Asian Markets Trades Mostly Higher

(RTTNews) - Asian stock markets are trading mostly higher on Thursday, despite the broadly negative cues from Wall Street overnight, amid hopes of lower negotiated reciprocal tariffs on US trade partners in the region, with Japan making positive progress in trade talks with the U.S. However, the escalating U.S.-China trade tensions and a deteriorating outlook for global trade continue to weigh on market sentiment. Asian Markets closed mostly lower on Wednesday.

The Australian market is trading modestly higher on Thursday, reversing the slight losses in the previous session, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying below the 7,800 level, with gains mining and energy stocks partially offset by weakness in technology and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 30.90 points or 0.40 percent to 7,789.80, after touching a high of 7,796.00 earlier. The broader All Ordinaries Index is up 31.50 points or 0.40 percent to 7,993.20. Australian stocks ended slightly lower on Wednesday.

Among major miners, Mineral Resources is advancing more than 1 percent, Fortescue Metals is edging up 0.3 percent, BHP Group is gaining almost 1 percent and Rio Tinto is adding almost 2 percent.

Oil stocks are mostly higher. Beach energy is rising almost 3 percent, Santos is gaining more than 2 percent, Origin Energy is edging up 0.5 percent and Woodside Energy is advancing almost 2 percent.

In the tech space, Afterpay owner Block is edging down 0.3 percent, WiseTech Global is losing almost 2 percent, Appen is declining more than 2 percent and Zip is slipping almost 3 percent. Xero is flat.

Among the big four banks, Commonwealth Bank, Westpac, National Australia Bank and ANZ Banking are edging down 0.1 to 0.5 percent each.

Among gold miners, Northern Star Resources is adding almost 2 percent, Evolution Mining is gaining almost 3 percent, Gold Road Resources is advancing more than 1 percent and Resolute Mining is surging more than 6 percent, while Newmont is edging down 0.3 percent.

In the currency market, the Aussie dollar is trading at $0.636 on Thursday.

The Japanese market is trading significantly higher on Thursday, reversing the losses in the previous session, despite the broadly negative cues from Wall Street overnight. The Nikkei 225 is moving above the 34,200 level, with gains in index heavyweights, Exporters and financial stocks as Japan makes progress in trade talks with the U.S.

The benchmark Nikkei 225 Index closed the morning session at 34,212.29, up 291.89 points or 0.86 percent, after touching a high of 34,264.24 earlier. Japanese shares ended significantly lower on Wednesday.

Market heavyweight SoftBank Group is gaining more than 1 percent and Uniqlo operator Fast Retailing is edging up 0.4 percent. Among automakers, Toyota is edging up 0.5 percent, while Honda is gaining more than 2 percent.

In the tech space, Advantest is gaining 2.5 percent and Screen Holdings is adding almost 3 percent, while Tokyo Electron is declining almost 2 percent.

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

Among the major exporters, Mitsubishi Electric is gaining more than 3 percent and Sony is adding almost 2 percent, while Canon and Panasonic are edging up 0.4 to 0.5 percent each. Among other major gainers, IHI is soaring almost 8 percent, while Kawasaki Heavy Industries and CyberAgent are surging almost 6 percent each. M3, Sumitomo Metal Mining, Sumco and Mitsubishi Heavy Industries are gaining more than 4 percent each, while TDK, Sumitomo Chemical, Isetan Mitsukoshi and Japan Steel Works are adding almost 4 percent each. Mitsubishi Electric, Hitachi Construction Machinery and Daikin Industries are advancing more than 3 percent each.

Conversely, Nitori Holdings is losing almost 3 percent.

In the currency market, the U.S. dollar is trading in the higher 142 yen-range on Thursday.

Elsewhere in Asia, New Zealand, Hong Kong, Singapore, South Korea, Indonesia and Malaysia are higher by between 0.1 and 1.0 percent each. Taiwan is bucking the trend and is down 0.5 percent. China is relatively flat. On Wall Street, stocks moved sharply lower early in the session on Wednesday and saw even further downside over the course of the trading day. The major averages all posted steep losses, with the tech-heavy Nasdaq under particularly heavy selling pressure.

The major averages climbed off their worst levels going into the end of the day but remained firmly negative. The Nasdaq plunged 516.01 points or 3.1 percent to 16,307.16, the S&P 500 tumbled 120.93 points or 2.2 percent to 5,275.70 and the Dow slumped 699.57 points or 1.7 percent to 39,669.39.

Meanwhile, the major European markets turned mixed over the course of the session after seeing early weakness. While the French CAC 40 Index edged down by 0.1 percent, the German DAX Index and the U.K.'s FTSE 100 Index both rose by 0.3 percent.

Crude oil prices showed a substantial move back to the upside during trading on Wednesday after ending the previous session modestly lower. West Texas Intermediate crude for May delivery rose $1.14 or 1.9 percent to $62.47 a barrel.