Asian Markets Trade Mostly Lower

(RTTNews) - Asian stock markets are trading mostly lower on Friday, following the mixed cues from Wall Street overnight, amid fading hopes of a series of rate cuts by the US Fed after the central bank officials conservatively forecast just one rate cut this year in the post meeting comments. They said inflation has eased substantially in recent months but still remains too high. Asian markets ended mostly higher on Thursday.

Reversing the gains in the previous session, the Australian stock market is modestly lower on Friday, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying above the 7,700 level, with weakness across most sectors led by gold miners and technology stocks.

The benchmark S&P/ASX 200 Index is losing 23.70 points or 0.31 percent to 7,726.00, after hitting a low of 7,718.00 earlier. The broader All Ordinaries Index is down 25.30 points or 0.32 percent to 7,977.20. Australian markets ended modestly higher on Thursday.

Among major miners, BHP Group and Rio Tinto are edging down 0.1 to 0.3 percent each, while Fortescue Metals and Mineral Resources are losing almost 1 percent each. Oil stocks are mostly lower. Santos is edging down 0.1 percent, while Beach energy and Woodside Energy are losing almost 1 percent each. Origin Energy is gaining almost 1 percent.

Among tech stocks, Afterpay owner Block and Appen are plunging more than 4 percent each, while Xero is edging down 0.4 percent and WiseTech Global is losing more than 1 percent. Zip is gaining almost 1 percent.

Among the big four banks, Commonwealth Bank and Westpac are edging down 0.3 to 0.4 percent each, while National Australia Bank and ANZ Banking are flat. Gold miners are mostly lower. Evolution Mining is losing almost 3 percent, Northern Star Resources is declining almost 2 percent, Resolute Mining is plunging almost 5 percent, while Newmont and Gold Road Resources are down almost 1 percent.

In the currency market, the Aussie dollar is trading at $0.664 on Friday.

Extending the losses in the previous two sessions, the Japanese stock market is slightly lower on Friday, following the mixed cues from Wall Street overnight. The benchmark Nikkei 225 is falling to stay a tad above the 38,700 level, with weakness across most sectors as traders cautiously await the Bank of Japan's latest monetary policy decision later in the day.

The benchmark Nikkei 225 Index closed the morning session at 38,709.02, down 11.45 points or 0.03 percent, after hitting a low of 38,554.75 earlier. Japanese stocks closed modestly lower on Thursday.

Market heavyweight SoftBank Group is gaining almost 2 percent, while Uniqlo operator Fast Retailing is losing more than 1 percent. Among automakers, Honda is losing almost 1 percent and Toyota is also down almost 1 percent.

In the tech space, Advantest is losing almost 1 percent, while Screen Holdings and Tokyo Electron are edging down 0.3 percent each.

In the banking sector, Mitsubishi UFJ Financial is edging down 0.1 percent, while Sumitomo Mitsui Financial is gaining more than 2 percent and Mizuho Financial is edging up 0.5 percent.

Among major exporters, Mitsubishi Electric is gaining almost 2 percent and Canon is edging up 0.5 percent, while Panasonic is losing almost 1 percent and Sony is declining more than 1 percent.

Among other major losers, Sumco is losing almost 3 percent.

Conversely, Kawasaki Kisen Kaisha, Mitsubishi Heavy Industries, Nidec and Mitsui O.S.K. Lines are gaining more than 3 percent each, while Taiheiyo Cement, Nippon Yusen K.K. and NEXON are adding almost 3 percent each.

In the currency market, the U.S. dollar is trading in the lower 157 yen-range on Friday.

Elsewhere in Asia, New Zealand, China, Hong Kong, Singapore, South Korea and Malaysia are lower by between 0.1 and 0.8 percent each. Taiwan and Indonesia are relatively flat.

On Wall Street, stocks turned in a relatively lackluster performance during trading on Thursday, as traders took a breather following the rally seen in the previous session. Despite the choppy trading, the Nasdaq and the S&P 500 once again reached new record closing highs.

The Nasdaq climbed 59.12 points or 0.3 percent to 17,667.56 and the S&P 500 rose 12.71 points or 0.2 percent to 5,433.74. The Dow once again bucked the uptrend, however, with the blue chip index slipping 65.11 points or 0.2 percent to 38,647.10.

Meanwhile, the major European markets all moved to the downside on the day. While the U.K.'s FTSE 100 Index slid by 0.6 percent, the German DAX Index and the French CAC 40 Index both plunged by 2.0 percent.

Crude oil prices settled higher on Thursday amid expectations of increased demand for oil and tighter supplies. West Texas Intermediate Crude oil futures for July ended up by $0.12 at $78.62 a barrel.