Asian Markets Track Global Markets Lower

(RTTNews) - Asian stock markets are trading mostly lower on Wednesday, following the broadly negative cues from global markets overnight, weighed down by concerns about the health of the US banking sector and broader economy after the downward revision in the ratings of ten smaller and midsize US banks by Moody's, with warning that six big banks might be downgraded as well. Asian markets closed mixed on Tuesday.

The markets are also cautious after release of weak Chinese trade and inflation data and as they await key inflation readings from the U.S. later in the week for more clues on the growth and interest rate outlook.

The Australian stock market is marginally higher in choppy trading on Wednesday, extending the slight gains in the previous session, with the benchmark S&P/ASX 200 staying above the 7,300 level, despite the broadly negative cues from global markets overnight, boosted by gains in financial stocks.

The benchmark S&P/ASX 200 Index is gaining 6.10 points or 0.08 percent to 7,317.20, after hitting a low of 7,323.10 earlier. The broader All Ordinaries Index is up 3.40 points or 0.05 percent to 7,523.10. Australian stocks ended slightly higher on Tuesday.

Among major miners, Rio Tinto and BHP Group are edging down 0.1 to 0.2 percent each, while Mineral Resources is edging up 0.1 percent and Fortescue Metals is declining almost 1 percent.

Oil stocks are mostly lower. Origin Energy and Woodside Energy are edging down 0.2 to 0.4 percent each, while Beach energy is losing almost 3 percent. Santos is edging up 0.1 percent.

In the tech space, Zip is gaining 2.5 percent, Xero is adding almost 1 percent and WiseTech Global is edging up 0.3 percent, while Afterpay owner Block is declining almost 2 percent. Appen is flat. Among the big four banks, Commonwealth Bank is gaining more than 2 percent after reporting a record annual profit of $10.2 billion and boosted dividend, ANZ Banking is edging up 0.1 percent, National Australia Bank is advancing more than 1 percent and Westpac is adding almost 1 percent.

Among gold miners, Evolution Mining and Gold Road Resources are edging up 0.3 percent each, while Resolute Mining is losing almost 3 percent, Northern Star Resources is edging down 0.5 percent and Newcrest Mining is down almost 1 percent.

In other news, shares in Syrah Resources are surging more than 7 percent after the miner inked a deal with Samsung SDI for evaluation of natural graphite active anode supply.

Shares in Suncorp Bank slipped almost 3 percent after the insurer announced that annual profit surged nearly 69 percent, but missed analysts' estimates.

In the currency market, the Aussie dollar is trading at $0.655 on Wednesday.

The Japanese stock market is notably lower in choppy trading on Wednesday, giving up some of the gains in the previous three sessions, with the Nikkei 225 falling below the 32,300 level, following the broadly negative cues from global markets overnight, with weakness exporters and financial stocks partially offset by gains in technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 32,241.63, down 135.66 points or 0.42 percent, after hitting a low of 32,220.05 earlier. Japanese stocks ended modestly higher on Tuesday.

Market heavyweight SoftBank Group is losing more than 3 percent, while Uniqlo operator Fast Retailing is gaining more than 1 percent. Among automakers, Honda and Toyota are losing more than 1 percent each.

In the tech space, Screen Holdings is gaining 1.5 percent, Tokyo Electron is adding almost 1 percent and Advantest is advancing more than 3 percent.

In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are losing more than 1 percent each, while Mitsubishi UFJ Financial is declining almost 2 percent.

Among the major exporters, Canon and Sony are edging up 0.2 percent each, while Panasonic and Mitsubishi Electric are losing more than 1 percent each.

Among the other major losers, Nikon is plummeting more than 15 percent, Daikin Industries is plunging more than 8 percent, NTT Data is sliding almost 6 percent, Kirin Holdings is declining more than 5 percent and Ricoh is down almost 5 percent, while Kawasaki Heavy Industries and Mazda Motor are slipping more than 4 percent each. Trend Micro is losing almost 4 percent, while Olympus and Yamaha Motor are down more than 3 percent each. Marui Group is losing almost 3 percent.

Conversely, Kobe Steel is skyrocketing more than 11 percent and Yokogawa Electric is soaring almost 10 percent, while BANDAI NAMCO and Resonac Holdings are surging almost 9 percent each. Sumitomo Osaka Cement is gaining more than 7 percent, Tokyu is adding almost 7 percent and Isetan Mitsukoshi is up more than 6 percent, while Amada and Mitsui Mining & Smelting are advancing more than 4 percent each. J. Front Retailing and Takashimaya are rising almost 4 percent, while Sumitomo Pharma and Shiseido are up more than 3 percent each.

In the currency market, the U.S. dollar is trading in the lower 143 yen-range on Wednesday.

Elsewhere in Asia, New Zealand, China, Hong Kong, Malaysia and Taiwan are lower by between 0.1 and 0.5 percent each, while South Korea and Indonesia are up 0.9 and 0.3 percent, respectively. Singapore is closed for the National Day holiday.

On the Wall Street, stocks recovered gradually on Tuesday after a weak start and a subsequent sharp fall, but still ended the day's session in negative territory.

The major averages all ended notably lower, but well off the session's lows. The Dow ended the day with a loss of 158.64 points or 0.45 percent at 35,314.49, the S&P 500 settled with a loss of 19.06 points or 0.42 percent at 4,499.38, and the Nasdaq ended with a loss of 110.07 points or 0.79 percent at 13,884.32.

The major European markets also moved to the downside on the day. While the U.K.'s FTSE 100 Index fell by 0.36 percent, the French CAC 40 Index and the German DAX Index tumbled by 1.1 percent and 0.69 percent, respectively.

Crude oil prices settled higher on Tuesday following an upgrade to this year's GDP growth projections in the U.S. West Texas Intermediate Crude oil futures for September ended higher by $0.98 at $82.92 a barrel.