Asian stock markets are trending mostly higher on Friday, buoyed by upbeat cues from Wall Street. Investors' concerns about a potential recession in the world's largest economy have subsided following a larger-than-expected decline in U.S. unemployment claims last week. This development has also heightened expectations for a series of interest rate cuts in the near future. Notably, Asian markets closed largely lower on Thursday.
Recovering from losses in the previous session, the Australian stock market is experiencing a significant uptick on Friday, taking cues from Wall Street's positive performance. The benchmark S&P/ASX 200 is trading well above the 7,700 mark, bolstered by gains across most sectors, particularly gold miners and technology stocks. Specifically, the S&P/ASX 200 Index is up by 105.00 points or 1.37 percent, reaching 7,787.00, after hitting a high of 7,786.10 earlier. Similarly, the broader All Ordinaries Index has risen by 110.40 points or 1.40 percent to 7,996.90. The Australian markets ended slightly lower on Thursday.
Among the significant mining companies, BHP Group is marginally up by 0.3 percent, Mineral Resources has added almost 1 percent, and Rio Tinto is up by more than 1 percent, while Fortescue Metals remain unchanged. Oil stocks are generally performing well; Origin Energy is almost 1 percent up, Woodside Energy has added over 2 percent, and both Beach Energy and Santos have gained nearly 2 percent each.
In the tech sector, Afterpay owner Block has surged by more than 5 percent, Xero by almost 3 percent, and WiseTech Global by over 3 percent, while both Zip and Appen have gained almost 5 percent each.
Among the major banks, Commonwealth Bank and Westpac have edged up between 0.2 to 0.5 percent, National Australia Bank has seen almost a 1 percent gain, and ANZ Banking has added over 1 percent. Gold miners are mostly higher; Evolution Mining, Newmont, and Northern Star Resources are each up by nearly 2 percent, whereas Gold Road Resources and Resolute Mining have advanced by more than 3 percent.
In corporate news, shares in Life360, known for its family tracking app, have skyrocketed by more than 18 percent following an upgrade in its full-year revenue guidance, driven by an increase in its user base and global expansion plans.
In the currency market, the Australian Dollar is trading at $0.660 on Friday.
Turning to Japan, the Japanese stock market is also rebounding smartly on Friday, mirroring Wall Street's positive trends. The Nikkei 225 is approaching the 35,400 level, with broad-based gains led by index heavyweights and financial stocks.
The Nikkei 225 Index ended the morning session at 35,380.23, up by 549.08 points or 1.58 percent, after reaching an earlier high of 35,671.31. Japanese stocks closed significantly lower on Thursday.
Market heavyweight SoftBank Group has gained over 5 percent, and Uniqlo operator Fast Retailing is up by more than 1 percent. Among automakers, Honda has risen by more than 2 percent, with Toyota marginally up by 0.1 percent.
In the tech sector, Advantest has gained over 3 percent, while Tokyo Electron and Screen Holdings are each up by 0.2 to 0.5 percent.
In the banking sector, Mitsubishi UFJ Financial is up by almost 1 percent, Mizuho Financial has risen by more than 3 percent, and Sumitomo Mitsui Financial has advanced by over 4 percent.
Among the major exporters, Mitsubishi Electric has declined by over 2 percent. In contrast, Canon has gained almost 3 percent, Sony is up by nearly 2 percent, and Panasonic has advanced by 1.5 percent.
Other significant gainers include JGC Holdings and Itochu, each soaring by almost 7 percent, while Recruit Holdings and Concordia Financial have surged by more than 6 percent each. Terumo, Fukuoka Financial, and Mitsui Mining & Smelting are each up by almost 6 percent, with Resonac Holdings, Chiba Bank, Chugai Pharmaceutical, DeNA, and Resona Holdings advancing by more than 5 percent each. Orix and NTN are up by nearly 5 percent each.
Conversely, NEXON has plummeted by more than 12 percent, Shiseido by almost 12 percent, Sumco by nearly 10 percent, and Nikon has slipped by about 9 percent, while Amada and BANDAI NAMCO have declined by more than 4 percent each. Taiyo Yuden is down by nearly 4 percent, and Taiheiyo Cement has decreased by almost 3 percent.
In the currency market, the U.S. dollar is trading in the lower 147 yen range on Friday.In Asia, Taiwan saw a notable increase of 2.9%, Hong Kong rose by 1.7%, and South Korea climbed 1.4%. Meanwhile, China, New Zealand, Malaysia, and Indonesia experienced gains ranging from 0.3% to 0.8%. Singapore's markets were closed in observance of the National Day holiday.
On Wall Street, stocks experienced a significant uptick on Thursday, effectively reversing losses from the previous session. The major indices surged at the session's opening and continued to gain momentum throughout the day. By the close, they had stabilized near their peak levels. The Nasdaq soared by 464.22 points, or 2.9%, reaching 16,660.02. The S&P 500 surged by 119.81 points, or 2.3%, to settle at 5,319.31, while the Dow Jones Industrial Average jumped 683.04 points, or 1.8%, concluding at 39,446.49.
In Europe, the markets exhibited mixed results. Germany's DAX Index increased by 0.4%, whereas France's CAC 40 Index and the U.K.'s FTSE 100 Index both declined by 0.3%.
In the commodities market, crude oil prices rose on Thursday in response to potential supply disruptions due to Middle East tensions and optimistic demand projections in the U.S. West Texas Intermediate Crude oil futures for September closed higher by $0.96, or 1.28%, at $76.19 per barrel.
