CANBERA (dpa-AFX) - Asian stock markets are a sea of red on Thursday, following the broadly negative cues from Wall Street overnight, as surging crude oil prices weighed on investor sentiment and raised concerns over global inflation risks and the outlook for interest rates amid escalating US-Iran tensions and growing concerns over disruptions to Middle East energy supplies. Asian markets closed mixed on Wednesday.
Iran has signaled readiness for a more intense conflict, while US President Donald Trump ruled out a quick end to the war, saying it was unlikely to conclude before the November midterm elections. This has raised concerns over disruptions to energy flows through the Strait of Hormuz.
Traders also remained cautious ahead of the release of key US inflation data that could influence the US Fed's interest-rate outlook.
The Australian market is sharply lower on Thursday, extending the losses in the previous two sessions, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling to near the 8,750 level, with weakness in across most sectors led by financial and technology stocks.
The benchmark S&P/ASX 200 Index is losing 154.90 points or 1.74 percent to 8,756.50, after hitting a low of 8,742.60 earlier. The broader All Ordinaries Index is down 155.30 points or 1.71 percent to 8,947.60. Australian stocks ended slightly lower on Wednesday.
Among major miners, BHP Group, Fortescue and Rio Tinto are losing almost 3 percent each, while Mineral Resources is declining more than 2 percent.
Oil stocks are mostly higher. Origin Energy and Santos are edging up 0.1 percent each, while Beach energy is gaining almost 1 percent. Woodside Energy is edging down 0.3 percent.
In the tech space, Afterpay owner Block is edging down 0.2 percent, Xero is declining more than 2 percent and WiseTech Global is down more than 1 percent, while Appen and Zip are slipping almost 3 percent each.
Among the big four banks, ANZ Banking, Westpac and Commonwealth Bank are losing more than 1 percent each, while National Australia Bank is declining almost 2 percent.
Among gold miners, Evolution Mining is declining almost 2 percent and Northern Star Resources is losing more than 1 percent, while Newmont is edging up 0.2 percent and Resolute Mining is gaining almost 1 percent. Genesis Minerals is flat.
In other news, shares in St. Barbara are soaring almost 21 percent after the gold miner announced the sale of its remaining stake in the New Simberi project to China's Lingbao Gold Group.
In the currency market, the Aussie dollar is trading at $0.722 on Thursday.
The Japanese market is trading sharply lower on Thursday, extending the losses in the previous two sessions, following the broadly negative cues from Wall Street overnight. The Nikkei 225 is falling below the 64,600 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 64,597.46, down 545.32 points or 0.84 percent, after hitting a low of 64,186.68 earlier. Japanese stocks ended modestly lower on Wednesday.
Market heavyweight SoftBank Group is losing more than 1 percent and Uniqlo operator Fast Retailing is declining almost 2 percent. Among automakers, Toyota is edging up 0.4 percent, while Honda is edging down 0.2 percent.
In the tech space, Advantest is losing almost 1 percent, Screen Holdings is down almost 2 percent and Tokyo Electron is declining almost 3 percent.
In the banking sector, Mizuho Financial and Sumitomo Mitsui Financial are gaining more than 1 percent each, while Mitsubishi UFJ Financial is advancing almost 2 percent.
Among the major exporters, Mitsubishi Electric is losing almost 2 percent and Sony is edging down 0.3 percent, while Canon is edging up 0.2 percent and Panasonic is advancing more than 3 percent.
Among other major losers, Mitsui Kinzoku is plunging more than 7 percent, Fujikura is tumbling more than 6 percent and Furukawa Electric is sliding almost 6 percent, while Shimizu and Taisei are slipping more than 5 percent each. Nintendo is declining almost 5 percent, while Ibiden, Sumitomo Electric Industries and Japan Steel Works are losing more than 4 percent each. Fuji Electric, Kajima, IHI and Kawasaki Heavy Industries are down almost 4 percent each, while Sumco and NGK are losing more than 3 percent.
Conversely, Resona Holdings and Alps Alpine are losing almost 3 percent each.
In the currency market, the U.S. dollar is trading in the higher 153 yen-range on Thursday.
Elsewhere in Asia, New Zealand, China, Singapore, Hong Kong, South Korea, Malaysia, Indonesia and Taiwan are all lower by between 0.1 and 1.2 percent each.
On Wall Street, stocks saw continued weakness throughout the trading day on Wednesday after coming under pressure early in the session. The major averages closed lower for the third consecutive session, with the Dow falling to its lowest closing level in over a month.
The major averages ended the day off their lows of the session but still in negative territory. The Dow slid 405.41 points or 0.8 percent to 52,380.66, the Nasdaq declined 168.07 points or 0.6 percent to 26,253.34 and the S&P 500 fell 37.16 points or 0.5 percent to 7,636.36.
The major European markets also moved to the downside on the day. The French CAC 40 Index plunged by 1.9 percent, the German DAX Index tumbled by 1.7 percent and the U.K.'s FTSE 100 Index slumped by 1.3 percent.
Crude oil prices surged on Wednesday as the U.S. and Iran continued to trade attacks, dashing hopes for the reopening of the Strait of Hormuz and renewing inflation concerns. West Texas Intermediate crude for October delivery was up $2.98 or 3.20 percent at $96.01 per barrel.
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