Asian Markets Track Global Markets Lower

(RTTNews) - Asian stock markets are trading mostly lower on Friday, following the broadly negative cues from global markets overnight, on renewed concerns over a Chinese economic slowdown and fears of a debt meltdown in the country's property sector. China's second-largest property developer, the embattled China Evergrande Group, has filed for Chapter 15 bankruptcy protection in New York. Asian markets ended mostly lower on Thursday.

Traders also continue to digest Wednesday's US Fed minutes, which suggested the central bank will hold interest rates higher for longer to fight inflation.

The Australian stock market is modestly higher on Friday, recouping some of the losses in the previous two sessions, with the benchmark S&P/ASX 200 staying above the 7,100 level, despite the broadly negative cues from global markets overnight, as some traders look to pick up stocks at a bargain. Gains in mining and energy stocks were partially offset by weakness in technology and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 16.20 points or 0.23 percent to 7,162.20, after touching a high of 7,167.70 a low of 7,124.50 earlier. The broader All Ordinaries Index is up 14.40 points or 0.20 percent to 7,378.80. Australian markets ended notably lower on Thursday.

Among major miners, BHP Group, Mineral Resources and Fortescue Metals are gaining more than 1 percent each, while Rio Tinto is adding almost 1 percent. Oil stocks are mostly higher. Origin Energy is gaining more than 2 percent and Beach energy is edging up 0.2 percent, while Santos is edging down 0.3 percent. Woodside Energy is flat.

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

Among the big four banks, Commonwealth Bank is losing almost 1 percent, while Westpac, ANZ Banking and National Australia Bank are edging down 0.1 to 0.3 percent each. Gold miners are mostly higher. Northern Star Resources and Evolution Mining are gaining more than 1 percent each, while Gold Road Resources and Newcrest Mining are up almost 1 percent each. Resolute Mining is advancing almost 2 percent.

In other news, shares in Imugene are plunging almost 13 percent after it closed a $35 million share placement and launched a $30 million share purchase plan.

Shares in Magellan Financial are soaring almost 17 percent after the global equities' manager said it will pay a final dividend of 39.8 cents and declared a special dividend of 30 cents to take full-year dividends to $1.167, despite posting lower full-year net profit and revenues.

In the currency market, the Aussie dollar is trading at $0.642 on Friday.

The Japanese stock market is modestly lower in choppy trading on Friday, extending the losses in the previous two sessions, with the benchmark Nikkei 225 falling below the 31,600 level, following the broadly negative cues from global markets overnight, as traders reacted to domestic data that showed headline inflation rate came in above forecasts in July. Losses in exporters and financial stocks were partially offset by gains in technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 31,565.21, down 60.79 points or 0.19 percent, after hitting a low of 31,272.25 earlier. Japanese stocks closed notably lower on Thursday.

Market heavyweight SoftBank Group is flat and Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Honda is edging up 0.2 percent, while Toyota is edging down 0.5 percent.

In the tech space, Advantest is gaining more than 1 percent, Tokyo Electron is adding almost 1 percent and Screen Holdings is edging up 0.3 percent.

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

Among major exporters, Sony and Mitsubishi Electric are losing more than 1 percent each, while Panasonic is down 1.5 percent and Canon is declining almost 1 percent. Among other major losers, Fujikura is losing almost 5 percent, while Isetan Mitsukoshi and J. Front Retailing are down more than 3 percent each. Nippon Express, Nippon Sheet Glass, Takashimaya and Oriental Land are declining almost 3 percent each.

Conversely, Kuraray is gaining almost 3 percent.

In economic news, overall consumer prices in Japan were up 3.3 percent on year in July, the Ministry of Internal Affairs and Communications said on Friday. That was unchanged from the June reading and was well above forecasts for a gain of 2.5 percent. Core CPI, which excludes the volatile costs of food, was up 3.1 percent on year - in line with expectations and easing from 3.3 percent in the previous month.

In the currency market, the U.S. dollar is trading in the mid-145 yen-range on Friday.

Elsewhere in Asia, New Zealand, Hong Kong, Singapore, South Korea, Malaysia, Taiwan and Indonesia are lower by between 0.2 and 0.8 percent each, while China is relatively flat. On Wall Street, stocks fell on Thursday, extending recent losses, amid concerns the Federal Reserve will hold interest rates higher for longer to control inflation. Stocks opened slightly higher, but retreated soon and then spent the rest of the day's session in the red.

The major averages all ended in the red, with the Nasdaq suffering a more pronounced loss, as yields on long term Treasury Notes climbed to a 16-year high. The Dow ended down 290.91 points or 0.84 percent at 34,474.83, the S&P 500 shed 33.97 points or 0.77 percent to settle at 4,370.36 and the Nasdaq dropped 157.70 points or 1.17 percent to 13,316.93.

The major European markets also moved to the downside on the day. The U.K.'s FTSE 100 ended 0.63 percent down, Germany's DAX declined 0.71 percent and France's CAC 40 dropped 0.94 percent.

Crude oil futures were up on Thursday, snapping a three-session losing streak on news of stimulus measures from China's central bank. West Texas Intermediate Crude oil futures for September climbed $1.01 or 1.3 percent at $80.39 a barrel.