CANBERA (dpa-AFX) - Asian stock markets are trading mostly lower on Friday, following the broadly negative cues from Wall Street overnight, as hopes for a speedy resolution to the Middle East war faded after Tehran vowed to keep the Strait of Hormuz closed until the port blockades by the US remain, raising concerns of surging crude oil prices and long-term inflation. Asian markets ended mostly lower on Thursday.
Concerns about a re-escalation of the U.S.-Iran war also weighed on the markets after US President Donald Trump ordered the US Navy to 'shoot and kill any boat' that is putting mines in the waters of the Strait of Hormuz.
Trump also said Iran is 'having a very hard time figuring out who their leader is,' pointing to infighting between 'hardliners' and 'moderates.'
Iran's reluctance to engage with the U.S. for negotiations has resulted in twin blockades across the Strait of Hormuz. Reports suggested that mediators from Pakistan, Turkey, and Egypt are frantically attempting to salvage the U.S.-Iran peace talks before the situation gets out of hand.
The Australian stock market is trading notably lower on Friday, extending the losses in the previous three sessions, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling to near the 8,750 level, with weakness in financial and technology stocks partially offset by gains in energy stocks.
The benchmark S&P/ASX 200 Index is losing 37.50 points or 0.43 percent to 8,755.90, after hitting a low of 8,736.90 earlier. The broader All Ordinaries Index is down 45.40 points or 0.50 percent to 8,978.80. Australian stocks closed notably lower on Thursday.
Among major miners, Rio Tinto is losing almost 1 percent, while Fortescue and BHP Group are edging down 0.3 percent each. Mineral Resources is edging up 0.3 percent.
Oil stocks are mostly higher. Woodside Energy is gaining almost 1 percent and Beach energy is edging up 0.2 percent, while Origin Energy and Santos are adding more than 1 percent each.
Among tech stocks, Afterpay-owner Block is losing more than 2 percent, Xero is declining almost 4 percent and WiseTech Global is slipping almost 3 percent, while Appen and Zip are down almost 2 percent each.
Among the big four banks, National Australia Bank and ANZ Banking are edging down 0.1 to 0.2 percent each, while Westpac and Commonwealth Bank are losing almost 1 percent each.
Gold miners are mixed. Northern Star Resources and Genesis Minerals are declining almost 2 percent each, while Evolution Mining is losing more than 1 percent. Newmont is gaining more than 3 percent and Resolute Mining is edging up 0.4 percent.
In other news, shares in IGO are tumbling almost 10 percent after the critical minerals miner cut back guidance on spodumene production from its Greenbushes operation.
In the currency market, the Aussie dollar is trading at $0.712 on Friday.
The Japanese market is trading modestly higher on Friday, reversing some of the losses in the previous session, despite the broadly negative cues from Wall Street overnight. The Nikkei 225 is moving up to near the 59,350 level, with gains in index heavyweights and technology stocks partially offset by weakness in automakers, exporters and financial stocks.
The benchmark Nikkei 225 Index closed the morning session at 59,343.40, up 203.17 points or 0.34 percent, after touching a high of 59,687.00 earlier. Japanese shares ended significantly lower on Thursday.
Market heavyweight SoftBank Group is gaining almost 2 percent and Uniqlo operator Fast Retailing is edging up 0.3 percent. Among automakers, Toyota is losing almost 2 percent and Honda is edging down 0.5 percent.
In the tech space, Screen Holdings is advancing almost 3 percent, while Advantest and Tokyo Electron are gaining almost 1 percent each.
In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are losing almost 1 percent each, while Mitsubishi UFJ Financial is edging up 0.2 percent.
Among the major exporters, Sony is losing more than 1 percent, Canon is tumbling almost 7 percent, Mitsubishi Electric is edging down 0.1 percent and Panasonic is declining almost 2 percent.
Among other major gainers, Ibiden is soaring almost 11 percent and NEC is surging more than 6 percent, while Ajinomoto, Denka, Lasertec, Mitsui Kinzoku and Taiyo Yuden are gaining more than 4 percent each. Resonac Holdings is adding almost 4 percent, while TDK, Mitsubishi, Murata Manufacturing, Fujikura, OKUMA and Mitsui O.S.K. Lines are advancing almost 3 percent each.
Conversely, Daiichi Sankyo is tumbling more than 9 percent, Konica Minolta is slipping more than 8 percent, Renesas Electronics is sliding more than 7 percent, while ARCHION and Sharp are declining more than 4 percent each. Ricoh and Nintendo are losing more than 3 percent each, while Oriental Land, Mazda Motor, FUJIFILM, JTEKT, Recruit Holdings and Konami Group are down almost 3 percent each.
In economic news, Japan's core inflation accelerated for the first time in five months to 1.8 percent in March from 1.6 percent in February, driven by higher energy costs, but it remained below the BOJ's 2 percent target for the second month.
In the currency market, the U.S. dollar is trading in the higher 159 yen-range on Friday.
Elsewhere in Asia, New Zealand, China, Hong Kong, Singapore, South Korea and Indonesia are lower by between 0.1 and 0.7 percent each. Taiwan is bucking the trend and is surging 2.5 percent. Malaysia is relatively flat.
On Wall Street, stocks moved mostly lower over the course of the trading day on Thursday following the rally seen during Wednesday's session. The major averages all moved to the downside, with the Nasdaq and the S&P 500 pulling back off record closing highs.
The major averages regained ground after an early afternoon nosedive but remained firmly negative. The Nasdaq slid 219.06 points or 0.9 percent to 24,438.50, the S&P 500 declined 29.50 points or 0.4 percent to 7,108.40 and the Dow fell 179.71 points or 0.4 percent to 49,310.32.
Meanwhile, the major European markets turned in a mixed performance on the day. While the French CAC 40 Index advanced by 0.9 percent, the German DAX Index and the U.K.'s FTSE 100 Index both dipped by 0.2 percent.
Crude oil prices surged on Thursday as the Strait of Hormuz remains closed, keeping oil supply concerns elevated. West Texas Intermediate crude for June was up $2.49 or 2.68 percent at $95.45 per barrel.
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