Following the mixed cues from global markets overnight, Asian stock markets are also trading mixed on Thursday, as traders were cautious and remained on the sidelines ahead of some key U.S. retail sales, producer price inflation and weekly jobless claims data due later in the day, which may shed additional light on the outlook for interest rates. Asian Markets closed mostly lower on Wednesday.
Despite data showing a slightly higher than expected consumer inflation reading, there are still hopes the US Fed will cut interest rates in June. The monetary policy meeting on March 19 and 20 will also be watched closely for signals of possible rate cut timings.
The Australian market is slightly lower in choppy trading on Thursday, giving up some of the gains in the previous two sessions, following the mixed cues from global markets overnight. The benchmark S&P/ASX 200 is staying above the 7,700 level, with losses in financial and technology stocks nearly offset by gains in mining and energy stocks amid spiking commodity prices.
The benchmark S&P/ASX 200 Index is losing 13.60 points or 0.18 percent to 7,715.80, after touching a high of 7,744.20 earlier. The broader All Ordinaries Index is down 12.10 points or 0.15 percent to 7,977.40. Australian stocks ended modestly higher on Wednesday.
Among major miners, Rio Tinto is gaining almost 2 percent, BHP Group is adding almost 3 percent and Fortescue Metals is edging up 0.1 percent, while Mineral Resources is edging down 0.1 percent.
Oil stocks are mostly higher. Santos is gaining almost 1 percent, while Woodside Energy and Beach energy are edging up 0.2 to 0.3 percent. Origin Energy is losing more than 1 percent.
In the tech space, Afterpay owner Block is surging almost 5 percent and WiseTech Global is edging up 0.5 percent, while Xero is edging down 0.4 percent and Zip is sliding almost 5 percent. Appen is plunging more than 15 percent after US-based Innodata withdrew its $154 million bid, a day after it was forced to reveal it was the subject of a confidential takeover offer.
Among the big four banks, Commonwealth Bank is losing more than 1 percent and Westpac is down almost 3 percent, while ANZ Banking and National Australia Bank are declining more than 2 percent each.
Among gold miners, Evolution Mining is surging more than 7 percent, Newmont is gaining more than 1 percent and Resolute Mining is advancing almost 2 percent, while Gold Road Resources and Northern Star Resources are adding more than 2 percent each.
In other news, shares in Aussie Broadband are plummeting more than 18 percent after it lost a white-label deal with Origin Energy to Superloop.
Meanwhile, shares in Superloop skyrocketed almost 26 percent after it subsequently upgraded its FY24 earning guidance.
In the currency market, the Aussie dollar is trading at $0.661 on Thursday.
Extending the losses in the previous three sessions, the Japanese market is modestly lower in choppy trading on Thursday, following the mixed cues from global markets overnight. The Nikkei 225 is falling to near the 38,600 level, with losses in financial and technology stock, partially offset by gains in some index heavyweights and exporters.
The benchmark Nikkei 225 Index closed the morning session at 39,625.22, down 70.75 points or 0.18 percent, after hitting a low of 38,400.17 earlier. Japanese shares ended modestly lower on Wednesday.
Market heavyweight SoftBank Group is edging up 0.5 percent and Uniqlo operator Fast Retailing is gaining more than 1 percent. Among automakers, Toyota is edging up 0.2 percent, while Honda Retailing is gaining more than 1 percent.
In the tech space, Advantest is losing almost 3 percent, while Tokyo Electron and Screen Holdings are declining more than 2 percent each.
In the banking sector, Mizuho Financial is edging down 0.2 percent and Mitsubishi UFJ Financial is losing almost 1 percent. Sumitomo Mitsui Financial is flat
Among the major exporters, Canon, Panasonic, Sony and Mitsubishi Electric are edging up 0.2 to 0.5 percent each.
Among other major losers, Ebara is declining almost 4 percent and Keyence is losing almost 3 percent.
Conversely, Sumitomo Metal Mining is surging 6.5 percent, while Mitsubishi Materials and Kansai Electric Power are gaining more than 5 percent each. Sumitomo Chemical and Mitsubishi Chemical are adding more than 4 percent each, while ENEOS Holdings and Tokyo Electric Power are advancing almost 4 percent each. Sumitomo Pharma, Idemitsu Kosan, Dowa Holdings and Inpex are up more than 3 percent each, while Chubu Electric Power, Tokyo Gas, Tokyo Tatemono and Nissan Motor are all rising almost 3 percent each.
In the currency market, the U.S. dollar is trading in the higher 147 yen-range on Thursday.
Elsewhere in Asia, China, Singapore, South Korea and Indonesia are higher by between 0.2 and 0.7 percent each, while New Zealand, Hong Kong, Malaysia and Taiwan are lower by between 0.1 and 0.2 percent each.
On Wall Street, stocks turned in a relatively lackluster performance during trading on Wednesday following the significant rebound seen during Tuesday’s session. The major averages spent most of the day on opposite sides of the unchanged line before closing mixed.
While the Dow inched up 37.83 points or 0.1 percent to 39,043.32, closing higher for the third consecutive session, the S&P 500 dipped 9.96 points or 0.2 percent to 5,165.31 and the Nasdaq slid 87.87 points or 0.5 percent to 16,177.77.
Meanwhile, the major European markets all moved modestly higher on the day. The French CAC 40 Index advanced by 0.6 percent and the U.K.’s FTSE 100 Index rose by 0.3 percent, although the German DAX Index closed just below the unchanged line.
Crude oil prices rose sharply on Wednesday after data showed an unexpected drop in U.S. crude inventories last week, while supply disruptions in Russia also contributed to the rise in oil prices. West Texas Intermediate Crude oil futures for April rose $2.16 or 2.8 percent at $79.72 a barrel.
by RTTNews Staff Writer
For comments and feedback: [email protected]
