CANBERA (dpa-AFX) - Asian stock markets are trading mostly higher on Thursday, despite the broadly positive cues from Wall Street overnight, after U.S. President Donald Trump said the U.S. was closing in on the trade deal with China. Traders also remain optimistic about the US Fed cutting interest rates as early as September based on the recent economic data from the U.S. Asian markets closed mostly higher on Wednesday.
The Australian market is trading modestly lower on Thursday, snapping a three session winning streak, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying below the 8,850 level, with weakness in iron ore miners and energy stocks.
The benchmark S&P/ASX 200 Index is losing 16.40 points or 0.19 percent to 8,827.30, after hitting a low of 8,826.40 earlier. The broader All Ordinaries Index is down 14.80 points or 0.16 percent to 9,096.30. Australian stocks ended significantly higher on Wednesday.
Among major miners, Rio Tinto, Fortescue and Mineral Resources are losing almost 1 percent each, while BHP Group is edging down 0.2 percent.
Oil stocks are mostly lower. Woodside Energy, Beach energy and Origin Energy are edging down 0.1 to 0.4 percent each, while Santos is losing almost 1 percent.
In the tech space, Afterpay owner Block is edging up 0.5 percent and WiseTech Global is gaining almost 1 percent, while Appen is declining more than 2 percent, Xero is edging down 0.2 percent and Zip is losing almost 3 percent.
Among the big four banks, Commonwealth Bank and Westpac are edging down 0.1 to 0.3 percent each, while National Australia Bank is losing almost 1 percent. ANZ Banking is edging up 0.5 percent each, while each.
Among gold miners, Northern Star Resources is advancing almost 2 percent, Newmont is adding more than 1 percent and Evolution Mining is gaining almost 1 percent, while Gold Road Resources is edging down 0.2 percent. Resolute Mining is flat.
In other news, shares in ASX are tumbling almost 8 percent after Treasurer Jim Chalmers indicated he would seek to end its monopoly, and after the embattled market operator said it will book between $25 million and $35 million in additional operating expenses in the 2025-26 financial year amid an ongoing ASIC compliance inquiry.
Shares in Westgold Resources are soaring almost 6 percent after announcing it expects higher gold production between 345,000 and 385,000 ounces in fiscal 2026.
In the currency market, the Aussie dollar is trading at $0.650 on Thursday.
The Japanese market is trading notably higher on Thursday, extending the gains in the previous two sessions, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 41,100 level, with gains in index heavyweights and financial stocks.
The benchmark Nikkei 225 Index closed the morning session at 41,114.68, up 319.82 points or 0.78 percent, after touching a high of 41,164.11 earlier. Japanese shares ended notably higher on Wednesday.
Market heavyweight SoftBank Group is gaining almost 2 percent and Uniqlo operator Fast Retailing is edging up 0.5 percent. Among automakers, Toyota is edging up 0.2 percent, while Honda is losing almost 2 percent.
In the tech space, Advantest is edging down 0.4 percent and Tokyo Electron is losing almost 3 percent, while Screen Holdings is gaining almost 2 percent.
In the banking sector, Mizuho Financial is gaining almost 1 percent, Sumitomo Mitsui Financial is adding more than 1 percent and Mitsubishi UFJ Financial is advancing almost 2 percent.
Among the major exporters, Sony is losing more than 1 percent, while Canon is edging up 0.2 percent and Mitsubishi Electric is gaining almost 2 percent. Panasonic is flat.
Among other major gainers, M3 is skyrocketing more than 20 percent, Shiseido is soaring more than 9 percent and FUJIFILM is gaining more than 4 percent, while TDK, Aeon, Socionext and NEC are adding more than 3 percent. Konami Group, BayCurrent, NTT, CyberAgent, Murata Manufacturing and Resona Holdings are all up almost 3 percent each.
Conversely, Meiji Holdings and Kawasaki Heavy Industries are losing almost 4 percent each, while IHI is slipping almost 3 percent.
In the currency market, the U.S. dollar is trading in the higher 147 yen-range on Thursday.
Elsewhere in Asia, Taiwan is up 2.3 percent, while New Zealand, Singapore, South Korea and Indonesia are higher by between 0.4 and 0.8 percent each. China, Hong Kong and Malaysia are lower by between 0.1 and 0.3 percent each.
On Wall Street, stocks saw further upside over the course of the trading day on Wednesday after moving mostly higher early in the session. The major averages all moved to the upside on the day, with the tech-heavy Nasdaq leading the charge.
The Nasdaq jumped 252.87 points or 1.2 percent to 21,169.42 and the S&P 500 climbed 45.87 points or 0.7 percent to 6,345.06. The narrower Dow posted a more modest gain, rising 81.38 points or 0.2 percent to 44,193.12.
The major European markets also moved to the upside on the day. While the German DAX Index rose by 0.3 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index both closed up by 0.2 percent.
Crude oil lost early gains on Wednesday as Russia faces a threat of U.S. sanctions on its oil exports after August 8 if it fails to end its attempt to annex Ukraine. West Texas Intermediate crude for September delivery was down $0.96 or 1.47 percent at $64.20 per barrel.
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