC 40 Index and the German DAX Index jumped by 1.3 percent and 1.5 percent, respectively.

Crude oil prices increased on Thursday as fresh tension brewing in the Middle East generated demand, while a drop in U.S. inventories was seen as reflecting robust summer demand. West Texas Intermediate crude for August delivery surged $1.16 to settle at $67.54 per barrel.