CANBERA (dpa-AFX) - Asian stock markets are trading mostly higher on Friday, despite the broadly negative cues from Wall Street overnight, as traders remain cautious amid lingering uncertainty about the outlook for interest rates ahead of US Fed Chair Jerome Powell's highly anticipated speech at the Jackson Hole Economic Symposium later in the day. Asian markets ended mixed on Thursday.
Powell's remarks could have a significant impact on the outlook for rates ahead of the Fed's next monetary policy meeting in September.
Ahead of Powell's speech, CME Group's FedWatch Tool is currently indicating a 73.6 percent chance the Fed will lower rates by a quarter point next month, down from 92.1 percent a week ago.
In an interview with CNBC, Kansas City Fed President Jeffrey Schmid expressed doubt about lowering interest rates in September, saying the central bank needs to 'have very definitive data to be moving that policy rate.'
The Australian stock market is trading modestly lower on Friday, giving up some of the gains in the previous two sessions, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying above the 9,000 mark, with weakness in technology and financial stocks partially offset by gains in mining and energy stocks.
The benchmark S&P/ASX 200 Index is losing 16.50 points or 0.18 percent to 9,002.60, after hitting a low of 8,986.80 earlier. The broader All Ordinaries Index is down 16.90 points or 0.18 percent to 9,267.30. Australian stocks closed significantly higher on Thursday.
Among major miners, BHP Group is gaining more than 1 percent, while Fortescue and Rio Tinto are edging up 0.2 to 0.5 percent each. Mineral Resources is edging down 0.3 percent.
Oil stocks are mostly higher. Beach energy is gaining more than 2 percent and Woodside Energy is adding almost 1 percent, while Origin Energy is edging down 0.4 percent. Santos is flat.
Among tech stocks, Appen is down 1.5 percent and WiseTech Global is losing almost 1 percent, while Afterpay-owner Block and Xero are edging down 0.1 to 0.4 percent each. Zip is skyrocketing more than 22 percent as it plans a dual-listing of its shares on the Nasdaq, to support growing investor interest in the U.S.
Among the big four banks, National Australia Bank and Commonwealth Bank are edging down 0.1 to 0.4 percent each, while ANZ Banking is losing almost 1 percent. Westpac is edging up 0.3 percent.
Gold miners are mostly higher. Evolution Mining is gaining almost 2 percent, Newmont is adding almost 1 percent and Resolute Mining is advancing more than 2 percent, while Northern Star Resources is losing almost 1 percent and Gold Road Resources is edging down 0.5 percent.
In other news, shares in Guzman y Gomez are tumbling more than 20 percent despite reporting record results for the year to June 30, with network sales surpassing $1 billion for the first time.
Shares in Accent Group are diving more than 15 percent after reporting downbeat results for the full year due to widespread promotions amid slower consumer spending on fashion sneakers. It also slashed its dividend 66.6 percent.
Shares in Inghams Group are plunging almost 21 percent after reporting downbeat results for the full year due to fewer leases.
Shares in Monash IVF are tanking almost 16 percent as it reported underlying net profit after tax for the full year that declined 8.1 percent on the prior year, but was in line with guidance.
Shares in PWR Holdings are sliding almost 14 percent after reporting downbeat results for the full year and trimming its dividend.
In the currency market, the Aussie dollar is trading at $0.642 on Friday.
The Japanese market is slightly higher on Friday, snapping a three-session losing streak, despite the broadly negative cues from Wall Street overnight. The Nikkei 225 is moving above the 42,650 level, with gains across all sectors led by automakers and financial stocks as domestic inflation data beat expectations.
The benchmark Nikkei 225 Index closed the morning session at 42,615.09, up 4.92 points or 0.01 percent, after touching a high of 42,720.57 earlier. Japanese shares ended notably lower on Thursday.
Market heavyweight SoftBank Group is gaining more than 1 percent, while Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Toyota is gaining almost 1 percent and Honda is also adding almost 1 percent.
In the tech space, Advantest is losing almost 1 percent, while Tokyo Electron is edging up 0.5 percent and Screen Holdings is adding 2.5 percent.
In the banking sector, Sumitomo Mitsui Financial is gaining almost 1 percent, while Mizuho Financial and Mitsubishi UFJ Financial are adding more than 1 percent each.
Among the major exporters, Sony is gaining almost 3 percent, while Mitsubishi Electric and Panasonic are adding more than 1 percent each. Canon is losing more than 1 percent.
Among other major gainers, BayCurrent is rising more than 4 percent, while Dai-ichi Life and Shizuoka Financial are gaining almost 4 percent each. Lasertec, Japan Post, NTN, Tokyo Electric Power, Mazda Motor, Tokio Marine and Sumco are adding almost 3 percent each.
Conversely, West Japan Railway is declining more than 3 percent and Shiseido is losing almost 3 percent.
In economic news, Japan's Core consumer price index (CPI) rose 3.1 percent year-on-year in July 2025, easing from 3.3 percent in June but topping expectations of 3 percent. The reading remained well above the Bank of Japan's 2 percent target, fueling bets on a rate hike later this year.
In the currency market, the U.S. dollar is trading in the lower 148 yen-range on Friday.
Elsewhere in Asia, China, Hong Kong, Malaysia, Singapore and South Korea are higher by between 0.3 and 0.8 percent, while New Zealand and Taiwan are down 0.9 and 0.4 percent, respectively. Indonesia is relatively flat.
On Wall Street, stocks fluctuated early in the session on Thursday before mostly lower over the course of the trading day. The major averages all moved to the downside on the day, with the S&P 500 closing lower for the fifth consecutive session.
The major averages finished the day off their worst levels but still in negative territory. The S&P 500 slid 25.61 points or 0.4 percent to 6,370.17, the Nasdaq fell 75.55 points or 0.3 percent to 21,100.31 and the Dow declined 152.81 points or 0.3 percent to 44,785.50.
Meanwhile, the major European markets ended the day mixed once again. While the French CAC 40 Index fell by 0.4 percent, the German DAX Index inched up by 0.1 percent and the U.K.'s FTSE 100 Index rose by 0.2 percent.
Crude oil prices extended the previous day's gains on Thursday, as data points to robust demand in the US amid prevailing uncertainty about a peace deal between Russia and Ukraine. WTI Crude Oil for October delivery was last seen trading up by $0.88 or 1.40 percent at $63.59 per barrel.
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