CANBERA (dpa-AFX) - Asian stock markets are trading mixed on Friday, following the broadly positive cues from Wall Street overnight, amid uncertainty over a deal to end the ongoing conflict in the Middle East and the reopening of the Strait of Hormuz that continues to pose risks to the global inflation outlook. Producer prices in the U.S. unexpectedly came in flat in the month of July to add to optimism about the outlook for interest rates. Asian markets ended mixed on Thursday.
Attack threats from Yemen's Houthi rebels on ships transiting through the Bab al-Mandeb Strait, which served as an alternative route after the Strait of Hormuz was blocked, is adding to the crude oil supply concerns.
The report on producer prices combined with consumer prices report and the monthly jobs report added to optimism about the outlook for interest rates.
According to CME Group's FedWatch Tool, the chances the Federal Reserve raised rates by a quarter point at its next meeting in September have fallen to 34.6 percent from 55.0 percent a week ago.
The Australian stock market is trading notably lower on Friday, extending the losses in the previous two sessions, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling well below the 9,150 level, with weakness in mining stock partially offset by gains in financial and technology stocks.
The benchmark S&P/ASX 200 Index is losing 65.90 points or 0.72 percent to 9,122.60, after hitting a low of 9,108.30 earlier. The broader All Ordinaries Index is down 63.00 points or 0.67 percent to 9,318.40. Australian stocks closed modestly lower on Thursday.
Among major miners, Rio Tinto is slipping more than 2 percent and BHP Group is declining almost 4 percent, while Fortescue and Mineral Resources are losing almost 2 percent each.
Oil stocks are mostly higher. Woodside Energy and Santos are edging up 0.1 to 0.3 percent each, while Beach energy is gaining more than 1 percent. Origin Energy is edging down 0.3 percent.
Among tech stocks, Afterpay and Square-owner Block is surging almost 6 percent and Appen is advancing almost 4 percent, while Xero and WiseTech Global are gaining more than 4 percent each. Zip is edging down 0.2 percent.
Among the big four banks, Commonwealth Bank and Westpac are edging up 0.3 to 0.5 percent each, while ANZ Banking and National Australia Bank are gaining almost 1 percent each.
Gold miners are mostly lower. Northern Star Resources, Genesis Minerals and Newmont are down more than 2 percent each, while Evolution Mining is losing more than 3 percent and Resolute Mining is declining almost 3 percent.
In other news, shares in Baby Bunting are soaring more than 22 percent after the retailer posted upbeat results for the full year, and improved outlook for the next financial year.
Shares in Ainsworth Game Technology are surging more than 6 percent after announcing a new patent licence deal with Aristocrat Leisure to settle potential claims and securing future access to key game features.
In the currency market, the Aussie dollar is trading at $0.706 on Friday.
The Japanese market is trading significantly higher on Friday, extending the gains in the previous three sessions, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving up to near the 68,900 level, with gains in index heavyweights, automakers and exporter stocks.
The benchmark Nikkei 225 Index closed the morning session at 68,889.01, up 580.42 points or 0.85 percent, after touching a high of 69,608.24 earlier. Japanese shares ended significantly higher on Thursday.
Market heavyweight SoftBank Group is gaining more than 4 percent, while Uniqlo operator Fast Retailing is flat. Among automakers, Toyota is up more than 1 percent and Honda is also advancing more than 1 percent.
In the tech space, Advantest is surging almost 5 percent, while Screen Holdings is losing almost 1 percent and Tokyo Electron is edging down 0.2 percent.
In the banking sector, Mizuho Financial is edging down 0.1 percent, while Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are edging up 0.1 to 0.5 percent each.
Among the major exporters, Panasonic is gaining almost 4 percent and Canon is up more than 1 percent, while Sony and Mitsubishi Electric are adding more than 4 percent each.
Among other major gainers, Nintendo is soaring almost 7 percent and Kioxia Holdings is jumping more than 5 percent, while Kawasaki Kisen Kaisha and SHIFT are advancing almost 5 percent each. Socionext is gaining more than 4 percent, while Konica Minolta and Sumco are adding almost 4 percent each. Nomura Research Institute, Yokohama Rubber, BayCurrent and NEC are up more than 3 percent each.
Conversely, Isetan Mitsukoshi is declining almost 6 percent, Chugai Pharmaceutical is losing more than 4 percent and Ibiden are down almost 3 percent.
In the currency market, the U.S. dollar is trading in the lower 159 yen-range on Friday.
Elsewhere in Asia, China, Hong Kong, Indonesia and Malaysia are lower by between 0.1 and 0.7 percent each. South Korea is up 1.5 percent, while Singapore and Taiwan are up 0.1 and 0.4 percent, respectively. New Zealand is relatively flat.
On Wall Street, stocks moved mostly higher during trading on Thursday, adding to the moderate gains posted in the previous sessions. The major averages all moved to the upside on the day, with the S&P 500 reaching a new record closing high.
The Nasdaq led the way higher, advancing 214.54 points or 0.8 percent to a two-month closing high of 26,803.03. The S&P 500 also climbed 50.49 points or 0.7 percent to 7,798.99, while the narrower Dow posted a more modest gain, inching up 69.72 points or 0.1 percent to 53,839.99.
Meanwhile, the major European markets all moved to the downside on the day. While the U.K.'s FTSE 100 Index slid by 0.6 percent, the French CAC 40 Index dipped by 0.3 percent and the German DAX Index edged down by 0.1 percent.
Crude oil prices slumped on Thursday following reports from energy agencies indicating that global oil demand is set to fall more heavily than expected. West Texas Intermediate crude for September delivery was down $1.76 or 2.11 percent at $81.51 per barrel.
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