Asian Markets Trade Mixed

(RTTNews) - Asian markets are trading mixed on Thursday, following the mixed cues from Wall Street overnight, with traders cautiously optimistic on hopes for an ease in global trade tensions after the upcoming meeting between U.S. President Trump and China's leader Xi Jinping could ease global trade tensions. The re-escalation in the Middle East conflict and surging crude oil prices renewed global inflationary pressures. Asian markets closed mixed on Wednesday.

The Australian market is trading modestly lower on Thursday, extending the losses in the previous four sessions, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying well below the 8,650 level, with weakness in gold miners, financial and technology stocks.

The benchmark S&P/ASX 200 Index is losing 14.40 points or 0.17 percent to 8,616.00, after hitting a low of 8,602.90 earlier. The broader All Ordinaries Index is down 20.10 points or 0.23 percent to 8,860.60. Australian stocks ended notably lower on Wednesday.

Among major miners, Rio Tinto and Fortescue are adding almost 1 percent each, while BHP Group is gaining almost 2 percent. Mineral Resources is losing almost 1 percent.

Oil stocks are mixed. Beach energy and Woodside Energy are losing almost 1 percent each, while Santos and Origin Energy are edging up 0.1 to 0.5 percent each.

In the tech space, Afterpay owner Block is declining more than 3 percent, WiseTech Global is losing more than 4 percent, Xero is slipping almost 1 percent and Zip is edging down 0.2 percent. Appen is flat.

Among the big four banks, Commonwealth Bank is edging down 0.2 percent, Westpac is losing more than 1 percent, ANZ Banking is down almost 1 percent and National Australia Bank is declining almost 2 percent.

Among gold miners, Evolution Mining and Northern Star Resources are losing almost 1 percent each, while Newmont is down more than 1 percent and Genesis Minerals is slipping 1.5 percent. Resolute Mining is gaining more than 1 percent.

In other news, shares in Megaport are skyrocketing almost 23 percent after it secured $254 million worth of long-term network and storage contracts through its newly minted Latitude.sh subsidiary and reaffirmed its full-year 2026 guidance.

Shares in Bapcor are tumbling more than 18 percent after the listed car parts retailer downgraded its full-year 2026 EBITDA guidance, due to deteriorating trading conditions since the start of the Middle East conflict.

Shares in GrainCorp are plunging almost 12 percent after the agribusiness company reported softer-than-expected first-half results as oversupply in global grain markets and weak pricing compressed margins across the supply chain.

In the currency market, the Aussie dollar is trading at $0.725 on Thursday.

The Japanese market is trading modestly higher on Thursday, extending the gains in the previous two sessions, following the mixed cues from Wall Street overnight. The Nikkei 225 is moving up to near the 63,650 level, with strong gains in technology stocks partially offset by weakness in index heavyweights and financial stocks.

The benchmark Nikkei 225 Index closed the morning session at 63,448.87, up 176.76 points or 0.28 percent, after touching a high of 63,799.32 earlier. Japanese stocks ended notably higher on Wednesday.

Market heavyweight SoftBank Group is losing more than 2 percent and Uniqlo operator Fast Retailing is edging down 0.1 percent. Among automakers, Toyota is gaining more than 1 percent and Honda is edging up 0.2 percent.

In the tech space, Advantest is surging almost 5 percent, Tokyo Electron is gaining almost 2 percent and Screen Holdings is jumping almost 13 percent.

In the banking sector, Sumitomo Mitsui Financial is declining more than 2 percent, Mizuho Financial is down almost 1 percdent and Mitsubishi UFJ Financial is losing more than 1 percent.

Among the major exporters, Mitsubishi Electric is edging down 0.1 percent and Sony is declining almost 6 percent, while Panasonic is gaining almost 2 percent and Canon is adding almost 1 percent.

Among other major gainers, Tokai Carbon is skyrocketing more than 15 percent, Resonac Holdings is soaring more than 143 percent and Renesas Electronics is jumping more than 12 percent, while Fanuc and Odakyu Electric Railway are surging almost 10 percent each. Sumitomo Pharma, Sumco and Taiyo Yuden are advancing almost 8 percent each, while CyberAgent and Isuzu Motors are gaining almost 7 percent each. Mitsui Chemicals, Nippon Electric Glass and Yaskawa Electric are adding more than 6 percent each, while Murata Manufacturing is up almost 6 percent.

Conversely, Mitsui Kinzoku is plummeting more than 12 percent, Mitsubishi Materials is plunging more than 11 percent, Tokyo Tatemono is tumbling more than 9 percent and Mitsui Fudosan is slipping more than 8 percent, while Dai Nippon Printing and Sumitomo Realty & Development are declining almost 8 percent each. Tosoh is losing more than 7 percent, while Kawasaki Heavy Industries and Japan Steel Works are declining more than 6 percent each. Daiwa House Industry and IHI are down more than 5 percent each, while Mitsubishi Heavy Industries and Daiichi Sankyo are slipping almost 5 percent each. Mitsubishi Estate is down more than 4 percent.

In economic news, the M2 money stock in Japan was up 2.3 percent on year in April, the Bank of Japan said on Thursday - coming in at 1,295.4 trillion yen. That's up from 2.0 percent in March. The M3 money stock added an annual 1.6 percent to 1,640.5 trillion yen, up from 1.4 percent in the previous month.

M1 rose 0.1 percent to 1,102.6 trillion yen after sinking 0.4 percent a month earlier. The L money stock climbed an annual 2.8 percent for the second straight month, checking in at 2,282.6 trillion yen.

In the currency market, the U.S. dollar is trading in the higher 157 yen-range on Thursday.

Elsewhere in Asia, New Zealand, China and Singapore are lower by between 0.2 and 0.6 percent each, while South Korea, Hong Kong and Taiwan are higher by between 0.7 and 1.0 percent each. Malaysia is relatively flat. Indonesia is closed for Ascension Day.

On Wall Street, with technology stocks moving sharply higher on the day, the Nasdaq showed a strong move back to the upside during trading on Wednesday, reaching a new record closing high. The S&P 500 also climbed to a new record closing high, although the narrower Dow edged slightly lower after posting a modest gain on Tuesday.

While the Dow slipped 67.36 points or 0.1 percent to 49,693.20, the S&P 500 advanced 43.29 points or 0.6 percent to 7,444.25 and the Nasdaq shot up 314.14 points or 1.2 percent to 26,402.34.

Meanwhile, the major European markets moved to the upside on the day. While the German DAX Index increased by 0.8 percent, the U.K.'s FTSE 100 Index climbed by 0.6 percent and the French CAC 40 Index rose by 0.4 percent.

Crude oil prices pulled back on Wednesday as the upcoming negotiations between the presidents of the U.S. and China have increased expectations of an end to the U.S.-Iran standoff despite OPEC and IEA oil forecast reports warning of a supply-demand mismatch. West Texas Intermediate crude for June delivery was down $1.04 or 1.02 percent at $101.14 per barrel.