CANBERA (dpa-AFX) - Asian stock markets are trading mostly higher on Thursday, following the broadly positive cues from Wall Street overnight, as traders remain optimistic the US Fed will cut interest rates at their next meeting in September. They also remain cautious ahead of the release of key US economic data later in the week, including second quarter GDP and the Fed's preferred readings on consumer price inflation. Asian markets closed mixed on Wednesday.
CME Group's FedWatch Tool is currently indicating an 87.2 percent chance the Fed will lower rates by a quarter point at its next monetary policy meeting in September. Many investors believe Trump's interference will lead to lower interest rates in the short-term but push up long-term borrowing costs.
The Australian market is slightly lower in choppy trading on Thursday, giving up some of the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling to near the 8,950 level, with weakness in iron ore miners, energy and technology stocks partially offset by gains in financial stocks.
The benchmark S&P/ASX 200 Index is losing 4.00 points or 0.05 percent to 8,956.50, after hitting a low of 8,948.20 and a high of 8,974.20 earlier. The broader All Ordinaries Index is down 12.20 points or 0.13 percent to 9,218.90. Australian stocks ended modestly higher on Wednesday.
Among major miners, Rio Tinto is down more than 1 percent, BHP Group is losing almost 1 percent and Mineral Resources is declining almost 4 percent, while Fortescue is gaining 1.5 percent.
Oil stocks are mostly lower. Beach energy is losing almost 5 percent, Woodside Energy is declining more than 3 percent and Santos is down almost 1 percent, while Origin Energy is edging up 0.5 percent.
In the tech space, Afterpay owner Block is edging down 0.1 percent, WiseTech Global is declining almost 4 percent and Appen is losing almost 4 percent, while Zip is gaining almost 1 percent and Xero is edging up 0.2 percent.
Among the big four banks, Commonwealth Bank is gaining more than 1 percent and National Australia Bank is advancing almost 2 percent, while ANZ Banking and Westpac are adding almost 1 percent each.
Among gold miners, Northern Star Resources and Resolute Mining are losing almost 1 percent each, while Evolution Mining is edging up 0.1 percent. Gold Road Resources and Newmont are flat.
In other news, shares in IDP Education are soaring almost 32 percent as its full-year results were better than expected, despite posting a 14 percent drop in revenue as a crackdown on international students weighed on placement and testing volumes.
Shares in Eagers Automotive are jumping almost 14 per cent after the car dealership group grew half-year net profit by 2.3 percent as it made outsized gains in the electric vehicle and hybrid market.
Shares in Qantas are surging almost 9 percent after reporting a $2.39 billion record profit for the full year, up $316 million for a year ago. It also declared a special dividend.
Shares in Ramsay Healthcare are diving almost 12 percent after solid earnings for its Australian and UK operations was offset by challenges at its British mental health service business Elysium and its European hospitals business.
Shares in Telix Pharmaceuticals are tumbling almost 19 percent after the FDA identified deficiencies in the Chemistry, Manufacturing, and Controls (CMC) package for its Zircaix product undergoing testing.
In the currency market, the Aussie dollar is trading at $0.652 on Thursday.
The Japanese market is trading notably higher on Thursday after opening in the red, extending the gains in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving well above the 42,650 level, with gains in index heavyweights, automakers and financial stocks.
The benchmark Nikkei 225 Index closed the morning session at 42,731.74, up 211.47 points or 0.50 percent, after touching a high of 42,734.72 earlier. Japanese shares ended modestly higher on Wednesday.
Market heavyweight SoftBank Group is gaining almost 4 percent and Uniqlo operator Fast Retailing is edging up 0.1 percent. Among automakers, Toyota is edging up 0.2 percent and Honda is also edging up 0.5 percent.
In the tech space, Advantest is edging down 0.1 percent, while Screen Holdings and Tokyo Electron are gaining almost 1 percent each.
In the banking sector, Mizuho Financial is gaining 1.5 percent, while Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are edging up 0.1 to 0.2 percent each.
Among the major exporters, Sony, Panasonic and Mitsubishi Electric are edging down 0.1 to 0.2 percent each, while Canon is edging up 0.1 percent.
Among other major gainers, Sompo Holdings is surging almost 5 percent, Inpex is gaining more than 3 percent and Fujikura is adding almost 3 percent.
Conversely, Nikon is losing more than 3 percent.
In the currency market, the U.S. dollar is trading in the lower 147 yen-range on Thursday.
Elsewhere in Asia, New Zealand, China, Singapore, South Korea, Malaysia and Indonesia are higher by between 0.1 and 0.5 percent each. Hong Kong and Taiwan are down 0.7 and 0.5 percent, respectively.
On Wall Street, stocks saw some further upside during trading on Wednesday after ending yesterday's choppy trading session mostly higher. While buying interest was somewhat subdued, the S&P 500 managed to reach a new record closing high.
The major averages all posted modest gains on the day. The Dow rose 147.16 points or 0.3 percent to 45,565.23, the Nasdaq edged up 45.87 points or 0.2 percent at 21,590.14 and the S&P 500 crept up 15.46 points or 0.2 percent to 6,481.40.
Meanwhile, the major European markets ended the day mixed. While the French CAC 40 Index climbed by 0.4 percent, the U.K.'s FTSE 100 Index edged down by 0.1 percent and the German DAX Index fell by 0.4 percent.
Crude oil prices surged on Wednesday after U.S. crude and gasoline inventories fell more than expected last week. West Texas Intermediate crude for October delivery was up $0.83 or 1.33 percent at $64.08 per barrel.
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