Asian Markets Mixed In Cautious Trades

Asian stock markets are trading mixed on Friday, following the broadly positive cues from global markets overnight, as traders remain cautious in making large moves amid uncertainty about the near-term outlook for the markets following recent strength. Worries about global economic slowdown and soaring inflation also weighed on sentiment. Asian markets ended mostly lower on Thursday.

The Australian stock market is modestly higher on Friday, recouping the losses in the previous session, with the benchmark S&P/ASX 200 staying above the 7,100 level, following the broadly positive cues from global markets overnight, with particular strength in energy stocks amid a spike in crude oil prices, partially offset weakness in financial stocks.

The benchmark S&P/ASX 200 Index is gaining 7.10 points or 0.10 percent to 7,119.90, after touching a high of 7,137.50 earlier. The broader All Ordinaries Index is up 7.50 points or 0.10 percent to 7,365.20. Australian markets ended modestly lower on Thursday.

Among major miners, BHP Group, OZ Minerals and Fortescue Metals are adding more than 1 percent each, while Mineral Resources and Rio Tinto are up almost 1 percent each.

Oil stocks are higher. Origin Energy is gaining more than 1 percent, Beach energy is adding almost 2 percent, Woodside Energy is advancing more than 4 percent and Santos is rising almost 5 percent. AGL Energy is down more than 3 percent after reporting an expected loss for the full year.

Among tech stocks, WiseTech Global is gaining more than 2 percent and Zip is adding almost 1 percent, while Appen is slipping more than 2 percent and Xero is declining more than 1 percent. Afterpay owner Block is flat.

Among the big four banks, National Australia Bank and Westpac are losing more than 1 percent each, while Commonwealth Bank is slipping almost 1 percent and ANZ Banking is down more than 2 percent.

Gold miners are mixed. Northern Star Resources is edging up 0.4 percent, Resolute Mining is gaining 2.5 percent and Gold Road Resources is adding 1.5 percent, while Evolution Mining is edging down 0.4 percent. Newcrest Mining is up more than 3 percent despite reporting a drop in profit for the full-year 2022.

In the currency market, the Aussie dollar is trading at $0.692 on Friday.

The Japanese stock market is modestly higher on Friday, recouping some of the losses in the previous session, with the benchmark Nikkei 225 staying below the 29,000 mark, following the broadly positive cues from global markets overnight, with gains in exporters and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 28,967.94, up 25.80 points or 0.09 percent, after touching a high of 29,150.80 earlier. Japanese stocks closed significantly lower on Thursday.

Market heavyweight SoftBank Group is edging down 0.5 percent and Uniqlo operator Fast Retailing is losing more than 1 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is edging up 0.3 percent.

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

In the banking sector, Mitsubishi UFJ Financial is edging down 0.3 percent and Mizuho Financial is losing almost 1 percent, while Sumitomo Mitsui Financial is edging up 0.2 percent.

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

Among the other major gainers, Fujikura is surging almost 6 percent, while Pacific Metals and JGC Holdings are gaining more than 3 percent each. Ebara and Nikon are adding almost 3 percent each.

Conversely, Trend Micro, Sumitomo Osaka Cement and Nippon Sheet Glass are losing almost 3 percent each.

In the currency market, the U.S. dollar is trading in the lower 136 yen-range on Friday.

Elsewhere in Asia, Hong Kong, Malaysia, Indonesia and Taiwan are higher by between 0.1 and 0.6 percent each, while New Zealand, China, Singapore and South Korea are lower by between 0.2 and 0.9 percent each

On Wall Street, stocks showed a lack of direction throughout the session on Thursday following the pullback seen during trading on Wednesday. The major averages spent most of the day bouncing back and forth across the unchanged line.

The major averages eventually ended the session modestly higher. The Dow inched up 18.72 points or 0.1 percent to 33,999.04, the Nasdaq rose 27.22 points or 0.2 percent to 12,965.34 and the S&P 500 edged up 9.70 points or 0.2 percent to 4,283.74.

The major European markets also moved to the upside on the day. While the U.K.’s FTSE 100 Index rose by 0.4 percent, the German DAX Index and the French CAC 40 Index both climbed by 0.5 percent.

Crude oil prices moved higher on Thursday, continuing to benefit from Wednesday’s data that showed declines in crude and gasoline inventories in the week ended August 12. West Texas Intermediate Crude oil futures for September ended higher by $2.39 or about 2.7 percent at $90.50 a barrel.

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