Asian Markets Trade Mixed

(RTTNews) - Asian stock markets are trading mixed on Thursday, following the mixed cues from Wall Street overnight, as data showing a bigger than expected increase in U.S. consumer price inflation raised speculation the US Fed will leave interest rates on hold for a prolonged period. Traders also remain cautious amid raising fears of a brewing global trade war and its impact on inflation. Asian Markets closed mixed on Wednesday.

The Australian market is trading slightly higher on Thursday, extending the gains in the previous two sessions, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,550 level, with gains in mining and financial stocks partially offset by weakness in energy and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 14.80 points or 0.17 percent to 8,550.10, after touching a high of 8,575.20 earlier. The broader All Ordinaries Index is up 15.10 points or 0.17 percent to 8,814.70. Australian stocks ended notably higher on Wednesday.

Among major miners, Mineral Resources is surging almost 7 percent, Fortescue Metals is adding almost 2 percent, BHP Group is gaining more than 2 percent and Rio Tinto is more than 1 percent.

Oil stocks are mostly lower. Woodside Energy is losing almost 1 percent, while Origin Energy and Santos are edging down 0.2 to 0.5 percent each. Beach energy is edging up 0.4 percent.

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

Among the big four banks, Commonwealth Bank and National Australia Bank are edging down 0.3 percent each, while Westpac are adding more than 1 percent and ANZ Banking is advancing almost 1 percent. Among gold miners, Resolute Mining and Newmont are advancing almost 3 percent each, while Gold Road Resources is edging up 0.2 percent. Evolution Mining is edging down 0.3 percent. Northern Star Resources is flat.

In other news, shares in Temple & Webster are jumping almost 14 percent after the online furniture retailer reported sales jumped nearly 24 percent and topped market expectations.

Shares in IAG are tumbling more than 11 percent even after the insurer reported a 91.2 percent leap in profit for the half-year to December and a 20 percent higher interim dividend.

In the currency market, the Aussie dollar is trading at $0.628 on Thursday.

The Japanese market is trading sharply higher on Thursday, extending the gains in the previous three sessions, following the mixed cues from Wall Street overnight. The Nikkei 225 is moving well above the 39,400 level, with gains across most sectors led by most index heavyweights and financial stocks.

The benchmark Nikkei 225 Index closed the morning session at 39,474.80, up 511.10 points or 1.31 percent, after touching a high of 39,486.66 earlier. Japanese shares ended notably higher on Wednesday.

Market heavyweight SoftBank Group is losing almost 4 percent, while Uniqlo operator Fast Retailing is gaining more than 2 percent. Among automakers, Toyota is gaining more than 2 percent and Honda is also adding more than 2 percent.

In the tech space, Advantest is advancing almost 4 percent and Screen Holdings is edging up 0.3 percent, while Tokyo Electron is losing almost 1 percent.

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

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

Among other major gainers, Trend Microis skyrocketing almost 13 percent, Toray Industries is soaring more than 9 percent, Shizuoka Financial is surging almost 8 percent and Daiichi Sankyo is gaining almost 6 percent, while M3, Tokai Carbon and Kajima are advancing more than 5 percent each. Yamaha Motor is adding 4.5 percent and Eisai is up almost 4 percent, while Shiseido, Chugai Pharmaceutical, Otsuka Holdings, Subaru and Astellas Pharma are rising more than 3 percent each.

Conversely, JGC Holdings is plummeting 13.5 percent, Nitori Holdings is plunging more than 6 percent and Recruit Holdings is declining more than 4 percent, while Mitsui Mining & Smelting and Furukawa Electric are losing almost 4 percent each. Fujikura and Japan Steel Works are down almost 3 percent each.

In economic news, producer prices in Japan were up 0.3 percent on month in January, the Bank of Japan said on Thursday. That was in line with expectations and up from the upwardly revised 0.4 percent gain in December (originally 0.3 percent). On a yearly basis, producer prices climbed 4.2 percent - exceeding expectations for 4.0 percent and up from the upwardly revised 3.9 percent in the previous month (originally 3.8 percent).

Export prices rose 0.2 percent on month and 0.8 percent on year, the bank said, while import prices added 0.1 percent on month and slumped 2.2 percent on year.

In the currency market, the U.S. dollar is trading in the mid-154 yen-range on Thursday.

Elsewhere in Asia, Taiwan is up 0.3 percent, while Hong Kong and South Korea are up 1.3 and 1.0 percent, respectively. New Zealand, Singapore, Malaysia and Indonesia are lower by between 0.2 and 0.9 percent each. China is relatively flat. On Wall Street, stocks showed a notable recovery attempt over the course of the trading day on Wednesday after moving sharply lower early in the session. The major averages climbed well off their worst levels of the day, with the tech-heavy Nasdaq reaching positive territory.

The Nasdaq inched up 6.09 points or less than a tenth of a percent to 19,649.95 after tumbling by as much as 1.2 percent, but the Dow and the S&P 500 ended the day in the red. The Dow slid 225.09 points or 0.5 percent to 44,368.56, while the S&P 500 fell 16.53 points or 0.3 percent to 6,051.97.

Meanwhile, the major European markets moved to the upside on the day. While the German DAX Index climbed by 0.5 percent, the U.K.'s FTSE 100 Index increased by 0.3 percent and the French CAC 40 Index crept up by 0.2 percent.

Crude oil prices fell sharply on Wednesday, weighed down by data showing a larger than expected increase in U.S. crude inventories last week. West Texas Intermediate Crude oil futures settled lower by $1.95 or about 2.66 percent at $71.37 a barrel, falling after three successive days of gains.