Asian Markets Mostly Higher

(RTTNews) - Asian stock markets are trading mostly higher on Wednesday, despite the broadly negative cues from Wall Street overnight, as some traders are still looking to cash in on the strong upside in the markets seen over the past several weeks. Major currencies in the region have also strengthened against the US dollar. Asian markets closed mostly higher on Tuesday.

Meanwhile, two US Fed officials signaled that interest rates are likely to remain on hold until at least September due to a murky economic outlook. Fed Vice Chair Philip Jefferson backed a wait-and-see approach, citing uncertainty and warning against temporary price increases becoming sustained inflation.

Atlanta Fed President Raphael Bostic told CNBC that he's leaning toward just one quarter point rate cut this year, given concerns about rising inflation stoked by higher import taxes.

Australian shares are trading significantly higher on Wednesday, extending the gains in the previous session, with the benchmark S&P/ASX 200 staying just below the 8,400 level, despite the broadly negative cues from Wall Street overnight, with gains in gold miners, financial and energy stocks partially offset by weakness in technology stocks.

The benchmark S&P/ASX 200 Index is gaining 70.50 points or 0.85 percent to 8,413.80, after touching a high of 8,422.90 earlier. The broader All Ordinaries Index is up 64.00 points or 0.75 percent to 8,637.40. Australian stocks ended slightly higher on Tuesday.

Among major miners, Mineral Resources is losing almost 1 percent and Fortescue metals is edging down 0.3 percent , while BHP Group and Rio Tinto are flat.

Oil stocks are mostly higher. Woodside Energy, Origin Energy and Santos are advancing almost 2 percent each, while Beach energy is gaining more than 1 percent.

In the tech space, Afterpay owner Block is losing more than 1 percent, WiseTech Global is down almost 1 percent, Zip is declining almost 3 percent, Appen is sliding almost 5 percent and Xero is edging down 0.4 percent.

Among the big four banks, Commonwealth Bank and National Australia bank are adding more than 1 percent each, while Westpac is edging up 0.4 percent and ANZ Banking is gaining almost 1 percent.

Among gold miners, Evolution Mining is gaining more than 4 percent, Gold Road Resources is up more than 1 percent, Resolute Mining is rising more than 5 percent, Newmont is adding more than 3 percent and Northern Star Resources is advancing almost 3 percent.

In other news, shares in Mayne Pharma are plunging almost 30 percent after news that Cosette had raised concerns of a material change to the business's financial position since it lobbed its $672 million takeover bid.

Shares in Catapult are jumping almost 13 percent after reporting a narrower full-year loss on a 19 percent increase in revenues.

In the currency market, the Aussie dollar is trading at $0.643 on Wednesday.

The Japanese stock market is trading slightly lower on Wednesday after opening in the green, snapping a five-session winning streak, following the broadly negative cues from Wall Street overnight. The Nikkei 225 is falling below the 37,500 level, with weakness in index heavyweights and exporters partially offset by gains in automakers and financial stocks.

The benchmark Nikkei 225 Index closed the morning session at 37,491.80, down 37.69 points or 0.10 percent, after hitting a low of 37,415.75 and a high of 37,659.94 earlier. Japanese stocks ended slightly higher on Tuesday.

Market heavyweight SoftBank Group is losing almost 1 percent and Uniqlo operator Fast Retailing is also down almost 1 percent. Among automakers, Honda is gaining more than 2 percent and Toyota is edging up 0.2 percent.

In the tech space, Advantest is losing more than 2 percent, while Tokyo Electron and Screen Holdings are edging up 0.1 percent each.

In the banking sector, Sumitomo Mitsui Financial is gaining almost 1 percent, Mizuho Financial is advancing more than 4 percent and Mitsubishi UFJ Financial is adding more than 1 percent.

Among the major exporters, Canon, Mitsubishi Electric and Panasonic are edging down 0.1 to 0.4 percent each, while Sony is declining more than 1 percent.

Among other major losers, Sompo Holdings is tumbling more than 6 percent and Tokio Marine Holdings is declining more than 3 percent, while Disco, DeNA and Renesas Electronics are losing almost 3 percent each.

Conversely, Socionext and T&D Holdings are surging almost 5 percent each, while IHI and Tokuyama are gaining almost 4 percent each. Marui Group and Shizuoka Financial are advancing more than 3 percent each, while Yokogawa Electric, Oji Holdings, Yamaha and Dai-ichi Life are up almost 3 percent each.

In the currency market, the U.S. dollar is trading in the lower 144 yen-range on Wednesday.

Elsewhere in Asia, New Zealand, China, Hong Kong, South Korea, Taiwan and Indonesia are higher by between 0.2 and 0.7 percent each, while Singapore and Malaysia are down 0.2 and 0.1 percent, respectively. On the Wall Street, stocks moved back to the downside during trading on Tuesday after recovering from an early slump to end the previous session slightly higher. The major averages all moved to the downside, although selling pressure remained somewhat subdued.

The major averages climbed well off their worst levels going into the end of the day remained in negative territory. The Dow fell 114.83 points or 0.3 percent to 42,677.24, the Nasdaq slid 72.75 points or 0.4 percent to 19,142.71 and the S&P 500 declined 23.14 points or 0.4 percent to 5,940.46.

Meanwhile, the major European markets moved to the upside on the day. While the U.K.'s FTSE 100 Index advanced by 0.9 percent, the French CAC 40 Index increased by 0.8 percent and the German DAX Index climbed by 0.4 percent.