Asian Markets Mixed Amid Cautious Trades

(RTTNews) - Asian stock markets are trading mixed on Friday, following the mixed cues from Wall Street overnight, as the rate cut announcements by the European Central Bank and the Bank of Canada raised expectations of an interest rate cut by the US Fed in September, which could stimulate economic activity. The ECB has cut interest rate for the first time since September 2019. Asian markets ended mostly higher on Thursday.

Traders also remained cautious and stuck to the sidelines ahead the release of closely watched monthly jobs report later in the day, which could have a significant impact on the outlook for interest rates.

Extending the gains in the previous two sessions, the Australian stock market is modestly higher on Friday, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying above the 7,800 level, with gains across most sectors led by mining and energy stocks amid a spike in commodity prices.

The benchmark S&P/ASX 200 Index is gaining 25.00 points or 0.32 percent to 7,846.80, after touching a high of 7,849.00 earlier. The broader All Ordinaries Index is up 27.20 points or 0.34 percent to 8,101.50. Australian markets ended significantly higher on Thursday.

Among major miners, BHP Group and Rio Tinto are gaining more than 1 percent each, while Fortescue Metals and Mineral Resources are adding almost 2 percent each. Oil stocks are mostly higher. Santos is edging up 0.3 percent, while Origin Energy and Woodside Energy are gaining almost 1 percent each. Beach energy is losing almost 1 percent.

Among tech stocks, Afterpay owner Block and Appen are gaining almost 2 percent each, while Zip is edging up 0.4 percent. Xero is edging down 0.2 percent. WiseTech Global is flat.

Among the big four banks, Commonwealth Bank and National Australia Bank are edging down 0.1 to 0.4 percent each, while ANZ Banking and Westpac are losing almost 1 percent each. Gold miners are mostly higher. Evolution Mining and Gold Road Resources are gaining almost 2 percent each, while Northern Star Resources is edging up 0.3 percent, Resolute Mining is surging more than 6 percent and Newmont is advancing almost 4 percent.

In the currency market, the Aussie dollar is trading at $0.667 on Friday.

Reversing the gains in the previous session, the Japanese stock market is slightly lower in choppy trading on Friday, following the mixed cues from Wall Street overnight. The benchmark Nikkei 225 is falling well below the 38,700 level, with weakness across most sectors led by index heavyweights and exporter stocks.

The benchmark Nikkei 225 Index closed the morning session at 38,661.04, down 42.47 points or 0.11 percent, after touching a high of 38,747.27 and a low of 38,560.85 earlier. Japanese stocks closed significantly higher on Thursday.

Market heavyweight SoftBank Group is losing almost 1 percent and Uniqlo operator Fast Retailing is edging down 0.1 percent. Among automakers, Honda is losing almost 1 percent and Toyota is edging down 0.4 percent.

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

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

Among major exporters, Mitsubishi Electric is edging down 0.2 percent, while Panasonic and Sony are declining more than 1 percent each. Canon is gaining more than 1 percent.

Among other major losers, Shionogi & Co. is plummeting almost 14 percent after the Japanese pharmaceutical giant released its latest R&D report detailing its pipeline projects.

Conversely, Lasertec is surging almost 6 percent, while Nitto Denko and J. Front Retailing are gaining more than 5 percent each. Sumitomo Electric Industries is adding more than 3 percent and Mercari is advancing almost 3 percent.

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

Elsewhere in Asia, Singapore, South Korea, Malaysia and Indonesia are higher by between 0.1 and 0.8 percent each, while New Zealand, Hong Kong and Taiwan are down 0.2 percent each. China is relatively flat. On Wall Street, stocks turned in a relatively lackluster performance during trading on Thursday following the rally seen over the course of Wednesday's session. The major averages spent the day bouncing back and forth across the unchanged line before eventually closing narrowly mixed.

While the Dow rose 78.84 points or 0.2 percent to 38,886.17, the Nasdaq slipped 14.78 points or 0.1 percent to 17,173.12 and the S&P 500 edged down 1.07 points or less than a tenth of a percent to 5,352.96.

Meanwhile, the major European markets moved to the upside after the European Central Bank lowered interest rates. While the U.K.'s FTSE 100 Index climbed by 0.5 percent, the French CAC 40 Index and the German DAX Index both rose by 0.4 percent.

Crude oil prices moved higher for a second straight session on Thursday, after five successive days of losses. The decision of the Organization of Petroleum Exporting Countries and allies, collectively known as OPEC+, to phase out voluntary production cuts from October weighed on prices. West Texas Intermediate Crude oil futures for July ended up by $1.48 or nearly 2% at $75.55 a barrel.