CANBERA (dpa-AFX) - Asian markets are trading mostly higher on Thursday, despite the broadly negative cues from Wall Street overnight, as traders are optimistic about the opening of the Strait of Hormuz after official statements from Iran and Oman confirming they had agreed on a temporary maritime route for ships travelling through the narrow seaway. Diplomatic progress in the Middle East is also aiding market sentiment. Asian markets closed mostly higher on Wednesday.
Reports suggest there is an effort to relaunch peace talks between the U.S. and Iran that have reached an interim ceasefire agreement that includes guarantees for unhindered commercial navigation through the Strait of Hormuz.
Traders seemed reluctant to make significant moves ahead Federal Reserve Chairman Kevin Warsh's speech at the Jackson Hole economic symposium on Friday, which is expected to clues on the U.S. Fed's assessment of the U.S. and global economy.
The Australian market is trading modestly lower on Thursday, extending the losses in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling to near the 9,050 level, with weakness in mining and technology stocks partially offset by gains in energy stocks.
The benchmark S&P/ASX 200 Index is losing 68.90 points or 0.75 percent to 9,058.90, after hitting a low of 9,062.80 earlier. The broader All Ordinaries Index is down 73.40 points or 0.79 percent to 9,265.40. Australian stocks ended modestly lower on Wednesday.
Among major miners, BHP Group is losing more than 1 percent and Rio Tinto is edging down 0.3 percent, while Fortescue is edging up 0.2 percent and Mineral Resources is gaining almost 4 percent.
Oil stocks are mostly higher. Woodside Energy and Beach energy are edging up 0.2 to 0.4 percent each, while Santos is gaining almost 1 percent. Origin Energy is flat.
In the tech space, Afterpay owner Block is gaining almost 2 percent. Xero and Zip are down almost 1 percent each, while WiseTech Global is losing more than 2 percent and Appen is tumbling more than 11 percent on unchanged full-year guidance, despite upbeat results.
Among the big four banks, ANZ Banking is edging down 0.5 percent, while Commonwealth Bank, Westpac and National Australia Bank are edging up 0.1 to 0.4 percent each.
Among gold miners, Genesis Minerals is losing more than 2 percent, Evolution Mining is slipping almost 3 percent and Resolute Mining is declining more than 1 percent, while Newmont and Northern Star Resources are down almost 1 percent each.
In other news, shares in Objective Corp are tumbling more than 20 percent after the loss of a major National Heavy Vehicle Regulator (NHVR) contract and weak guidance for the full-year 2027.
Shares in DUG Technology are plunging more than 16 percent after reporting downbeat results for the full-year 2026, despite returning to profit and revenue jumping 38 percent.
In the currency market, the Aussie dollar is trading at $0.718 on Thursday.
The Japanese market is trading modestly lower on Thursday after opening in the green, reversing some of the gains in the previous two sessions, following the broadly negative cues from Wall Street overnight. The Nikkei 225 is falling well below the 66,200 level, with weakness in index heavyweights and technology stocks partially offset by gains in financial stocks.
The benchmark Nikkei 225 Index closed the morning session at 66,164.19, down 97.97 points or 0.15 percent, after touching a high of 66,954.69 and a low of 65,782.59 earlier. Japanese stocks ended notably higher on Wednesday.
Market heavyweight SoftBank Group is losing more than 1 percent and Uniqlo operator Fast Retailing is down almost 1 percent. Among automakers, Toyota is gaining almost 1 percent, while Honda is edging down 0.5 percent.
In the tech space, Advantest is declining almost 3 percent and Tokyo Electron is down almost 1 percent, while Screen Holdings is gaining more than 1 percent.
In the banking sector, Mizuho Financial and Mitsubishi UFJ Financial are gaining almost 1 percent each, while Sumitomo Mitsui Financial is advancing more than1 percent.
Among the major exporters, Mitsubishi Electric and Panasonic are edging down 0.1 percent each, while Sony is edging up 0.1 percent and Canon is gaining almost 1 percent.
Among other major losers, Sumitomo Metal Mining is tumbling almost 6 percent, while Yamaha Motor and Taiyo Yuden are declining more than 3 percent each. Ebara is losing almost 3 percent.
Conversely, SHIFT is surging more than 4 percent and Kioxia Holdings is advancing almost 4 percent, while Mitsubishi Chemical, BayCurrent and Socionext are gaining more than 3 percent each. M3 and IHI are adding almost 3 percent each.
In the currency market, the U.S. dollar is trading in the lower 159 yen-range on Thursday.
Elsewhere in Asia, South Korea is surging 1.9 percent, while China, Malaysia, Indonesia and Taiwan are higher by between 0.1 and 1.0 percent each. New Zealand, Hong Kong and Singapore are lower by between 0.2 and 0.9 percent each.
On Wall Street, stocks showed a lack of direction over the course of the trading day on Wednesday after ending the previous session mostly higher. The major averages spent the day bouncing back and forth across the unchanged line before eventually closing modestly lower.
The Dow dipped 113.52 points or 0.2 percent to 53,463.88, the Nasdaq slipped 21.10 points or 0.1 percent to 26,130.20 and the S&P 500 edged down 1.58 points or less than a tenth of a percent to 7,675.70.
Meanwhile, the major European markets ended the day mixed. While the U.K.'s FTSE 100 Index edged down by 0.1 percent, the German DAX Index crept up by 0.1 percent and the French CAC 40 Index rose by 0.3 percent.
Crude oil prices inched lower on Wednesday on reports of Iran and Oman nearing an agreement to establish a temporary transit corridor through the Strait of Hormuz. West Texas Intermediate crude for October delivery was down $0.22 or 0.27 percent at $82.14 per barrel.
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