Asian stock markets are trading mixed on Wednesday, following the broadly positive cues from global markets overnight, as traders reacted to some upbeat earnings from major US financial giants, while also being concerned about global growth outlook amid China’s economic troubles. Asian markets closed mostly lower on Tuesday.
The Australian stock market is notably higher on Wednesday, recouping the losses in the previous two sessions, with the benchmark S&P/ASX 200 moving above the 7,300 level, following the broadly positive cues from global markets overnight, with gains across most sectors, led by technology stocks as well as mining and energy stocks amid a spike in commodity prices.
The benchmark S&P/ASX 200 Index is gaining 34.20 points or 0.47 percent to 7,318.00, after touching a high of 7,333.10 earlier. The broader All Ordinaries Index is up 37.00 points or 0.49 percent to 7,533.70. Australian stocks ended modestly lower on Tuesday.
Among major miners, Rio Tinto and BHP Group are edging up 0.1 to 0.3 percent each, while Mineral Resources is gaining more than 1 percent. Fortescue Metals is losing almost 2 percent.
Oil stocks are mostly higher. Woodside Energy and Santos are gaining more than 1 percent each, while Beach energy is up almost 2 percent and Origin Energy is edging up 0.2 percent.
In the tech space, Afterpay owner Block and Xero are gaining more than 1 percent each, while Appen is advancing more than 2 percent, WiseTech Global is adding almost 1 percent and Zip is surging almost 5 percent.
Among the big four banks, Commonwealth Bank is adding more than 1 percent, while Westpac, National Australia Bank and ANZ Banking are gaining almost 2 percent each.
Among gold miners, Evolution Mining and Resolute Mining are adding more than 2 percent each, while Gold Road Resources is advancing almost 2 percent and Newcrest Mining is gaining more than 1 percent. Northern Star Resources is plunging almost 6 percent.
In other news, shares in BrainChip are surging more than 7 percent after the AI firm said the US Patents and Trademarks Office approved its patent for a “neuromorphic processor.”
In the currency market, the Aussie dollar is trading at $0.679 on Wednesday.
The Japanese stock market is significantly higher on Wednesday, extending the gains in the previous session, with the Nikkei 225 moving above the 32,700 level, following the broadly positive cues from global markets overnight, with gains across most sectors, led by exporters and technology stocks.
The benchmark Nikkei 225 Index closed the morning session at 32,810.30, up 316.41 points or 0.97 percent, after touching a high of 32,873.15 earlier. Japanese stocks ended modestly higher on Tuesday.
Market heavyweight SoftBank Group is gaining more than 2 percent and Uniqlo operator Fast Retailing is adding more than 1 percent. Among automakers, Honda and Toyota are gaining almost 2 percent each.
In the tech space, Screen Holdings is edging down 0.2 percent, while Advantest is gaining almost 1 percent and Tokyo Electron is adding almost 2 percent.
In the banking sector, Sumitomo Mitsui Financial is gaining almost 1 percent, while Mizuho Financial and Mitsubishi UFJ Financial are edging up 0.1 to 0.3 percent each.
Among the major exporters, Canon is gaining more than 1 percent, Panasonic is adding 1.5 percent and Mitsubishi Electric is up almost 1 percent. Sony is flat.
Among the other major gainers, Nissan Motor is surging almost 6 percent, Kawasaki Kisen Kaisha is gaining almost 5 percent and Mazda Motor is adding more than 4 percent, while Kawasaki Heavy Industries and Mitsubishi Heavy Industries are up almost 4 percent. Yamaha Motor, Mitsubishi Motors, Toppan, Hitachi and Hino Motors are advancing almost 3 percent each.
Conversely, there are no other major losers.
In the currency market, the U.S. dollar is trading in the lower 139 yen-range on Wednesday.
Elsewhere in Asia, Hong Kong is down 1.5 percent, while China and South Korea are down 0.3 and 0.2 percent, respectively. New Zealand, Singapore and Taiwan are higher by between 0.1 and 0.4 percent each. Malaysia and Indonesia are closed for the Islamic New Year holiday.
On the Wall Street, stocks moved sharply higher over the course of the trading day on Tuesday, extending the strong upward move seen over the past several sessions. With the continued advance, the major averages all reached their best closing levels in over a year.
The major averages finished the session just off their highs of the day. The Dow jumped 366.58 points or 1.1 percent to 34,951.93, the Nasdaq advanced 108.69 points or 0.8 percent to 14,353.64 and the S&P 500 climbed 32.19 points or 0.7 percent to 4,554.98.
The major European markets also moved to the upside on the day. While the French CAC 40 Index jumped by 1.1 percent, the German DAX Index advanced by 0.8 percent and the U.K.’s FTSE 100 Index inched up by 0.1 percent.
Crude oil prices moved higher on Tuesday for the first time in three days as the dollar slipped after soft data. West Texas Intermediate Crude oil futures for August ended higher by $1.60 or 2.2 percent at $75.75 a barrel.
Source: Read Full Article