Asian stock markets largely posted gains on Friday, bolstered by positive signals from Wall Street. Investors remain optimistic about potential further interest rate cuts by the U.S. Federal Reserve and expect additional stimulus measures from the Chinese government to invigorate growth in the world's second-largest economy. Notably, Asian markets closed higher on Thursday as well.
In Australia, the stock market exhibited modest gains on Friday despite choppy trading, building on the positive momentum from the previous session. The benchmark S&P/ASX 200 surpassed the 8,200-point mark, with gains in mining and technology stocks offsetting losses in the financial and energy sectors. Specifically, the S&P/ASX 200 Index increased by 4.90 points, or 0.06 percent, to 8,208.60, after peaking at 8,225.50 earlier in the session. The broader All Ordinaries Index also rose, adding 9.50 points or 0.11 percent to reach 8,472.30. Australian markets had experienced significant gains on Thursday.
In the mining sector, BHP Group and Rio Tinto saw increases of over 3 percent each, while Mineral Resources surged more than 9 percent and Fortescue Metals gained nearly 5 percent. The oil sector was mostly in decline, with Woodside Energy and Santos both dropping more than 2 percent, Beach Energy down 1.5 percent, and Origin Energy also slipping by nearly 1 percent.
Tech stocks showed mixed performance. Block and WiseTech Global edged up between 0.3 to 0.5 percent each; Xero added nearly 1 percent, and Appen gained more than 1 percent. Conversely, Zip fell almost 2 percent.
Among the big four banks, Commonwealth Bank and Westpac declined by nearly 1 percent and 2 percent respectively, while ANZ Banking and National Australia Bank each dropped over 1 percent. Gold miners had mixed results; Resolute Mining was down more than 1 percent, Newmont and Northern Star Resources edged down by 0.2 to 0.3 percent each, whereas Evolution Mining rose nearly 2 percent and Gold Road Resources added almost 1 percent.
Other notable movements included Star Entertainment shares plunging 45 percent on their first trading day since late August, following a reported multi-billion dollar annual loss.
In the currency market, the Australian dollar traded at $0.687 on Friday.
Japan's stock market also saw slight gains in a turbulent session on Friday, reflecting the positive cues from Wall Street. The Nikkei 225 stayed just below the 39,000 mark, bolstered by strong tech stock performance which counteracted weaknesses in export-oriented and financial stocks. The Nikkei 225 Index closed the morning session at 38,964.65, up 39.02 points or 0.10 percent, after reaching a high of 39,297.59 earlier. Japanese stocks had closed significantly higher on Thursday.
Major market players had varied performances: SoftBank Group edged down 0.3 percent and Fast Retailing declined 0.4 percent, while Honda and Toyota remained flat. Advantest gained more than 1 percent, Screen Holdings nearly 2 percent, and Tokyo Electron almost 5 percent.
In banking, Mitsubishi UFJ Financial and Mizuho Financial both lost nearly 1 percent each, with Sumitomo Mitsui Financial down more than 1 percent. Exporters exhibited mixed results; Mitsubishi Electric gained nearly 1 percent, Sony fell nearly 2 percent, Canon edged down 0.2 percent, and Panasonic slipped almost 1 percent.
Noteworthy gainers included Fanuc, surging nearly 6 percent, followed by Ebara, Shiseido, Lasertec, Sumitomo Metal Mining, Omron, and Daikin Industries, which each gained almost 5 percent. Hino Motors, OKUMA, and ZOZO all added more than 4 percent, with Kawasaki Heavy Industries and Casio Computer close behind. Yaskawa Electric rose over 3 percent, and SMC was up nearly 3 percent. On the downside, Recruit Holdings declined almost 4 percent and Inpex lost nearly 3 percent.
In economic news, Tokyo's consumer prices in September rose 2.2 percent year-on-year, aligning with forecasts but down from 2.6 percent in August, according to Japan's Ministry of Internal Affairs and Communications. The core CPI, excluding volatile food prices, grew 2.0 percent annually, matching expectations and down from the 2.4 percent rise in the previous month.
In the currency market, the U.S. dollar traded in the lower 145 yen-range on Friday.
Elsewhere in Asia, Hong Kong surged 2.6 percent, while markets in New Zealand, China, and Taiwan increased by between 0.3 to 1.0 percent each. In contrast, Singapore, South Korea, Malaysia, and Indonesia posted declines ranging from 0.3 to 0.8 percent.On Wall Street, stocks experienced an upward movement on Thursday, recovering from the previous session's decline. Despite relinquishing some early gains, the major indices finished the day solidly in positive territory.
The S&P 500 increased by 23.11 points, or 0.4%, reaching a new record closing high of 5,745.37. Meanwhile, the Dow Jones Industrial Average advanced by 260.36 points, or 0.6%, to 42,175.11, and the Nasdaq Composite climbed by 108.09 points, or 0.6%, to 18,190.29.
European markets also saw gains. The French CAC 40 Index surged by 2.3%, the German DAX Index jumped by 1.7%, and the UK's FTSE 100 Index edged up by 0.2%.
Crude oil prices fell sharply on Thursday, driven by concerns over excess supply following reports that OPEC will reinstate 2.2 million barrels per day of production cuts into the market. West Texas Intermediate Crude oil futures for November settled at $67.67 per barrel, down $2.02, or 2.9%.
