Asian Markets Trade Mixed

(RTTNews) - Following the mixed cues from global markets overnight, Asian stock markets are also trading mixed on Thursday, as traders reacted to a raft of domestic economic data amid the lack of major cues from the global markets. They also await key U.S. inflation data later in the day for further cues on the outlook for interest rates. Asian markets ended mostly lower on Wednesday.

Traders seem to be focusing more on the comments that reinforce expectations the US Fed will leave policy unchanged until cutting rates beginning in mid-2024.

Extending the gains in the previous two sessions, the Australian stock market is slightly higher on Thursday, following the mixed cues from global markets overnight. The benchmark S&P/ASX 200 is staying above the 7,000 mark, with a mixed performance across most sectors as traders reacted to a batch of domestic economic data.

The benchmark S&P/ASX 200 Index is gaining 6.30 points or 0.09 percent to 7,041.60, after hitting a low of 7,022.60 and a high of 7,049.20 earlier. The broader All Ordinaries Index is up 5.20 points or 0.07 percent to 7,251.00. Australian markets ended modestly higher on Wednesday.

Among major miners, BHP Group and Rio Tinto are edging down 0.1 to 0.2 percent each, while Mineral Resources is losing almost 1 percent. Fortescue Metals is gaining almost 1 percent. Oil stocks are mixed. Santos and Beach energy are edging up 0.3 percent each, while Woodside Energy is edging down 0.3 percent. Origin Energy is losing more than 2 percent after it rejected the 'plan B' proposal by its suitors, Canada's Brookfield and its private equity partner EIG.

Among tech stocks, Afterpay owner Block is gaining almost 1 percent and Zip is adding more than 1 percent, while Appen is declining more than 5 percent and WiseTech Global is edging down 0.3 percent. Xero is flat.

Among the big four banks, Commonwealth Bank, ANZ Banking and Westpac are edging up 0.2 to 0.3 percent each, while National Australia Bank is gaining almost 1 percent. Gold miners are mostly lower. Northern Star Resources and Evolution Mining are losing almost 1 percent each, while Gold Road Resources is declining more than 1 percent. Resolute Mining is gaining more than 1 percent and Newmont is edging up 0.5 percent.

In other news, shares in Iress are soaring more than 13 percent after the financial services and data firm upgraded its earnings guidance for financial year 2023.

Shares in Cooper Metals are skyrocketing almost 58 percent after the copper explorer reported significant and high-grade copper hits from drilling at its Brumby Ridge project.

In economic news, total new capital expenditure in Australia was up a seasonally adjusted 0.6 percent on quarter in the third quarter of 2023, the Australian Bureau of Statistics or ABS said on Thursday - coming in at A$39.907 billion. That missed expectations for an increase of 1.0 percent following the 2.8 percent expansion in the previous three months. On a yearly basis, capex rose 10.7 percent.

The ABS also said the total number of building permits issued in Australia was up a seasonally adjusted 7.5 percent on month in October, standing at 14,223. That beat forecasts for an increase of 1.4 percent following the 4.0 percent decline in September. On a yearly basis, permits were down 6.1 percent.

Meanwhile, the Reserve Bank of Australia said total private sector credit in Australia was up 0.3 percent on month in October, slowing from 0.5 percent in September. On a yearly basis, total credit was up 4.8 percent.

In the currency market, the Aussie dollar is trading at $0.663 on Thursday.

Extending the losses in the previous three sessions, the Japanese stock market is modestly lower on Thursday, following the mixed cues from global markets overnight. The benchmark Nikkei 225 is falling well below the 33,300 level, with most sectors showing a mixed trend as traders reacted to a batch of domestic economic data.

The benchmark Nikkei 225 Index closed the morning session at 33,255.37, down 65.85 points or 0.20 percent, after hitting a low of 33,161.07 earlier. Japanese stocks closed modestly lower on Wednesday.

Market heavyweight SoftBank Group is edging down 0.4 percent and Uniqlo operator Fast Retailing is losing more than 1 percent. Among automakers, Honda is losing almost 1 percent, while Toyota is edging up 0.1 percent.

In the tech space, Advantest is gaining more than 4 percent, Tokyo Electron is adding almost 1 percent and Screen Holdings is edging up 0.4 percent.

In the banking sector, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are edging down 0.1 to 0.4 percent each, while Mizuho Financial is edging up 0.3 percent.

Among major exporters, Sony, Panasonic, Mitsubishi Electric and Canon are edging down 0.1 to 0.4 percent each.

Among other major losers, Shiseido is losing almost 4 percent.

Conversely, there are no other major gainers.

In economic news, industrial production in Japan was up a seasonally adjusted 1.0 percent on month in October, the Ministry of Economy, Trade and Industry said on Thursday - exceeding forecasts for an increase of 0.8 percent and up from 0.5 percent in September.

On a yearly basis, industrial production rose 0.9 percent after sinking 4.4 percent in the previous month. According to the METI's forecast for industrial production, output is seen lower by 0.3 percent on month in November and higher by 3.2 percent in December.

METI also said the value of retail sales in Japan was up 4.2 percent on year in October, coming in at 13.648 trillion yen. That missed forecasts for an increase of 5.9 percent and was down from the upwardly revised 6.2 percent gain in September (originally 5.8 percent). On a monthly basis, retail sales slumped 1.6 percent after adding 0.4 percent in the previous month.

In the currency market, the U.S. dollar is trading in the lower 147 yen-range on Thursday.

Elsewhere in Asia, New Zealand, China, South Korea and Indonesia are higher by between 0.1 and 0.4 percent each, while Hong Kong, Singapore, Malaysia and Taiwan are lower by between 0.1 and 0.4 percent each. On Wall Street, stocks showed a lack of direction over the course of the trading day on Wednesday after ending the previous session modestly higher. Despite the choppy trading on the day, the Dow inched up to its best closing level in over three months.

The major averages eventually ended the day narrowly mixed. While the Dow crept up 13.44 points or less than a tenth of a percent to 35,430.42, the Nasdaq slipped 23.27 points or 0.2 percent to 14,258.49 and the S&P 500 edged down 4.31 points or 0.1 percent to 4,550.58.

The major European markets also ended mixed on the day. While the U.K.'s FTSE 100 Index fell by 0.4 percent, the French CAC 40 Index edged up by 0.2 percent and the German DAX Index jumped by 1.1 percent.

Crude oil prices showed another strong move to the upside on Wednesday, extending gains from the previous session ahead of a key OPEC meeting later today. West Texas Intermediate for January delivery jumped $1.45 or 1.9 percent to $77.86 a barrel.