Asian Markets Trade Mostly Higher

(RTTNews) - Asian markets are trading mostly higher on Thursday, despite the broadly negative cues from Wall Street overnight, amid a pullback of the surge in long-term bond yields after the US Fed delivered the first interest rate hike in more than three years since July 2023. Crude oil prices also pulled back on easing Middle East supply concerns amid reports of Saudi Arabia loading crude cargoes via Oman. Asian markets closed mostly higher on Wednesday.

In his post-meeting press conference, Fed Chair Kevin Warsh highlighted persistent inflation. The projections show that a majority of Fed officials expect rates to be above 4 percent by the end of 2026. Sixteen of 18 policymakers anticipate at least one more quarter-percentage-point hike by the end of this year.

The Australian market is trading modestly higher on Thursday, extending the gains in the previous session, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,700 level, with gains in iron ore miners and financial stocks partially offset by weakness in gold miners, energy and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 18.60 points or 0.21 percent to 8,715.10, after touching a high of 8,787.10 earlier. The broader All Ordinaries Index is up 18.50 points or 0.21 percent to 8,893.00. Australian stocks ended modestly higher on Wednesday.

Among major miners, BHP Group and Mineral Resources are edging up 0.2 percent each, while Fortescue and Rio Tinto are adding almost 1 percent each.

Oil stocks are mostly lower. Woodside Energy is down more than 1 percent, Beach energy is declining more than 3 percent and Santos is losing more than 2 percent, while Origin Energy is edging up 0.4 percent.

In the tech space, Afterpay owner Block is down almost 1 percent, while WiseTech Global, Zip and Xero are edging down 0.2 to 0.4 percent each. Appen is gaining almost 1 percent.

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

Among gold miners, Evolution Mining and Northern Star Resources are losing more than 1 percent each, while Resolute Mining and Genesis Minerals are down more than 2 percent each. Newmont is declining almost 2 percent.

In the currency market, the Aussie dollar is trading at $0.710 on Thursday.

The Japanese market is trading slightly higher on Thursday, extending the gains in the previous session, despite the broadly negative cues from Wall Street overnight. The Nikkei 225 is moving well above the 63,950 level, with gains in index heavyweights, automakers, exporters and financial stocks partially offset by weakness in technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 63,966.87, up 43.87 points or 0.07 percent, after touching a high of 64,643.58 earlier. Japanese stocks ended notably higher on Wednesday.

Market heavyweight SoftBank Group is edging up 0.5 percent and Uniqlo operator Fast Retailing is gaining more than 1 percent. Among automakers, Toyota and Honda are edging up 0.2 to 0.4 percent each.

In the tech space, Advantest is losing more than 1 percent, Screen Holdings is declining almost 4 percent and Tokyo Electron is slipping more than 2 percent.

In the banking sector, Mizuho Financial is advancing more than 2 percent, Mitsubishi UFJ Financial is gaining almost 1 percent and Sumitomo Mitsui Financial is adding more than 1 percent.

Among the major exporters, Mitsubishi Electric is gaining almost 1 percent, Canon is adding more than 1 percent and Sony is edging up 0.5 percent, while Panasonic is edging down 0.3 percent.

Among other major gainers, Japan Steel Works is surging almost 6 percent and Sumitomo Pharma is gaining almost 5 percent, while SHIFT and Mitsubishi Heavy Industries are advancing almost 4 percent each. Otsuka Holdings, Nintendo, Chugai Pharmaceutical, Konami Group, Yokohama Rubber, BayCurrent and Nippon Express are adding more than 3 percent each, while Mitsui O.S.K. Lines, Itochu and Ajinomoto are up almost 3 percent each.

Conversely, Sumitomo Metal Mining is declining almost 4 percent, while Inpex and Mitsui Kinzoku are losing almost 3 percent each.

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

Elsewhere in Asia, Taiwan is up 1.5 percent, while New Zealand, Singapore, South Korea and Indonesia are higher by between 0.1 and 0.6 percent each. Hong Kong is down 1.0 percent, while China and Malaysia and up 0.5 and 0.1 percent, respectively., On Wall Street, stocks turned in a strong performance throughout much of the trading day on Wednesday but came under pressure in the latter part of the session. The major averages pulled back well off their highs of the session and into negative territory.

The Dow led the way lower, slumping 631.21 points or 1.2 percent to a three-month closing low of 51,461.90. The S&P 500 fell 33.92 points or 0.5 percent to 7,551.81, its lowest closing level in well over a month, while the tech-heavy Nasdaq posted a more modest loss, edging down 3.15 points or less than a tenth of a percent to 25,978.42.

Meanwhile, the major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index rose by 0.3 percent, the German DAX Index and the French CAC 40 Index increased by 0.5 percent and 0.6 percent, respectively.

Crude oil prices plummeted on Wednesday following the interest rate decision from the Fed. In addition, reports of Saudi Arabia loading crude cargoes via Oman lowered supply-related concerns. West Texas Intermediate crude for October delivery was down $3.61 or 3.41 percent at $102.22 per barrel.