Asian Markets Mostly Higher

(RTTNews) - Asian stock markets are trading mostly higher on Friday, despite the broadly negative cues from Wall Street overnight, as traders react to a bunch of upbeat economic data from the region, including upbeat GDP data from Japan. Regional gains remained very modest after the U.S. Fed said it would slash interest rates carefully amid inflation pressures. Asian markets ended mixed on Thursday.

The Australian stock market is notably higher on Friday, adding to the gains in the previous session, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying well above the 8,200 level, with gains across most sectors led by gold miners and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 38.30 points or 0.47 percent to 8,262.30, after touching a high of 8,273.90 earlier. The broader All Ordinaries Index is up 36.40 points or 0.43 percent to 8,516.30. Australian markets ended modestly higher on Thursday.

Among major miners, BHP Group is edging up 0.3 percent, while Rio Tinto is edging down 0.3 percent and Mineral Resources is losing more than 4 percent. Fortescue Metals is flat.

Oil stocks are mostly higher. Woodside Energy and Santos are gaining almost 1 percent each, while Beach energy is edging up 0.4 percent and Origin Energy is advancing almost 2 percent.

Among tech stocks, Zip is adding more than 2 percent, Appen is surging almost 5 percent, WiseTech Global is gaining almost 2 percent and Xero is up almost 1 percent each, while Afterpay-owner Block is losing more than 2 percent.

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

In the currency market, the Aussie dollar is trading at $0.646 on Friday.

Snapping a three-session losing streak, the Japanese stock market is significantly higher on Friday, despite the broadly negative cues from Wall Street overnight. The benchmark Nikkei 225 is moving well above the 38,800 level, with gains across all sectors led by index heavyweights and technology stocks as traders reacted to solid domestic GDP data.

The benchmark Nikkei 225 Index closed the morning session at 38,842.13, up 306.43 points or 0.80 percent, after touching a high of 39,101.64 earlier. Japanese stocks closed notably lower on Thursday.

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

In the tech space, Advantest is gaining more than 1 percent, Screen Holdings is advancing almost 5 percent and Tokyo Electron is adding more than 2 percent.

In the banking sector, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are gaining almost 1 percent each, while Mizuho Financial is surging more than 5 percent.

Among major exporters, Mitsubishi Electric and Sony are gaining more than 1 percent each, while Canon is adding almost 1 percent. Panasonic is losing more than 2 percent.

Among other major gainers, Japan Steel Works is soaring more than 8 percent, Nissan Motor is surging more than 6 percent, Disco is advancing almost 5 percent and JGC Holdings is gaining more than 4 percent, while Keyence and Tokyo Electric Power are adding more than 3 percent each. Denka, Lasertec, Chubu Electric Power, Comsys Holdings, Odakyu Electric Railway and Yamaha Motor are rising almost 3 percent each.

Conversely, Dentsu Group is plummeting almost 15 percent, Asahi Group is declining more than 5 percent and NEXON is down more than 4 percent, while Rakuten Group and Ebara are losing almost 2 percent each.

In economic news, Japan's gross domestic product expanded by a seasonally adjusted 0.2 percent on quarter in the third quarter of 2024, the Cabinet Office said in Friday's preliminary report. That was in line with expectations and down from 0.7 percent in the second quarter. On an annualized basis, GDP was up 0.9 percent - down from 2.9 percent in the three months prior.

External demand was down 0.4 percent on quarter, missing forecasts for an increase of 0.1 percent after slipping 0.1 percent in the previous three months.

The GDP price index rose 2.5 percent on year, missing expectations for 2.8 percent and slowing from 3.1 percent in the second quarter. Private consumption was up 0.9 percent on quarter - unchanged from Q2 and beating forecasts for 0.2 percent.

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

Elsewhere in Asia, New Zealand, China, Hong Kong, Indonesia and Taiwan are higher by between 0.1 and 0.6 percent each. Malaysia and South Korea are down 0.2 and 0.6 percent, respectively. Singapore is relatively flat.

On Wall Street, stocks came under pressure in the latter part of the trading day on Thursday after showing a lack of direction for much of the session. The major averages slid more firmly into negative territory after spending most of the day bouncing back and forth across the unchanged line.

The major averages ended the day just off their lows of the session. The Dow slid 207.33 points or 0.5 percent to 43,750.86, the Nasdaq fell 123.07 points or 0.6 percent to 19,107.65 and the S&P 500 declined 36.21 points or 0.6 percent to 5,949.17.

Meanwhile, the major European markets moved to the upside on the day. While the U.K.'s FTSE 100 Index climbed by 0.5 percent, the French CAC 40 Index and the German DAX Index jumped by 1.3 percent and 1.4 percent, respectively.

Crude oil prices settled higher on Thursday, supported by data showing a drop in gasoline stockpiles. West Texas Intermediate Crude oil futures for December closed up $0.27 or about 0.4 percent at $68.70 a barrel.