Asian Markets Trade Mostly Lower

Asian markets are trading mostly lower on Thursday, following the mixed cues from Wall Street overnight, reflecting the continued weakness in technology stocks which mirrored their peers on the tech-heavy Nasdaq amid valuation concerns. Traders also remain cautions as they focus on the Russia-Ukraine peace talks that began in the U.A.E. and the upcoming U.S.-Iran talks in Oman. Asian markets closed mixed on Wednesday.

The Australian market is trading modestly lower on Thursday, reversing some of the gains in the previous two sessions, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling to near the 8,900 level, with weakness in gold miner and energy stocks. Most other sectors displayed a mixed performance.

The benchmark S&P/ASX 200 Index is losing 24.20 points or 0.27 percent to 8,903.60, after hitting a low of 8,898.80 earlier. The broader All Ordinaries Index is down 33.10 points or 0.36 percent to 9,171.50. Australian stocks ended notably higher on Wednesday.

Among major miners, Rio Tinto and Mineral Resources are edging up 0.1 to 0.2 percent each, while Fortescue is down almost 1 percent and BHP Group is losing more than 2 percent.

Oil stocks are mostly lower. Santos is losing almost 1 percent and Beach energy is declining more than 1 percent, while Origin Energy and Woodside Energy are edging down 0.5 percent each.

In the tech space, Afterpay owner Block is gaining almost 3 percent and Xero is advancing more than 3 percent. WiseTech Global is losing almost 3 percent, while Zip and Appen are edging down 0.3 to 0.4 percent each.

Among the big four banks, ANZ Banking and Commonwealth Bank are gaining almost 1 percent each, while Westpac is edging down 0.3 percent. National Australia Bank is flat.

Among gold miners, Resolute Mining and Evolution Mining are edging down 0.2 percent each, while Northern Star Resources is losing almost 1 percent, Genesis Minerals is down almost 3 percent and Newmont is slipping almost 2 percent.

In the currency market, the Aussie dollar is trading at $0.698 on Thursday.

The Japanese market is notably lower on Thursday after opening in the red and briefly moving in to the green, adding to the losses in the previous session, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling below the 53,900 level, with weakness in technology stocks partially offset by gains in automakers stocks. Most other sectors displayed a mixed performance.

The benchmark Nikkei 225 Index closed the morning session at 53,898.35, down 395.01 points or 0.73 percent, after hitting a low of 53,756.55 and a high of 54,459.08 earlier. Japanese shares ended notably lower on Wednesday.

Market heavyweight SoftBank Group is tumbling almost 7 percent, while Uniqlo operator Fast Retailing is gaining almost 3 percent. Among automakers, Toyota is gaining almost 1 percent, while Honda is advancing almost 2 percent.

In the tech space, Advantest is declining almost 5 percent, Screen Holdings is down more than 4 percent and Tokyo Electron is losing more than 2 percent.

In the banking sector, Mitsubishi UFJ Financial is losing more than 2 percent, Sumitomo Mitsui Financial is edging down 0.2 percent and Mizuho Financial is down almost 1 percent.

Among the major exporters, Mitsubishi Electric is losing more than 2 percent and Sony is edging up 0.2 percent, while Canon is gaining more than 1 percent and Panasonic is soaring almost 10 percent.

Among other major losers, M3s tumbling more than 8 percent, Daikin Industries is slipping more than 6 percent, NEC is losing almost 5 percent and Hino Motors is sliding almost 4 percent, while Furukawa Electric and Ibiden are declining more than 3 percent each. Konami Group and Fuji Electric are down almost 3 percent each.

Conversely, Astellas Pharma is skyrocketing more than 10 percent, Fukuoka Financial is soaring more than 9 percent and Renesas Electronics is jumping almost 9 percent, while OKUMA, LY and Chugai Pharmaceutical are surging almost 8 percent each. Aozora Bank is advancing more than 6 percent and GS Yuasa is up 5.5 percent, while Credit Saison, Isetan Mitsukoshi, Toppan Holdings and J. Front Retailing are gaining almost 5 percent each. Sapporo Holdings and Nitori Holdings are advancing almost 4 percent each.

In the currency market, the U.S. dollar is trading in the higher 156 yen-range on Thursday.

Elsewhere in Asia, South Korea and Hong Kong are down 1.5 and 3.0 percent, respectively. China, Singapore and Taiwan are lower by between 0.3 and 1.1 percent each. New Zealand, Malaysia and Indonesia are higher by between 0.1 and 0.6 percent each.

On Wall Street, technology stocks showed another significant move to the downside during trading on Wednesday after weighing on the markets during Tuesday’s session. The tech-heavy Nasdaq slumped to its lowest closing level in over a month after flirting with its record highs just a week.

The Nasdaq ended the day off its lows of the session but still tumbled 350.61 points or 1.5 percent to 22,904.58. The S&P 500 also slid 35.09 points or 0.5 percent to 6,882.72, while the narrower Dow climbed 260.31 points or 0.5 percent to 49,501.30.

The major European markets also ended the day mixed. While the German DAX Index fell by 0.5 percent, the U.K.’s FTSE 100 Index climbed by 0.9 percent and the French CAC 40 Index jumped by 1.0 percent.

Crude oil prices surged on Wednesday after the U.S. Energy Information Administration said inventories in the U.S. fell far more than expected. West Texas Intermediate crude for March delivery was up $1.97 or 3.12 percent at $65.18 per barrel.

Business News