Asian Markets A Sea Of Green
Asian stock markets a sea of green on Friday, despite the broadly negative cues from Wall Street overnight, as traders picked up stocks at a bargain after yesterday’s sell-off and on expectations of improved supply-chain in the region amid signs of easing COVID-19 restrictions in China. However, concerns remain about persistent inflation, economic growth and the ongoing war in Ukraine. Asian markets ended sharply lower on Thursday.
The Australian stock market is significantly higher on Friday, recouping some of the sharp losses in the previous session, with the benchmark S&P/ASX 200 moving above the 7,100 level, despite the broadly negative cues from Wall Street overnight, with strength in mining and technology stocks, even as rising worries about high inflation and tightening monetary policies remain.
The benchmark S&P/ASX 200 Index is gaining 74.20 points or 1.05 percent to 7,138.70, after touching a high of 7,154.60 earlier. The broader All Ordinaries Index is up 79.40 points or 1.09 percent to 7,382.70. Australian markets ended sharply lower on Thursday.
Among major miners, Rio Tinto and Fortescue Metals are gaining more than 2 percent each, while BHP Group and Mineral Resources are adding almost 2 percent each. OZ Minerals is up more than 1 percent.
Oil stocks are lower. Woodside Petroleum is losing almost 3 percent, Beach energy is down almost 2 percent, Origin Energy is slipping almost 1 percent and Santos is declining almost 2 percent.
Among tech stocks WiseTech Global and Appen are adding almost 2 percent eack, while Zip is gaining more than 3 percent, Xero is rising 3.5 percent and Afterpay owner Block is soaring almost 8 percent.
Among the big four banks, ANZ Banking and National Australia Bank are edging up 0.5 percent each, while Commonwealth Bank is gaining almost 1 percent and Westpac is edging up 0.2 percent.
Gold miners are higher. Northern Star Resources is gaining more than 3 percent, Evolution Mining is adding almost 3 percent, Newcrest Mining is advancing almost 2 percent, Gold Road Resources is up 2.5 percent and Resolute Mining is rising almost 2 percent.
In the currency market, the Aussie dollar is trading at $0.701 on Friday.
The Japanese stock market is significantly higher on Friday after beginning the session with modest gains, recouping some of the sharp losses in the previous session, with the benchmark Nikkei 225 moving just below the 26,700 level, despite the broadly negative cues from Wall Street overnight, as traders indulged in bargain hunting after Thursday’s sell-off, even as rising worries about high inflation and tightening monetary policies remain.
The benchmark Nikkei 225 Index closed the morning session at 26,712.36, up 309.52 points or 1.17 percent, after touching a high of 26,713.37 earlier. Japanese shares closed sharply lower on Thursday.
Market heavyweight SoftBank Group is gaining almost 3 percent and Uniqlo operator Fast Retailing is adding almost 2 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is adding more than 1 percent.
In the tech space, Advantest and Tokyo Electron are gaining more than 1 percent each, while Screen Holdings is edging up 0.3 percent.
In the banking sector, Sumitomo Mitsui Financial is edging down 0.2 percent and Mitsubishi UFJ Financial is gaining almost 1 percent. Mizuho Financial is flat.
Among major exporters, Sony is gaining almost 1 percent, Mitsubishi Electric is adding more than 1 percent and Panasonic is advancing almost 3 percent, while Canon is edging down 0.2 percent.
Among the other major gainers, Seiko Epson is soaring more than 8 percent, Japan Steel Works is surging almost 6 percent and Pacific Metals is rising more than 5 percent, while Kawasaki Kisen Kaisha, NTN and Toho Zinc are adding more than 4 percent each. Sumitomo Metal Mining and Mitsui Mining & Smelting are up almost 4 percent each, while Nippon Yusen K.K., NSK and Dai Nippon Printing are rising more than 3 percent each.
Conversely, Tokyo Gas and NEC are losing more than 3 percent each, while Keyence is down almost 3 percent.
In economic news, consumer prices in Japan were up 2.5 percent on year in April, the Ministry of Internal Affairs and Communications said on Friday. That exceeded expectations for an increase of 2.4 percent and was up sharply from 1.2 percent in March. Core CPI, which excludes volatile food prices, was up 2.1 percent on year – in line with expectations and up from 0.8 percent in the previous month. On a monthly basis, overall inflation rose 0.4 percent – unchanged from the March reading.
In the currency market, the U.S. dollar is trading in the 128 yen-range on Friday.
Elsewhere in Asia, China, Hong Kong, South Korea, Singapore and Indonesia are higher by between 1.0 to 1.9 percent each, while New Zealand, Taiwan and Malaysia are up between 0.3 and 0.8 percent each.
On Wall Street, stocks saw substantial volatility during trading on Thursday following the sell-off seen in the previous session. The major averages showed wild swings over the course of the session before closing in negative territory.
While the Nasdaq dipped 29.66 points or 0.3 percent to 11,388.50, the Dow and the S&P 500 once again ended the session at their lowest closing levels in over a year. The Dow slid 236.94 points or 0.8 percent at 31,253.13 and the S&P 500 fell 22.89 points or 0.6 percent to 3,900.79.
The major European markets also moved to the downside on the day. While the U.K.’s FTSE 100 Index plunged 1.8 percent, the French CAC 40 Index tumbled by 1.3 percent and the German DAX Index slid by 0.9 percent.
Crude oil prices rallied sharply on Thursday amid expectations of a pickup in energy demand on reports Chinese officials are planning to ease restrictions in Shanghai. The dollar’s weakness also contributed significantly to the rise in oil prices. West Texas Intermediate Crude oil futures for June ended higher by $2.62 or 2.4 percent at $112.21 a barrel.
Source: Read Full Article