Asian Markets Track Global Markets Higher

(RTTNews) - Asian stock markets are trading mostly higher on Friday, following the broadly positive cues from global markets overnight, after data showing a much bigger than expected increase in U.S. jobless claims for last week added to recently renewed optimism that the US Fed will lower interest rates by September. Asian markets ended mixed on Thursday.

Traders also remain cautious ahead of a report on US consumer sentiment in the month of May, which includes readings on inflation expectations.

Recouping some of the losses in the previous session, the Australian stock market is notably higher on Friday, following the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is staying above the 7,700 level, with gains across most sectors led by mining and energy stocks amid a spike in commodity prices, and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 33.00 points or 0.43 percent to 7,754.60, after touching a high of 7,765.80 earlier. The broader All Ordinaries Index is up 33.50 points or 0.42 percent to 8,027.70. Australian markets ended sharply lower on Thursday.

Among major miners, BHP Group, Rio Tinto, Fortescue Metals and Mineral Resources are all edging up 0.2 to 0.5 percent each. Oil stocks are mostly higher. Beach energy is gaining more than 3 percent, Santos is adding almost 1 percent and Woodside Energy is advancing more than 1 percent, while Origin Energy is losing almost 1 percent.

Among tech stocks, WiseTech Global and Xero are edging down 0.1 to 0.3 percent each, while Afterpay owner Block is gaining almost 2 percent, Zip is advancing more than 3 percent and Appen is adding almost 1 percent.

Among the big four banks, Commonwealth Bank, ANZ Banking and National Australia Bank are gaining almost 1 percent each, while Westpac is edging up 0.2 percent. Gold miners are mostly higher. Evolution Mining and Newmont are gaining almost 2 percent each, while Northern Star Resources is adding almost 1 percent, Gold Road Resources is advancing more than 4 percent and Resolute Mining is surging more than 5 percent.

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

Recouping some of the losses in the previous two sessions, the Japanese stock market is significantly higher on Friday, following the broadly positive cues from global markets overnight. The benchmark Nikkei 225 is moving above the 38,300 level, with gains across most sectors led by index heavyweights and financial stocks.

The benchmark Nikkei 225 Index closed the morning session at 38,311.63, up 237.65 points or 0.62 percent, after touching a high of 38,741.88 earlier. Japanese stocks closed modestly lower on Thursday.

Market heavyweight SoftBank Group is gaining more than 2 percent and Uniqlo operator Fast Retailing is adding more than 1 percent. Among automakers, Honda is gaining more than 1 percent, while Toyota is declining more than 1 percent.

In the tech space, Advantest is gaining almost 1 percent and Tokyo Electron is adding more than 1 percent, while Screen Holdings is plunging almost 10 percent.

In the banking sector, Mitsubishi UFJ Financial is gaining almost 2 percent, while Sumitomo Mitsui Financial and Mizuho Financial are adding almost 1 percent each.

Among major exporters, Mitsubishi Electric and Canon are gaining more than 1 percent each, while Panasonic is declining almost 5 percent and Sony is losing more than 1 percent.

Among other major gainers, Kobe Steel and Konami Group are skyrocketing almost 10 percent each, while Daikin Industries is soaring almost 9 percent, Sumco is surging almost 8 percent and Kawasaki Kisen Kaisha is rising more than 7 percent. Sumitomo Pharma and BANDAI NAMCO are gaining almost 7 percent each, while Sumitomo Realty & Development, Mercari and Ajinomoto are adding more than 5 percent each. Kao, Nintendo, Marubeni and Nippon Yusen K.K. are advancing more than 4 percent each.

Conversely, NSK is losing almost 5 percent and Asahi Kasei is declining almost 4 percent.

In economic news, the average of household spending in Japan was down 1.2 percent on year in March, the Ministry of Internal Affairs and Communications said on Friday - coming in at 318,713 yen. That beat forecasts for a decline of 2.3 percent following the 0.5 percent drop in February. On a seasonally adjusted monthly basis, household spending rose 1.2 percent - again topping expectations for a loss 0.3 percent following the 1.4 percent increase in the previous month. The average of monthly income per household stood at 513,734 yen, down 0.1 percent on year.

Meanwhile, the Ministry of Finance said Japan posted a current account surplus of 3.398 trillion yen in March, up 44 percent from the previous year. That was shy of expectations for a surplus of 3.489 trillion yen but was up from 2.644 trillion yen in February.

In the currency market, the U.S. dollar is trading in the higher 155 yen-range on Friday.

Elsewhere in Asia, Hong Kong, Singapore, South Korea, Malaysia and Taiwan are higher by between 0.1 and 0.9 percent each. New Zealand and China are down 0.1 and 0.4 percent, respectively. Indonesia is closed for the Ascension holiday. On Wall Street, stocks moved mostly higher during trading on Thursday following the lackluster performance seen over the two previous sessions. The Dow extended its winning streak to seven sessions, once again reaching its best closing level in over a month.

The major averages ended the day just off their highs of the session. The Dow jumped 331.37 points or 0.9 percent to 39,387.76, the S&P 500 climbed 26.41 points or 0.5 percent to 5,214.08 and the Nasdaq rose 43.51 points or 0.3 percent to 16,346.26.

The major European markets all also moved to the upside on the day. While the German DAX Index jumped by 1.0 percent, the French CAC 40 Index climbed by 0.7 percent and the U.K.'s FTSE 100 Index rose by 0.3 percent.

Crude oil prices moved higher on Thursday, lifted by optimism about the outlook for demand and on recent data showing a bigger than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for June ended higher by $0.27 at $79.26 a barrel.