Asian Markets Mixed In Cautious Trades

(RTTNews) - Asian stock markets are trading mixed on Wednesday, following the mixed cues from Wall Street overnight, amid concerns about President Donald Trump's trade wars still hanging over the markets, though a deadline in fixed for August 1 to reach deals with partner trading countries. Most currencies in the region also weakened against the strong US dollar on rising US bond yields. Asian markets closed mostly higher on Tuesday.

Australian shares are trading significantly lower on Wednesday, reversing the gains in the previous session, with the benchmark S&P/ASX 200 falling well below the 8,600 level, following the mixed cues from Wall Street overnight, with weakness across all sectors led by in mining and technology stocks.

The benchmark S&P/ASX 200 Index is losing 69.20 points or 0.80 percent to 8,561.10, after hitting a low of 8,544.70 earlier. The broader All Ordinaries Index is down 62.50 points or 0.70 percent to 8,812.80. Australian stocks ended notably higher on Tuesday.

Among major miners, BHP Group is losing more than 1 percent, while Fortescue metals and Rio Tinto are edging down 0.2 percent each. Mineral Resources is gaining almost 1 percent

Oil stocks are mostly lower. Origin Energy is losing almost 1 percent Woodside Energy, Beach energy and Santos are edging down 0.1 to 0.4 percent each.

In the tech space, Afterpay owner Block is losing almost 2 percent and Zip is down almost 1 percent, while Appen is gaining more than 2 percent and WiseTech Global is edging up 0.1 percent. Xero is flat.

Among the big four banks, Commonwealth Bank, Westpac and ANZ Banking are losing almost 1 percent each, while National Australia bank is declining almost 2 percent.

Among gold miners, Northern Star Resources is declining almost 2 percent and Newmont is slipping more than 5 percent, while Evolution Mining and Gold Road Resources are losing more than 1 percent each. Resolute Mining is flat.

In the currency market, the Aussie dollar is trading at $0.652 on Wednesday.

The Japanese stock market is slightly lower in choppy trading on Wednesday after opening in the green, reversing the gains in the previous session, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling below the 39,650 level, with weakness in index heavyweights, exporters and financial stocks partially offset by gains in technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 39,642.40, down 35.62 points or 0.09 percent, after hitting a low of 39,520.96 and a high of 39,780.60 earlier. Japanese stocks ended notably higher on Tuesday.

Market heavyweight SoftBank Group is edging down 0.3 percent and Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Honda is losing almost 1 percent and Toyota is edging down 0.1 percent.

In the tech space, Advantest is edging up 0.5 percent, Tokyo Electron is gaining almost 2 percent and Screen Holdings is adding almost 1 percent.

In the banking sector, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are declining almost 1 percent each, while Mizuho Financial is edging down 0.2 percent.

Among the major exporters, Canon and Sony are losing almost 1 percent each, while Panasonic is edging down 0.4 percent. Mitsubishi Electric is edging u[ 0.4 percent.

Among other major gainers, Toho is soaring more than 9 percent.

Conversely, NH Foods and Isetan Mitsukoshi are losing almost 3 percent each.

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

Elsewhere in Asia, New Zealand, Hong Kong, Singapore, Taiwan and Indonesia are higher by between 0.2 and 1.0 percent each. China, South Korea and Malaysia are lower by between 0.1 and 0.6 percent each.

On the Wall Street, stocks moved mostly higher early in the session on Tuesday but gave back ground over the course of the trading day. The major averages pulled back well off their highs of the session before eventually closing mixed.

While the tech-heavy Nasdaq rose 37.47 points or 0.2 percent to a new record closing high of 20,677.80, the S&P 500 fell 24.80 points or 0.4 percent to 6,243.76 and the Dow slumped 436.36 points or 1.0 percent to 44,023.29.

Meanwhile, the major European markets moved to the downside over the course of the session. While the U.K.'s FTSE 100 Index slid by 0.7 percent, the French CAC 40 Index decreased by 0.4 percent and the German DAX Index dipped by 0.4 percent.

Crude oil prices fell modestly on Tuesday as the previously predicted supply-side pressure from Russia due to President Donald Trump's sanctions waned with his 50-day ultimatum. West Texas Intermediate crude for August delivery closed down by $0.46 at $66.52 per barrel.