CANBERA (dpa-AFX) - Asian stock markets are trading mostly higher for the second straight day on Friday, following the broadly positive cues from Wall Street overnight, on easing crude oil prices and global inflation pressures as traders watched the ongoing diplomatic process to end U.S.-Iran hostilities in the Middle East with positivity. The continuing blockade on the Strait of Hormuz shipping traffic capped the upward movement. Asian markets ended mostly higher on Thursday.
Traders also reacted to reports suggesting that Iran's Supreme Leader has issued a directive that the country's near-weapons-grade uranium should not be sent abroad. Later, a senior Iranian official denied the reports and said no new order has been issued, calling the reports 'propaganda by the enemies of the deal.'
The war between the U.S.-Israeli forces versus Iran entered day number 84 today. Since the war erupted on February 28, Iran shut the Strait of Hormuz and consequently, oil and energy transit remains blocked until now.
The Australian stock market is trading notably higher on Friday, extending the sharp gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 8,650 level, with gains in financial and mining stocks partially offset by weakness in energy stocks.
The benchmark S&P/ASX 200 Index is gaining 48.60 points or 0.56 percent to 8,670.30, after touching a high of 8,672.10 earlier. The broader All Ordinaries Index is up 51.80 points or 0.59 percent to 8,892.60. Australian stocks closed sharply higher on Thursday.
Among major miners, Rio Tinto is advancing more than 2 percent, BHP Group is gaining almost 2 percent and Mineral Resources is adding more than 1 percent, while Fortescue is edging down 0.5 percent.
Oil stocks are mostly lower. Woodside Energy and Origin Energy are down almost 1 percent each, while Beach energy is losing more than 1 percent. Santos is flat.
Among tech stocks, Afterpay and Square-owner Block is declining almost 3 percent, Xero is down almost 1 percent and WiseTech Global is edging down 0.5 percent, while Zip is gaining more than 1 percent and Appen is jumping almost 15 percent after reaffirming its full-year guidance on steady AI demand.
Among the big four banks, National Australia Bank and Commonwealth Bank are edging up 0.1 to 0.3 percent each, while ANZ Banking is adding almost 1 percent and Westpac is gaining more than 1 percent.
Gold miners are mostly higher. Northern Star Resources and Resolute Mining are edging up 0.2 to 0.4 percent each, while Evolution Mining and Genesis Minerals are gaining more than 3 percent each. Newmont is advancing almost 2 percent.
In other news, shares in Guzman y Gomez skyrocketing more than 17 percent after the fast food operator abruptly exited the US market, announcing it would shut its Chicago restaurants immediately after the business failed to meet financial benchmarks. However, this will not affect its full-year dividend.
In the currency market, the Aussie dollar is trading at $0.714 on Friday.
The Japanese market is trading sharply higher on Friday, extending the sharp gains in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving up 2.3 percent to near the 63,100 level, with gains across most sectors led by index heavyweights and financial stocks.
The benchmark Nikkei 225 Index closed the morning session at 63,094.61, up 1,410.47 points or 2.29 percent, after touching a high of 63,168.13 earlier. Japanese shares ended sharply higher on Thursday.
Market heavyweight SoftBank Group is jumping more than 12 percent and Uniqlo operator Fast Retailing is gaining more than 2 percent. Among automakers, Toyota is gaining almost 1 percent and Honda is adding more than 1 percent.
In the tech space, Screen Holdings is gaining more than 1 percent, Advantest is adding almost 1 percent and Tokyo Electron is edging up 0.4 percent.
In the banking sector, Sumitomo Mitsui Financial is advancing almost 1 percent, while Mitsubishi UFJ Financial and Mizuho Financial are gaining more than 2 percent each.
Among the major exporters, Panasonic and Canon are edging up 0.5 percent each, while Mitsubishi Electric is gaining almost 4 percent. Sony is losing almost 2 percent.
Among other major gainers, Taiyo Yuden is soaring more than 12 percent, Kawasaki Heavy Industries is jumping almost 11 percent and Sumitomo Electric Industries is almost 10 percent and Furukawa Electric is gaining almost 9 percent, while Fujikura, Ebara, Fuji Electric and IHI are advancing almost 7 percent each. Sumco, ARCHION and Renesas Electronics are adding more than 6 percent each, while Fanuc and Murata Manufacturing are rising almost 6 percent. Rakuten Group is up more than 5 percent.
Conversely, Nissui, Sumitomo Pharma, ZOZO and Nisshin Seifun are declining more than 3 percent each, while Tokio Marine, Tokyu Fudosan and Nichirei are losing almost 3 percent each.
In economic news, consumer prices in Japan were up 1.4 percent on year in April, the Ministry of Internal Affairs and Communications said on Friday. That was in line with expectations and down from 1.5 percent in March.
On a seasonally adjusted monthly basis, inflation was up 0.3 percent - again matching forecasts and easing from 0.4 percent in the previous month. Core CPI was up 1.4 percent on year, shy of expectations for 1.7 percent and down from 1.8 percent a month earlier.
In the currency market, the U.S. dollar is trading in the lower 159 yen-range on Friday.
Elsewhere in Asia, Taiwan is up 1.5 percent, while New Zealand, China, Singapore, Hong Kong, South Korea and Malaysia are higher by between 0.2 and 0.8 percent each. Indonesia is bucking the trend and is down 0.7 percent.
On Wall Street, stocks moved back to the downside in early trading on Thursday before regaining ground over the course of the day following the rally seen in the previous session. The major averages saw considerable volatility in the latter part of the session but finished in positive territory, with the Dow reaching a new record closing high.
The Dow advanced 276.31 points or 0.6 percent to 50,285.66, the S&P 500 rose 12.75 points or 0.2 percent to 7,445.72 and the Nasdaq inched up 22.74 points or 0.1 percent to 26,293.10.
The major European markets ended the day mixed. While the U.K.'s FTSE 100 Index crept up by 0.1 percent, the French CAC 40 Index fell by 0.4 percent and the German DAX Index slid by 0.5 percent.
Crude oil prices turned lower over the course of trading on Thursday as investors watched developments in the U.S.-Iran peace talks. West Texas Intermediate crude for July delivery was down $1.41 or 1.43 percent at $96.85 per barrel.
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