Asian Markets Trade Mostly Higher

(RTTNews) - Asian stock markets are trading mostly higher on Wednesday, despite the broadly negative cues from Wall Street overnight, as tumbling crude oil prices on easing supply concerns as Saudi Arabia restored half of the capacity of its East-West pipeline, allaying fears of global inflation and aggressive interest rate hikes. Asian markets closed mixed on Tuesday.

Traders also remain reluctant to make significant moves ahead of the release of the closely watched US inflation data later in the day.

The inflation data could have a significant impact on the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting late next month.

Australian shares are trading significantly higher on Wednesday after opening in the red, extending the gains in the previous two sessions, with the benchmark S&P/ASX 200 moving up to near the 8,800 level, despite the broadly negative cues from Wall Street overnight, with gains in gold miners and energy stocks partially offset by weakness in iron ore miners and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 81.00 points or 0.93 percent to 8,790.30, after touching a high of 8,784.10 and a low of 8,696.80 earlier. The broader All Ordinaries Index is up 81.70 points or 0.92 percent to 8,968.30. Australian stocks ended modestly higher on Tuesday.

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

Oil stocks are mostly higher. Woodside Energy is up almost 1 percent, Santos is adding more than 1 percent, Beach energy is gaining more than 3 percent and Origin Energy is edging up 0.4 percent.

In the tech space, Afterpay owner Block is gaining almost 2 percent, WiseTech Global is edging up 0.4 percent and Zip is adding more than 1 percent, while Xero is losing almost 1 percent and Appen is declining almost 2 percent.

Among the big four banks, Commonwealth Bank, Westpac and National Australia bank are edging up 0.1 to 0.4 percent each. ANZ Banking is edging down 0.1 percent.

Among gold miners, Genesis Minerals and Evolution Mining are adding more than 1 percent each, while Newmont and Resolute Mining are edging up 0.2 to 0.4 percent each. Northern Star Resources is surging almost 7 percent after reports that South Africa's Gold Field was considering a sweetening its offer for the company.

In other news, shares in Lindian Resources are plunging more than 23 percent after re-emerging from a trading halt. It confirmed that the ban on mining companies exporting raw materials has not affected its flagship Kangankunde project in Malawi. Shares in DhroneShield are jumping more than 10 percent after it announced that its US subsidiary has been awarded a 3-year indefinite delivery, indefinite quantity contract by the US Army, with a ceiling value of US$500 million.

In the currency market, the Aussie dollar is trading at $0.697 on Wednesday.

The Japanese stock market is trading sharply higher on Wednesday, reversing the losses in the previous two sessions, despite the broadly negative cues from Wall Street overnight. The Nikkei 225 is moving above the 66,300 level, with gains in index heavyweights, financial and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 66,318.81, up 837.54 points or 1.28 percent, after touching a high of 66,518.98 earlier. Japanese stocks ended notably lower on Tuesday.

Market heavyweight SoftBank Group is surging almost 5 percent and Uniqlo operator Fast Retailing is gaining almost 1 percent. Among automakers, Honda is edging down 0.2 percent, while Toyota is edging up 0.1 percent.

In the tech space, Advantest is gaining more than 1 percent, Tokyo Electron is adding more than 2 percent and Screen Holdings is advancing almost 2 percent.

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

Among the major exporters, Mitsubishi Electric and Panasonic are gaining almost 1 percent each, while Sony is edging down 0.5 percent. Canon is flat.

Among other major gainers, Taiyo Yuden is jumping almost 7 percent and Fujikura is surging almost 6 percent each. Sumco and Resonac Holdings are advancing almost 5 percent each, while Minebea Mitsumi, Sumitomo Electric Industries and Furukawa Electric are gaining almost 4 percent each. Konica Minolta, JTEKT and Sumitomo Metal Mining are adding more than 3 percent each, while Kioxia Holdings, Sumitomo Pharma, Nikon and Mitsui Kinzoku are up almost 3 percent each.

Conversely, there are no other major losers.

In economic news, the value of retail sales in Japan was up 2.7 percent on year in August, the Ministry of Economy, Trade and Industry said on Wednesday - coming in at 13.052 trillion yen. That missed forecasts for an increase of 3.3 percent following the downwardly revised 3.7 percent gain in July (originally 4.0 percent).

The METI also said industrial production in Japan was down a seasonally adjusted 1.7 percent on month in August. That was well shy of forecasts for an increase of 1.4 percent following the 0.2 percent decline in July. On a yearly basis, industrial production was up 3.4 percent.

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

Elsewhere in Asia, China is surging 4.2 percent, while New Zealand, Malaysia, Indonesia and Taiwan are higher by between 0.6 and 1.3 percent each. Hong Kong, Singapore and South Korea are lower by between 0.1 and 0.2 percent each.

On Wall Street, stocks showed a lack of direction throughout the trading session on Tuesday, with the major averages spending the day bouncing back and forth across the unchanged line following the weakness seen during the previous session.

The major averages eventually ended the day modestly lower. The Dow fell 131.59 points or 0.3 percent to 51,349.92, the Nasdaq edged down 22.84 points or 0.1 percent to 26,797.54 and the S&P 500 dipped 12.85 points or 0.2 percent to 6,760.84.

Meanwhile, the major European markets ended the day mixed. While the German DAX Index crept up by 0.1 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index both fell by 0.5 percent.

Crude oil prices could not hold early gains and turned significantly lower Tuesday on reports that crude oil exports from Saudi Arabia's Red Sea ports are recovering from an attack on a key pipeline earlier this month. West Texas Intermediate crude for November delivery was down $2.90 or 3.1 percent to $89.70 a barrel.