Asian Markets Mixed In Thin Holiday Trades

(RTTNews) - Asian stock markets are trading mixed on Thursday, following the broadly negative cues from Wall Street overnight, after the US Fed left interest rates unchanged and noted inflation remains "somewhat elevated. Traders react to a hawkish Fed policy statement. The mood remained cautious on concerns about the U.S. administration's tariff threats, and uncertainty on its trade and economic policies. Asian Markets closed mostly higher in thin holiday trading on Wednesday.

The Fed removed a phrase included in previous statements indicating that inflation has "made progress" towards its target of 2%.

The central bank's next monetary policy meeting is scheduled for March 18-19, when Fed officials will also provide their latest projections for rates, inflation and the economy. CME Group's FedWatch Tool is currently indicating a 71.6% chance the Fed will once again leave rates unchanged but a 28.2% chance of a quarter point rate cut.

The Australian market is trading notably higher on Thursday, adding to the gains in the previous session, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is above the 8,500 level, with gains across most sectors led by mining, energy and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 64.00 points or 0.76 percent to 8,511.00, after touching a high of 8,511.10 earlier. The broader All Ordinaries Index is up 63.80 points or 0.73 percent to 8,764.50. Australian stocks ended notably higher on Wednesday.

Among major miners, Fortescue Metals is gaining almost 1 percent, while BHP Group and Rio Tinto are adding more than 1 percent each. Mineral Resources is slipping 2.5 percent.

Oil stocks are mostly higher. Woodside Energy and Beach energy are gaining more than 1 percent each, while Origin Energy and Santos are adding almost 1 percent each.

In the tech space, WiseTech Global is gaining almost 1 percent and Xero is edging up 0.3 percent, while Appen is sliding more than 9 percent and Zip is tumbling almost 23 percent, despite reporting upbeat results. Afterpay owner Block is in a trading halt.

Among the big four banks, Commonwealth Bank is adding almost 1 percent and National Australia Bank is gaining more than 1 percent, while ANZ Banking and Westpac are edging up 0.4 to 0.5 percent each. Among gold miners, Gold Road Resources is gaining more than 1 percent and Evolution Mining is adding almost 1 percent, while Northern Star Resources and Newmont are edging up 0.2 to 0.5 percent each. Resolute Mining is losing more than 3 percent.

In the currency market, the Aussie dollar is trading at $0.623 on Thursday.

The Japanese market is modestly higher in choppy trading on Thursday after opening in the red, adding to the gains in the previous session, despite the broadly negative cues from Wall Street overnight. The Nikkei 225 is moving up to stay a tad below the 39,500 level, with gains in technology stocks partially offset by weakness in some index heavyweights and financial stocks.

The benchmark Nikkei 225 Index closed the morning session at 39,498.57, up 83.79 points or 0.21 percent, after hitting a low of 39,221.36 and a high of 39,517.12 earlier. Japanese shares ended significantly higher on Wednesday.

Market heavyweight SoftBank Group is losing more than 1 percent and Uniqlo operator Fast Retailing is edging down 0.3 percent. Among automakers, Toyota is edging up 0.3 percent, while Honda is edging down 0.4 percent.

In the tech space, Advantest is gaining more than 3 percent, Tokyo Electron is adding almost 1 percent and Screen Holdings is edging up 0.1 percent.

In the banking sector, Mizuho Financial and Mitsubishi UFJ Financial are edging down 0.4 percent each, while Sumitomo Mitsui Financial is losing more than 1 percent.

Among the major exporters, Panasonic is gaining 2.5 percent and Canon is adding almost 1 percent, while Sony is losing almost 2 percent and Mitsubishi Electric is down almost 1 percent.

Among other major losers, Keyence is losing more than 3 percent and Yaskawa Electric is declining almost 3 percent.

Conversely, IHI is gaining almost 4 percent and DeNA is adding more than 3 percent, while Nissan Motor, Mitsubishi Heavy Industries, Hino Motors, Sumitomo Pharma and Hitachi are adding almost 3 percent each.

In the currency market, the U.S. dollar is trading in the lower 154 yen-range on Thursday.

Elsewhere in Asia, New Zealand and Indonesia are down 0.6 and 1.1 percent, respectively, while all other markets, including China, Hong Kong, Singapore, South Korea, Malaysia and Taiwan are closed for the Lunar New Year holidays. On Wall Street, stocks moved mostly lower over the course of the trading day on Wednesday, partly offsetting the notable rebound seen in the previous session. The major averages climbed off their worst levels in late-day trading but still closed in negative territory.

The Nasdaq slid 101.26 points or 0.5 percent to 19,632.32, the S&P 500 fell 28.39 points or 0.5 percent to 6,039.31 and the Dow dipped 136.83 points or 0.3 percent to 44,713.52.

Meanwhile, the major European markets turned in a mixed performance on the day. While the French CAC 40 Index fell 0.3 percent, the U.K.'s FTSE 100 Index rose by 0.3 percent and the German DAX Index jumped by 1.0 percent.

Crude oil prices dropped on Wednesday after data showed crude inventories in the U.S. rose last week, while concerns about the outlook for oil demand from China continued to weigh on prices. West Texas Intermediate Crude oil futures ended lower by $1.15 or 1.56 percent at $72.62 a barrel.