CANBERA (dpa-AFX) - Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues from Wall Street overnight, as markets in South Korea, Japan and Taiwan surge driven by a rebound in semiconductor shares amid sustained AI-driven demand. Data showed South Korea's semiconductor exports soared 180 percent year-on-year in the first 20 days of July. Asian markets closed mixed on Tuesday.
Geopolitical tensions in the Middle East continued to influence market sentiment. U.S. President Trump played down the prospects of near-term talks with Iran and warned that U.S. forces could strike Iran's Pickaxe Mountain, which is located near Natanz and is believed to house an undeclared nuclear enrichment facility.
The threat came as the U.S. military completed the 11th night of strikes on Iran and Tehran retaliated across the Gulf, signaling a further escalation in hostilities.The drop seen in shipping traffic across the Strait of Hormuz continues due to ongoing U.S. strikes on Iranian targets and Iran's retaliatory attacks on gulf nations harboring U.S. bases.
Australian shares are trading modestly higher on Wednesday, extending the slight gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 moving above the 8,800 level, with gains across most sectors led by mining and energy stocks.
The benchmark S&P/ASX 200 Index is gaining 25.00 points or 0.28 percent to 8,818.30, after touching a high of 8,841.60 earlier. The broader All Ordinaries Index is up 25.40 points or 0.28 percent to 9,002.30. Australian stocks ended slightly higher on Tuesday.
Among major miners, BHP Group is advancing more than 3 percent, Fortescue is gaining more than 2 percent, Mineral Resources is up more than 1 percent and Rio Tinto is adding almost 2 percent.
Oil stocks are mostly higher. Woodside Energy is up almost 1 percent, Origin Energy is edging up 0.1 percent, Santos is gaining more than 1 percent and Beach energy is adding almost 2 percent.
In the tech space, Afterpay owner Block is edging up 0.3 percent, Appen is gaining more than 1 percent and Zip is advancing almost 2 percent, while WiseTech Global is slipping more than 1 percent and Xero is losing almost 3 percent.
Among the big four banks, Westpac, National Australia bank, ANZ Banking and Commonwealth Bank are edging up 0.1 to 0.2 percent each.
Among gold miners, Evolution Mining is advancing almost 4 percent, Genesis Minerals is rising almost 3 percent and Newmont is is adding almost 2 percent, while Resolute Mining and Northern Star Resources are gaining more than 2 percent each.
In other news, shares in Lynas Rare Earths are plunging almost 8 percent after production of NdPr fell for the quarter as the company worked through issues with its expanded Mount Weld processing plant.
Shares in SkyCity Entertainment are surging more than 8 per cent after it agreed to sell Auckland's Grand Hotel to an overseas buyer, with proceeds to be used to repay debt and strengthen the casino operator's balance sheet.
In the currency market, the Aussie dollar is trading at $0.701 on Wednesday.
The Japanese stock market is trading sharply higher on Wednesday, extending the sharp gains in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving well above the 67,500 level, with gains across most sectors led by financial and technology stocks.
The benchmark Nikkei 225 Index closed the morning session at 67,511.12, up 1,278.93 points or 1.93 percent, after touching a high of 67,592.20 earlier. Japanese stocks ended sharply higher on Tuesday.
Market heavyweight SoftBank Group is gaining more than 3 percent, while Uniqlo operator Fast Retailing is losing almost 3 percent. Among automakers, Honda is edging up 0.3 percent and Toyota is also edging up 0.1 percent.
In the tech space, Advantest is surging more than 6 percent, Tokyo Electron is gaining more than 3 percent and Screen Holdings is adding almost 2 percent.
In the banking sector, Mizuho Financial is advancing more than 3 percent, while Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are gaining more than 2 percent each.
Among the major exporters, Mitsubishi Electric is gaining almost 3 percent, Canon is edging up 0.4 percent and Panasonic is advancing almost 3 percent, while Sony is losing almost 1 percent.
Among other major gainers, Mitsui Kinzoku, Taiyo Yuden and Kioxia Holdings are soaring almost 11 percent each, while Resonac Holdings is jumping more than 9 percent and Sumitomo Electric Industries is surging more than 8 percent. Renesas Electronics, Ibiden and Furukawa Electric are advancing almost 8 percent each, while Murata Manufacturing and Disco are gaining more than 6 percent each. Fujikura and Fuji Electric are adding more than 5 percent each, while Mitsubishi and Tokuyama are up almost 5 percent each.
Conversely, Mercari, Recruit Holdings and Takashimaya are tumbling more than 5 percent each, while J. Front Retailing and Oriental Land are slipping almost 5 percent each. Toho, M3 and ZOZO are declining more than 4 percent each, while BayCurrent and Dentsu Group are losing almost 4 percent each. CyberAgent, Nomura Research and Keisei Electric Railway are slipping more than 3 percent each, while BANDAI NAMCO is down almost 3 percent.
In economic news, Japan posted a merchandise trade deficit of 406.906 billion yen in June, the Ministry of Finance said on Wednesday. That missed forecasts for a shortfall of 120.0 billion yen following the 391.8 billion yen deficit in May.
Exports jumped 19.3 percent on year to 10.929 trillion yen - exceeding expectations for an increase of 18.6 percent and up from 16.8 percent in the previous month. Imports spiked an annual 25.4 percent to 11.335 trillion yen versus expectations for an increase of 21.0 percent and up sharply from 12.5 percent a month earlier.
In the currency market, the U.S. dollar is trading in the lower 163 yen-range on Wednesday.
Elsewhere in Asia, South Korea and Taiwan are up 5.5 and 1.8 percent, respectively. New Zealand, China and Indonesia are higher by between 0.3 to 0.4 percent each. Hong Kong, Singapore and Malaysia are lower by between 0.3 to 0.7 percent each.
On the Wall Street, stocks showed a strong move back to the upside during trading on Tuesday after trending lower over the past few sessions. The major averages all moved notably higher, with the Nasdaq leading the charge.
The major averages finished the day off their highs of the session but still firmly positive. The Nasdaq jumped 329.13 points or 1.3 percent to 25,837.21, the S&P 500 advanced 65.92 points or 0.9 percent to 7,509.20 and the Dow climbed 385.38 points or 0.7 percent to 52,224.64.
The major European markets all also moved to the upside on the day. While the German DAX Index advanced by 0.7 percent, the U.K.'s FTSE 100 Index climbed by 0.6 percent and the French CAC 40 Index rose by 0.3 percent.
Crude oil prices spiked on Tuesday as the U.S. attacked Iran for the 10th straight day, reinforcing supply concerns due to the Strait of Hormuz crisis. West Texas Intermediate crude for August delivery was up $1.77 or 2.13 percent at $85.00 per barrel.
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