Asian Markets Track Wall Street Higher

(RTTNews) - Asian stock markets are trading mostly higher on Friday, following the broadly positive cues from Wall Street overnight, as the ceasefire in the Israel-Iran conflict brought on by US President Donald Trump's intervention continued to hold. Data showing the U.S. economy shrank by more than estimated in the first quarter sparked sparked optimism for interest rate cuts sooner rather than later. Asian markets ended mixed on Thursday.

The Australian stock market is trading slightly higher on Friday, reversing the slight losses in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving up to near the 8,600 level, with gains across most sectors led by mining and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 9.10 points or 0.11 percent to 8,559.90, after touching a high of 8,605.70 earlier. The broader All Ordinaries Index is up 15.50 points or 0.18 percent to 8,789.10. Australian stocks closed slightly lower on Thursday.

Among major miners, BHP Group and Fortescue Metals are advancing more than 3 percent each, while Rio Tinto is gaining more than 4 percent and Mineral Resources is advancing more than 2 percent.

Oil stocks are mostly higher. Woodside Energy and Santos is edging up 0.1 to 0.3 percent each, while Origin Energy is gaining almost 1 percent. Beach energy is losing almost 1 percent.

Among tech stocks, Afterpay-owner Block, Xero and Zip are edging down 0.1 to 0.5 percent each, while WiseTech Global is gaining almost 1 percent and Appen is advancing almost 4 percent.

Among the big four banks, National Australia Bank, ANZ Banking and Westpac are edging down 0.3 to 0.4 percent each, while Commonwealth Bank is losing more than 1 percent.

Gold miners are mostly higher. Evolution Mining is advancing more than 2 percent and Gold Road Resources is edging up 0.2 percent, while Newmont and Resolute Mining are gaining almost 1 percent each. Northern Star Resources is losing almost 1 percent.

In other news, shares in Reece are plunging more than 14 percent after the group slashed its earnings before interest and taxes outlook for the full-year 2025.

In the currency market, the Aussie dollar is trading at $0.655 on Friday.

Extending the gains in the previous three sessions, the Japanese market is sharply higher on Friday, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 40,200 level, with gains across most sectors led by index heavyweights, exporters and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 40,215.36, up 630.78 points or 1.59 percent, after touching a high of 40,232.70 earlier. Japanese shares ended sharply higher on Thursday.

Market heavyweight SoftBank Group is gaining almost 2 percent and Uniqlo operator Fast Retailing is adding more than 2 percent. Among automakers, Toyota is gaining almost 4 percent and Honda is adding more than 2 percent.

In the tech space, Advantest is losing 1.5 percent, while Tokyo Electron is surging more than 5 percent and Screen Holdings is adding almost 3 percent.

In the banking sector, Sumitomo Mitsui Financial is edging up 0.4 percent and Mitsubishi UFJ Financial is gaining more than 1 percent, while Mizuho Financial is edging down 0.3 percent.

Among the major exporters, Sony is gaining almost 3 percent, Canon is adding almost 2 percent, while Panasonic and Mitsubishi Electric are advancing more than 2 percent each.

Among other major gainers, Yokohama Rubber is soaring 7.5 percent, while Kawasaki Heavy Industries and Disco are surging more than 6 percent each. Sumitomo Pharma and TDK are advancing almost 6 percent each, while Sumitomo Metal Mining and Mitsubishi Motors are gaining more than 5 percent each. Taiyo Yuden, Hitachi, Mitsui Mining & Smelting, Nissan Motor and IHI are rising almost 5 percent each, while Mazda Motor and Recruit Holdings are up more than 4 oercent each.

Conversely, Nidec is losing almost 3 percent.

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

Elsewhere in Asia, New Zealand, China, Hong Kong and Singapore are higher by between 0.2 and 0.6 percent each. South Korea and Taiwan are down 0.3 and 0.2 percent, respectively. Malaysia and Indonesia are closed for the Islamic New Year. On Wall Street, stocks showed a strong move to the upside over the course of the trading day on Thursday after ending the previous session little changed. With the upward move, the Nasdaq and the S&P 500 ended the day just shy of their record closing highs.

The major averages all posted strong gains on the day. The Nasdaq jumped 194.36 points or 1.0 percent to 20,167.91, the Dow advanced 404.41 points or 0.9 percent to 43,386.84 and the S&P 500 climbed 48.86 points or 0.8 percent to 6,141.02.

The major European markets also moved mostly higher on the day. The German DAX Index climbed by 0.6 percent and the U.K.'s FTSE 100 Index edged up by 0.2 percent, although the French CAC 40 Index closed just below the unchanged line.

Crude oil prices extended its recovery on Thursday amid the ongoing Israel-Iran ceasefire and reports of an increase in fuel demand in the U.S. West Texas Intermediate crude for August delivery closed up by $0.32 to settle at $65.24 per barrel.