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Asian markets follow global markets higher

(RTTNews) – Asian stock markets are trading mostly higher on Thursday, following broadly positive signals from global markets overnight, as traders reacted positively to some upbeat US economic data on sector activity. services and new orders for manufactured goods, which helped ease concerns about a lingering recession and sharp interest rate hikes. Asian markets closed mixed on Wednesday.

However, rising tensions between the United States and China after Speaker of the House Nancy Pelosi’s visit to Taiwan and the threat of a response from China are weighing on the market.

The Australian stock market is slightly higher on Thursday, recouping losses from the previous session, with the benchmark S&P/ASX 200 index just below the 7,000 mark, following broadly positive signals from global markets overnight , with gains driven by technology and financial stocks. , partially offset by weak Materials and Energy values.

The benchmark S&P/ASX 200 gained 13.80 points or 0.20% to 6,989.70, after hitting a high of 7,021.10 earlier. The broader All Ordinaries index is up 21.10 points or 0.29% at 7,224.00. Australian shares ended slightly lower on Wednesday.

Among the major miners, BHP Group and OZ Minerals are down 0.1-0.3% each, while Fortescue Metals and Rio Tinto are down nearly 1% each. Mineral resources increased by nearly 2%.

Oil inventories are mostly lower. Santos and Woodside Energy are down nearly 1% each, while Beach Energy is down nearly 3% and Origin Energy is down 0.5%.

In the tech space, Afterpay owner Block is up over 10%, WiseTech Global is adding nearly 1%, Xero is up over 1%, Appen is up over 4%, and Zip is climbing over 7%. %.

Among the big four banks, National Australia Bank, Commonwealth Bank and ANZ Banking each gain nearly 1%, while Westpac gains more than 1%.

Among gold miners, Northern Star Resources, Newcrest Mining and Evolution Mining lost more than 1% each, while Gold Road Resources fell nearly 2%. Resolute Mining adds almost 1%

In other company news, Orica shares jumped nearly 10% after the explosives company announced plans to acquire mining technology provider Axis in an all-cash deal. of $260 million.

In the currency market, the Australian dollar is trading at $0.696 on Thursday.

The Japanese stock market is slightly higher on Thursday, extending the gains of the previous session, with the Nikkei 225 just below the 27,900 level, following broadly positive signals from global markets overnight, boosted by strength in equities. tech, which mirrored their peers on the tech-heavy Nasdaq.

The benchmark Nikkei 225 closed the morning session at 27,892.68, up 150.78 points or 0.54%, after hitting a high of 28,005.59 earlier. Japanese stocks closed slightly higher on Wednesday.

The SoftBank group, heavyweight in the market, gained more than 2% and the operator Uniqlo Fast Retailing rose by 0.3%. Among automakers, Honda is down 0.4% and Toyota is flat.

In technology, Screen Holdings is up almost 3%, Advantest is adding more than 3%, and Tokyo Electron is up 3.5%.

In the banking sector, Mitsubishi UFJ Financial lost more than 1%, while Sumitomo Mitsui Financial and Mizuho Financial fell by 0.1 to 0.3% each.

Among the main exporters, Canon gained almost 1%, while Panasonic and Sony rose 0.1 to 0.4% each. Mitsubishi Electric lost almost 1%. Other top gainers include Casio Computer up over 7%, Subaru up almost 7% and Sumitomo Electric Industries adding almost 6%, while CyberAgent, Kawasaki Kisen Kaisha are up almost 4% each. Keio and Daiichi Sankyo are up over 3% each.

Conversely, Z Holdings fell more than 12%, while Orix, JFE Holdings, Kubota, Mitsubishi Chemical Group and Taiyo Yuden lost almost 5% each. Hitachi Zosen, NTN and Nippon Express Holdings are down more than 3% each, while Concordia Financial Group, Concordia Financial Group, Dai-ichi Life Holdings, Kobe Steel, Nomura Holdings, Tokyo Electric Power and Nichirei are down nearly 3%. % each.

In the currency market, the US dollar is trading in the upper range of 133 yen on Thursday.

Elsewhere in Asia, Hong Kong is up 1.7%, while New Zealand, China, South Korea, Singapore, Malaysia and Indonesia are up 0.1-0.6% each. Indonesia and Taiwan are down 0.5 and 0.1%, respectively.

On Wall Street, stocks rose sharply during Wednesday’s session, offsetting the pullback seen in the previous two sessions. The rally took the tech-heavy Nasdaq to a three-month closing high, while the S&P 500 hit its best closing level in nearly two months.

The major averages retreated from their highs at the close, but held on to strong gains. While the Nasdaq jumped 319.40 points or 2.6% to 12,668.16, the S&P 500 jumped 63.98 points or 1.6% to 4,155.17 and the Dow jumped 416, 33 points or 1.3% at 32,812.50.

The main European markets all also moved higher on the day. While Britain’s FTSE 100 index climbed 0.5%, France’s CAC 40 index and Germany’s DAX index both jumped 1.0%.

Crude oil prices fell sharply on Wednesday after data showed an unexpected rise in U.S. crude inventories last week. The strength of the dollar after hawkish comments from a few Fed officials also weighed on oil prices.

Additionally, OPEC+ has agreed to a small production increase next month, fearing a global recession could dampen demand. West Texas Intermediate crude futures for September fell $3.76 or 4% to $90.66 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.