CANBERA (dpa-AFX) - Asian stock markets are mostly higher in thin holiday trading on Friday, following the broadly positive cues from Wall Street overnight, with most markets in the region closed for Labor Day, including China, Hong Kong, South Korea and Singapore. Traders also indulged in bargain hunting after the recent weakness in the markets. Asian markets ended mostly lower on Thursday.
Traders also kept an eye on the price of crude oil, which pulled back sharply after soaring to its highest levels in four years despite lingering concerns about the Middle East conflict.
The U.S. and Iran remain at a stalemate in negotiations over ending the war, with US President Donald Trump suggesting that the US would maintain its naval blockade of Iranian ports to intensify economic pressure, while Tehran pledged not to abandon its nuclear program and signaled it would retain control of the Strait of Hormuz.
The Australian stock market is trading significantly higher on Friday, snapping an eight-sessions losing streak, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving up to near the 8,750 level, with gains in mining and technology stocks partially offset by weakness in energy stocks.
Traders also picked up stocks at a bargain after the recent string of losses in the markets.
The benchmark S&P/ASX 200 Index is gaining 80.00 points or 0.92 percent to 8,745.80, after touching a high of 8,764.10 earlier. The broader All Ordinaries Index is up 78.50 points or 0.88 percent to 8,966.10. Australian stocks closed slightly lower on Thursday.
Among major miners, Rio Tinto is advancing almost 4 percent, Fortescue is adding almost 2 percent, BHP Group is gaining almost 3 percent and Mineral Resources is surging almost 5 percent.
Oil stocks are mixed. Woodside Energy is losing almost 1 percent and Santos is edging down 0.1 percent, while Origin Energy is gaining almost 1 percent and Beach energy is edging up 0.4 percent.
Among tech stocks, Afterpay-owner Block and Xero are gaining almost 1 percent each, while WiseTech Global is advancing almost 3 percent, Appen is surging more than 6 percent and Zip is edging up 0.4 percent.
Among the big four banks, National Australia Bank, Westpac, Commonwealth Bank and ANZ Banking are edging down 0.1 to 0.4 percent each.
Gold miners are mostly higher. Northern Star Resources is adding almost 2 percent, while Genesis Minerals, Evolution Mining, Resolute Mining and Newmont are advancing more than 2 percent each.
In economic news, the manufacturing sector in Australia continued to expand in April, and at a faster pace, the latest survey from S&P Global revealed on Friday with a manufacturing PMI score of 51.3. That's up from 51.0 in March and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
In the currency market, the Aussie dollar is trading at $0.720 on Friday.
The Japanese market is trading modestly higher on Friday, reversing some of the losses in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving up to near the 59,500 level, with gains in technology stocks partially offset by weakness in automakers and financial stocks.
The benchmark Nikkei 225 Index closed the morning session at 59,676.04, up 391.12 points or 0.66 percent, after touching a high of 59,702.91 earlier. Japanese shares ended significantly lower on Thursday.
Market heavyweight SoftBank Group is gaining almost 3 percent, while Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Toyota is losing almost 1 percent and Honda is almost down almost 1 percent.
In the tech space, Screen Holdings is advancing more than 2 percent, Advantest is edging up 0.2 percent and Tokyo Electron is surging more than 7 percent.
In the banking sector, Sumitomo Mitsui Financial is down almost 1 percent, Mizuho Financial is losing more than 1 percent and Mitsubishi UFJ Financial is declining almost 2 percent.
Among the major exporters, Sony is edging down 0.5 percent and Mitsubishi Electric is losing more than 1 percent, while Canon is edging up 0.4 percent and Panasonic is gaining more than 2 percent.
Among other major gainers, Toto is skyrocketing more than 18 percent, East Japan Railway is soaring more than 9 percent and Toyota Tsusho is jumping more than 8 percent, while Keyence, Chugai Pharmaceutical, Toppan Holdings and Daikin Industries are surging almost 5 percent each. Nitori Holdings and ANA Holdings are adding almost 4 percent each, while Tokuyama is advancing more than 3 percent and Japan Airlines is up almost 3 percent.
Conversely, Alps Alpine is plummeting almost 15 percent and Nippon Electric Glass tumbling almost 9 percent, while Taiyo Yuden, Lasertec and Ajinomoto are slipping almost 5 percent. Fujitsu is sliding more than 4 percent, while Kansai Electric Power and JTEKT are declining almost 4 percent each. Otsuka Holdings, Central Japan Railway, Murata Manufacturing, Trend Micro and Hoya are losing more than 4 percent each, while NEC and Sompo Holdings are down almost 3 percent each.
In economic news, the manufacturing sector in Japan continued to expand in April, and at a faster pace, the latest survey from Jibun Bank revealed on Friday with a manufacturing PMI score of 55.1. That's up from 51.6 in March and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Meanwhile, core consumer prices in Tokyo's central wards increased 1.5 percent on year in April 2026, slowing slightly from a 1.7 percent rise in March and coming in below market expectations of a 1.8 percent gain. This marked the smallest increase since March 2022. The latest figure also remained below the Bank of Japan's 2 percent target for the third consecutive month.
The Japanese yen strengthened as Tokyo reportedly intervened in the currency market hours after officials delivered a 'final' warning to traders against selling the yen. This intervention has not been formally confirmed by the Finance Ministry.
In the currency market, the U.S. dollar is trading in the lower 157 yen-range on Friday.
Elsewhere in Asia, New Zealand is up 0.4 percent. Most other regional bourses are closed for Labor Day, including South Korea, Malaysia, Singapore, Taiwan, China, Hong Kong and Indonesia.
On Wall Street, stocks moved sharply higher over the course of the trading day on Thursday after seeing considerable volatility early in the session. The major averages all showed strong moves to the upside, with the Nasdaq and the S&P 500 reaching new record closing highs.
The major averages gave back some ground going into the end of the day but still posted strong gains. The Dow surged 790.33 points or 1.6 percent to 49,652.14, the S&P 500 jumped 73.06 points or 1 percent to 7,209.01 and the Nasdaq advanced 219.08 points or 0.9 percent to 24,892.31.
The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index surged by 1.6 percent, the German DAX Index jumped by 1.4 percent and the French CAC 40 Index climbed by 0.6 percent.
Crude oil prices came under pressure on Thursday, reflecting profit taking amid ongoing concerns about the Middle East conflict. West Texas Intermediate crude for June delivery was down $2.40 or 2.3 percent at $104.48 a barrel.
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