CANBERA (dpa-AFX) - Asian stock markets are mostly lower on Friday following the weak cues overnight from Wall Street amid continued disappointment after the Federal Reserve indicated it is not likely to cut interest rates in the near future. In addition, the fall in crude oil prices dragged down energy stocks.
Investors are cautious as they now look ahead to the U.S. Labor Department's closely watched monthly jobs report for April due later in the day. The markets in China and Japan remain closed for holidays.
The Australian market is modestly higher in choppy trade following the weak cues from Wall Street and lower commodity prices. Gains by healthcare stocks and banks were offset by weakness in energy and mining stocks.
The benchmark S&P/ASX 200 Index is adding 8.00 points or 0.13 percent to 6,346.80, after falling to a low of 6,327.20 in early trades. The broader All Ordinaries Index is up 7.10 points or 0.11 percent to 6,437.10.
Shares of ResMed are gaining more than 6 percent after the medical device company reported a 12 percent increase in revenue for the third quarter and a 15 percent increase in adjusted income from operations.
Among other healthcare stocks, CSL and Cochlear are adding almost 1 percent each.
Among the big four banks, ANZ Banking is adding 0.7 percent and Westpac is rising 0.3 percent, while National Australia Bank and Commonwealth Bank are up 0.2 percent each.
Gold miners are mixed after gold prices declined overnight. Newcrest Mining is down 0.4 percent, while Evolution Mining is rising 0.6 percent.
In the mining space, BHP Group is losing 0.4 percent, Fortescue Metals is lower by 0.2 percent and Rio Tinto is edging down 0.1 percent.
Oil stocks are also weak after crude oil prices fell overnight. Oil Search and Santos are declining more than 1 percent each, while Woodside Petroleum is lower by almost 1 percent.
Macquarie Group reported a 17 percent increase in its profit for full-year 2019 from last year, but warned that its result for fiscal 2020 result will be slightly lower amid the impact of potential regulatory changes and tax uncertainties. The company's shares are losing 6 percent.
In economic news, Australia will release March numbers for building approvals today.
In the currency market, the Australian dollar is lower against the U.S dollar on Friday. The local currency was quoted at $0.6998, down from $0.7019 on Thursday.
Elsewhere in Asia, South Korea, Singapore, New Zealand, Indonesia and Malaysia are all lower, while Hong Kong and Taiwan are higher. The markets in China and Japan remain closed for holidays.
On Wall Street, stocks closed lower on Thursday amid continued disappointment with Wednesday's remarks by Federal Reserve Chairman Jerome Powell suggesting the central bank is not likely to lower interest rates in the near future as some had hoped. Traders also moved out of risky assets such as stocks ahead of the Labor Department's closely watched monthly jobs report on Friday.
The Dow slid 122.35 points or 0.5 percent to 26,307.79, the Nasdaq dipped 12.87 points or 0.2 percent to 8,036.77 and the S&P 500 fell 6.21 points or 0.2 percent to 2,917.52.
The major European markets also moved mostly lower on Thursday. While the German DAX Index closed just above the unchanged line, the U.K.'s FTSE 100 Index dropped by 0.5 percent and the French CAC 40 Index slumped by 0.9 percent.
Crude oil prices fell sharply on Thursday, with record U.S. output and warnings about fragile economic growth weighing on the commodity. WTI crude for June delivery plunged $1.79 or 2.8 percent to $61.81 a barrel on the New York Mercantile Exchange.
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