Asian Markets Track Global Markets Higher

(RTTNews) - Asian stock markets are mostly higher on Friday, following the broadly positive cues from global markets overnight, as easing concerns over turmoil in the banking sector helped reduce fears about risks to economic growth. A lack of major negative developments in the banking industry in recent days has led to confidence the situation has stabilized. Asian markets ended mostly higher on Thursday.

With the US Fed signaling last week that it expects just one more interest rate increase this year, traders will look to the US personal income and spending data due later in the day for clues about the timing of the final rate hike.

The Australian stock market is significantly higher on Friday, extending the gains in the previous four sessions, with the benchmark S&P/ASX 200 staying below the 7,200 level, following the broadly positive cues from global markets overnight, with gains across most sectors, led by mining stocks amid firmer commodity prices. Easing worries about a global banking crisis also helped underpin sentiment.

The benchmark S&P/ASX 200 Index is gaining 53.20 points or 0.75 percent to 7,175.50, after touching a high of 7,183.10 earlier. The broader All Ordinaries Index is up 58.00 points or 0.79 percent to 7,370.40. Australian markets ended significantly higher on Thursday.

Among major miners, Mineral Resources and Rio Tinto are adding almost 2 percent each, while BHP Group is gaining more than 2 percent, Fortescue Metals is advancing almost 3 percent and OZ Minerals is edging up 0.1 percent.

Oil stocks are mostly lower. Woodside Energy, Origin Energy and Santos are edging down 0.2 percent each, while Beach energy is edging up 0.5 percent.

Among tech stocks, Afterpay owner Block is gaining almost 4 percent, Xero is up more than 1 percent, WiseTech Global is edging up 0.1 percent and Zip is adding almost 1 percent, while Appen is losing almost 3 percent. Among the big four banks, , Westpac and National Australia Bank are edging down 0.3 to 0.5 percent each, while Commonwealth Bank is edging up 0.4 percent. ANZ Banking is flat.

Gold miners are mostly higher. Gold Road Resources and Evolution Mining are adding more than 3 percent each, while Northern Star Resources is gaining more than 2 percent, Resolute Mining is advancing almost 4 percent and Newcrest Mining is up almost 2 percent.

In economic news, Private sector credit was up 0.3 percent on month in February, the Reserve Bank of Australia said on Friday - shy of expectations for 0.4 percent, which would have been unchanged. On a yearly basis, private sector credit rose 7.6 percent.

In the currency market, the Aussie dollar is trading at $0.672 on Friday.

The Japanese stock market is significantly higher on Friday, recouping the losses in the previous session, with the benchmark Nikkei 225 moving to just below the 28,100 level, following the broadly positive cues from global markets overnight, with gains across most sectors, led by technology and financial stocks. Easing worries about a global banking crisis also helped underpin sentiment.

The benchmark Nikkei 225 Index closed the morning session at 28,046.75, up 263.82 points or 0.95 percent, after touching a high of 28,124.62 earlier. Japanese stocks closed modestly lower on Thursday.

Market heavyweight SoftBank Group is gaining 2.5 percent and Uniqlo operator Fast Retailing is flat. Among automakers, Honda is gaining more than 1 percent and Toyota is adding more than 2 percent.

In the tech space, Advantest is gaining more than 2 percent, Tokyo Electron is adding more than 1 percent and Screen Holdings is up almost 2 percent. In the banking sector, Mizuho Financial and Sumitomo Mitsui Financial are gaining almost 1 percent each, while Mitsubishi UFJ Financial is adding more than 2 percent.

Among major exporters, Canon, Mitsubishi Electric and Sony are gaining more than 1 percent each, while Panasonic is edging up 0.4 percent. Among the other major gainers, Mitsui & Co. is surging more than 6 percent and Kobe Steel is gaining almost 5 percent, while Nippon Steel and JFE Holdings are adding more than 4 percent. Mazda Motor is up almost 4 percent, while Terumo and Taiyo Yuden are rising more than 3 percent, while Toyota Tsusho, Nissan Motor, Toho Zinc, Toppan and NSK are advancing almost 3 percent.

Conversely, Kawasaki Kisen Kaisha is losing more than 5 percent, Mitsui O.S.K. Lines is slipping more than 4 percent and Nippon Yusen K.K. is down almost 3 percent.

In economic news, the unemployment rate in Japan came in at a seasonally adjusted 2.6 percent in February, the Ministry of Internal Affairs and Communications or MIAC, said on Friday. That was well above expectations for 2.4 percent, which would have been unchanged from the January reading. The participation rate was 62.1 percent, down from 62.2 percent a month earlier.

The MIAC also said Overall consumer prices in the Tokyo region were up 3.3 percent on year in March, the Ministry of Internal Affairs and Communications said on Friday. That was in line with expectations and down from 3.4 percent in February. Core CPI, which excludes volatile food prices, were up an annual 3.2 percent. That was above expectations for 3.1 percent and down from 3.3 percent in the previous month.

Industrial production in Japan was up a seasonally adjusted 4.5 percent on month in February, the Ministry of Economy, Trade and Industry or METI, said on Friday. That beat expectations for an increase of 2.7 percent following the 5.3 percent contraction in January. On a yearly basis, industrial production slipped 0.6 percent after sinking 3.1 percent in the previous month.

Upon the release of the data, the METI downgraded its assessment of industrial production, saying that it has weakened. According to its forecast, industrial production is expected to rise 2.3 percent on month in March and 4.4 percent in April.

The METI also said The total value of retail sales in Japan was up 6.6 percent on year in February, the Ministry of Economy, Trade and Industry said on Friday.That beat forecasts for an increase of 5.8 percent and was up from the downwardly revised 5.0 percent gain in January.

In the currency market, the U.S. dollar is trading in the higher 132 yen-range on Friday.

Elsewhere in Asia, Hong Kong is surging 1.8 percent and South Korea is up 1.0 percent, while China, Singapore, Malaysia and Taiwan are higher by between 0.1 and 0.3 percent each. Indonesia and New Zealand are down 0.1 and 0.3 percent, respectively.

On Wall Street, stocks moved mostly higher during trading on Thursday, adding to the strong gains posted in the previous session. With the continued upward move, the Nasdaq and the S&P 500 reached their best closing levels in over a month.

The major averages gave back ground after an early advance but moved back to the upside as the day progressed. The Nasdaq advanced 87.24 points or 0.7 percent to 12,013.47, the S&P 500 climbed 23.02 points or 0.6 percent to 4,050.83 and the Dow rose 141.43 points or 0.4 percent to 32,859.03.

The major European markets also moved to the upside on the day. While the German DAX Index surged by 1.3 percent, the French CAC 40 Index jumped by 1.1 percent and the U.K.'s FTSE 100 Index advanced by 0.7 percent.

Crude oil prices rose sharply Thursday on easing concerns over turmoil in the banking sector and supply disruptions in Turkey. West Texas Intermediate Crude oil futures for May ended higher by $1.40 or 1.9 percent at $74.37 a barrel.