Asian Markets Mostly Lower In Thin Holiday Trading

(RTTNews) - Asian stock markets are mostly lower in thin holiday trading on Wednesday, following the broadly negative cues from global markets overnight, as most of the markets are closed for a labor day holiday. Treasury yields jumped on stronger-than-expected US wage data. Traders also remained cautious ahead of the US Fed's monetary policy decision later in the day. Asian markets closed mostly higher on Tuesday.

Australian shares are trading significantly lower on Wednesday, giving up some of the gains in the previous two sessions, with the benchmark S&P/ASX 200 falling below the 7,600 level, following the broadly negative cues from global markets overnight, with losses across most sectors led by mining and energy stocks amid tumbling commodity prices.

The benchmark S&P/ASX 200 Index is losing 76.80 points or 1.00 percent to 7,587.30, after hitting a low of 7,556.50 earlier. The broader All Ordinaries Index is down 82.60 points or 1.04 percent to 7,849.40. Australian stocks ended modestly higher on Tuesday.

Among major miners, Mineral Resources and Fortescue Metals are losing more than 2 percent each, while BHP Group and Rio Tinto are declining almost 2 percent each.

Oil stocks are mostly lower. Woodside Energy and Beach energy are declining more than 2 percent each, while Origin Energy is edging down 0.5 percent and Santos is losing almost 2 percent. In the tech space, Afterpay owner Block and Zip are losing more than 2 percent each, while Xero is slipping almost 3 percent and WiseTech Global is sliding more than 3 percent. Appen is gaining almost 1 percent.

Among the big four banks, Commonwealth Bank, Westpac and ANZ Banking are losing almost 1 percent each, while National Australia Bank is edging down 0.5 percent.

Among gold miners, Newmont and Resolute Mining are losing more than 2 percent each, while Evolution Mining is declining almost 4 percent, Northern Star Resources slipping more than 3 percent and Gold Road Resources is sliding almost 5 percent.

In economic news, the manufacturing sector in Australia continued to contract in April, albeit at a slower pace, the latest survey from Judo Bank revealed on Wednesday with a manufacturing PMI score of 49.6. That's up from 47.3 in March, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

In the currency market, the Aussie dollar is trading at $0.647 on Wednesday.

The Japanese stock market is notably lower on Wednesday, giving up some of the gains in the previous two sessions, following the broadly negative cues from global markets overnight. The Nikkei 225 is falling to below the 38,200 level, with losses across most sectors led by index heavyweights and technology stocks amid a spike in treasury yields.

The benchmark Nikkei 225 Index closed the morning session at 38,189.54, down 216.12 points or 0.56 percent, after hitting a low of 39,217.04 earlier. Japanese stocks ended sharply higher on Tuesday.

Market heavyweight SoftBank Group is losing almost 2 percent and Uniqlo operator Fast Retailing is declining more than 1 percent. Among automakers, Honda is losing almost 2 percent and Toyota is losing down 1 percent.

In the tech space, Advantest is gaining more than 2 percent, while Screen Holdings and Tokyo Electron are down more than 1 percent each.

In the banking sector, Mizuho Financial is losing almost 2 percent, Mitsubishi UFJ Financial is down more than 1 percent and Sumitomo Mitsui Financial is edging down 0.5 percent.

Among the major exporters, Sony is losing almost 1 percent, Panasonic is declining more than 1 percent and Canon is edging down 0.3 percent, while Mitsubishi Electric is gaining more than 2 percent.

Among other major losers, JGC Holdings plummeting almost 11 percent and Tobu Railway is declining more than 5 percent, while Mitsui O.S.K. Lines, Kawasaki Kisen Kaisha, Nomura Holdings, Japan Exchange Group and Toto are losing more than 4 percent each. Tokyo Electric Power, Mitsubishi Motors, Nippon Electric Glass and Mercari are slipping almost 4 percent each, while ZOZO, M3, Nippon Yusen K.K. and Fuji Electric are losing more than 3 percent each.

Conversely, Lasertec is skyrocketing more than 14 percent and West Japan Railway is soaring more than 7 percent, while Shiseido and Tokyo Gas are gaining almost 3 percent each.

In economic news, the manufacturing sector in Japan continued to contract in April, albeit at a slower pace, the latest survey from Jibun Bank revealed on Wednesday with a manufacturing PMI score of 49.6. That's up from 48.2 in March, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction. Latest data showed that output was down again in April, extending the current period of contraction to 11 months

In the currency market, the U.S. dollar is trading in the higher 157 yen-range on Wednesday.

Elsewhere in Asia, New Zealand is down 0.9 percent. All other markets including China, Hong Kong, Singapore, Malaysia, South Korea, Taiwan and Indonesia are closed for Labor Day. On the Wall Street, stocks went down south on Tuesday, sliding lower and lower after a weak start, as concerns about inflation and uncertainty about the Fed's interest rate moves rendered the mood bearish.

The major averages all ended sharply lower, with the Nasdaq suffering a more pronounced loss. The Dow ended down by 570.17 points or 1.49 percent at 37,815.92. The S&P 500 dropped 80.48 points or 1.57 percent to 5,035.69, while the Nasdaq tumbled 325.26 points or 2.04 percent to settle at 15,657.82.

The major European markets also moved to the downside on the day. The U.K.'s FTSE 100 edged down 0.04 percent, Germany's DAX and France's CAC 40 ended down 1.03 percent and 0.99 percent, respectively.

Crude oil prices drifted lower on Tuesday, weighed down by a stronger dollar, rising crude production in the U.S. and concerns about economic growth and the outlook for oil demand. West Texas Intermediate Crude oil futures for June ended down by $0.70 at $81.93 a barrel.