Asian Markets Mixed Amid Tariff Concerns

RTTNews | 77 दिनों पहले
Asian Markets Mixed Amid Tariff Concerns

(RTTNews) - Asian stock markets are trading mixed on Friday, following the broadly negative from Wall Street overnight, as traders remain cautious and concerned about global economic growth amid the ongoing trade war. Some traders also looked to pick up stocks at a bargain after the recent slump in the markets. Asian markets ended mostly lower on Thursday.

U.S. President Donald Trump suggested the U.S. would respond to the European Union's countermeasures with even more tariffs. Trump later reportedly threatened to impose a 200 percent tariff on all wines, champagnes and alcoholic products coming out of the EU in response to a "nasty" 50 percent tariff on whisky.

The Australian stock market is notably higher on Friday, snapping a four-session losing streak, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving up to stay just below the 7,800 level, with gains in iron ore miners and gold miners amid spiking metal prices.

The benchmark S&P/ASX 200 Index is gaining 34.60 points or 0.45 percent to 7,783.70, after touching a high of 7,792.70 earlier. The broader All Ordinaries Index is up 38.40 points or 0.48 percent to 8,005.00. Australian stocks closed notably lower on Thursday.

Among major miners, BHP Group is gaining almost 2 percent, Rio Tinto is adding more than 1 percent, Fortescue Metals is advancing more than 3 percent and Mineral Resources is up almost 3 percent.

Oil stocks are mostly lower. Woodside Energy is losing almost 2 percent and Beach energy is declining almost 1 percent, while Origin Energy is up almost 1 percent. Santos is flat.

Among tech stocks, Afterpay-owner Block and Xero are edging down 0.2 to 0.5 percent each, while WiseTech Global is losing more than 1 percent. Zip is edging up 0.2 percent and Appen is gaining almost 2 percent.

Among the big four banks, Westpac and ANZ Banking are edging down 0.3 to 0.5 percent each, while Commonwealth Bank is losing more than 1 percent. National Australia Bank is gaining almost 1 percent. Gold miners are mostly higher. Evolution Mining is gaining almost 4 percent, Resolute Mining is surging more than 7 percent, Northern Star Resources is adding more than 3 percent, Newmont is advancing almost 5 percent and Gold Road Resources is up almost 2 percent.

In the currency market, the Aussie dollar is trading at $0.628 on Friday.

Reversing the slight losses in the previous session, the Japanese market is notably higher on Friday, despite the broadly negative cues from Wall Street overnight. The Nikkei 225 is moving well above the 36,900 level, with gains across most sectors led by index heavyweights, exporters and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 36,919.12, up 129.09 points or 0.35 percent, after touching a high of 36,964.47 earlier. Japanese shares ended slightly lower on Thursday.

Market heavyweight SoftBank Group is edging up 0.2 percent and Uniqlo operator Fast Retailing is flat. Among automakers, Toyota is gaining almost 2 percent and Honda is also adding almost 2 percent.

In the tech space, Advantest is gaining almost 4 percent, while Screen Holdings and Tokyo Electron are edging up 0.1 to 0.4 percent each.

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

Among the major exporters, Sony is gaining almost 1 percent, Canon is advancing more than 3 percent and Mitsubishi Electric is edging up 0.5 percent, while Panasonic is edging down 0.1 percent.

Among other major gainers, Fujikura is gaining more than 3 percent, while Hitachi Construction Machinery, Tokyo Electric Power and Furukawa Electric are adding almost 3 percent each.

Conversely, Recruit Holdings is losing more than 3 percent.

In the currency market, the U.S. dollar is trading in the lower 148 yen-range on Friday.

Elsewhere in Asia, Indonesia is down 1.1 percent, while South Korea and Malaysia are down 0.3 and 0.1 percent, respectively. New Zealand is edging up 0.1 percent, while Hong Kong China 1.6 and 1.2 percent, respectively. Singapore and Taiwan are flat.

On Wall Street, stocks moved sharply lower over the course of the trading day on Thursday, more than offsetting the gains posted during Wednesday's session. The major averages tumbled to six-month closing lows, with the S&P 500 entering correction territory more than 10 percent below February's record highs.

The major averages ended the day off their worst levels but still firmly negative. The Nasdaq plunged 345.44 points or 2.0 percent to 17,303.01, the S&P 500 slumped 77.78 points or 1.4 percent to 5,521.52 and the Dow dove 537.36 points or 1.3 percent to 40,813.57.

The major European markets also moved to the downside on the day. The French CAC 40 Index and the German DAX Index declined by 0.6 percent and 0.5 percent, respectively, although the U.K.'s FTSE 100 Index closed just above the unchanged line.

Crude oil prices fell on Thursday amid prospects of excess supply in the market, and on concerns about the outlook for demand. West Texas Intermediate Crude oil futures for April ended lower by $1.13 or 1.7 percent at $66.55 a barrel.

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