Asian Markets Mixed In Cautious Trades

(RTTNews) - Asian stock markets are trading mixed on Wednesday, following the mixed cues from Wall Street overnight, as traders cautiously watch developments on the tariff front as the deadline of July 9 set by the US President Donald Trump nears. US Fed Chair Jerome Powell stated that the looming threat of a global trade war stopped the Fed from slashing interest rates. Asian markets closed mixed on Tuesday.

The impact of a slowing US economy and concerns about an increase in national debt due to a new tax bill, weighed down on the US Dollar, which weakened against major currencies in the region.

Australian shares are trading notably higher on Wednesday, reversing the slight losses in the previous session, with the benchmark S&P/ASX 200 well moving above the 8,550 level, following the mixed cues from Wall Street overnight, with gains in iron ore miners and energy stocks as well as a mixed performance in all other sectors.

The benchmark S&P/ASX 200 Index is gaining 21.20 points or 0.25 percent to 8,562.30, after touching a high of 8,585.60 earlier. The broader All Ordinaries Index is up 23.50 points or 0.27 percent to 8,795.50. Australian stocks ended slightly lower on Tuesday.

Among major miners, BHP Group and Rio Tinto are gaining more than 1 percent each, while Fortescue metals is adding almost 3 percent and Mineral Resources is advancing almost 2 percent.

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

In the tech space, Afterpay owner Block is gaining more than 1 percent and WiseTech Global is edging up 0.3 percent, while Zip is slipping almost 6 percent, Appen is losing almost 3 percent and Xero are losing more than 2 percent.

Among the big four banks, Westpac is losing almost 1 percent and National Australia bank is declining almost 2 percent, while Commonwealth Bank and ANZ Banking are edging down 0.2 to 0.4 percent each.

Among gold miners, Evolution Mining is gaining almost 1 percent and Gold Road Resources is edging up 0.3 percent, while Resolute Mining is losing more than 2 percent and Northern Star Resources is declining almost 1 percent. Newmont is flat.

In other news, shares in Qantas Airways are slipping more than 3 percent after Australia's flag carrier confirmed a significant cyber attack at one of its contact centres impacting more than 6 million customers, believed to be part of a co-ordinated attack on airlines globally.

Shares in Helia are plunging almost 25 percent after revealing long-term customer ING Bank was negotiating deals with alternative providers. Commonwealth Bank, another long-term partner, will pull out of its lenders' mortgage services contract in December.

Shares in Domino's Pizza are tumbling almost 23 percent on news that chief executive Mark van Dyck will step down in December, after just one year in the role.

In the currency market, the Aussie dollar is trading at $0.657 on Wednesday.

The Japanese stock market is significantly lower on Wednesday, extending the sharp losses in the previous session, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling well below the 39,600 level, with weakness in technology and financial stocks as well as mixed performance in most other sectors.

The market is weak after US President Donald Trump threatened to impose a 35 percent tariff on Japanese imports, aiming to pressure Tokyo into making trade concessions.

The benchmark Nikkei 225 Index closed the morning session at 39,593.72, down 392.61 points or 0.98 percent, after hitting a low of 39,444.70 earlier. Japanese stocks ended sharply lower on Tuesday.

Market heavyweight SoftBank Group is losing almost 2 percent, while Uniqlo operator Fast Retailing is gaining almost 1 percent. Among automakers, Honda is gaining almost 1 percent, while Toyota is edging down 0.3 percent.

In the tech space, Advantest is declining almost 4 percent, Tokyo Electron is losing almost 2 percent and Screen Holdings is slipping more than 2 percent.

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

Among the major exporters, Canon and Sony are edging up 0.2 to 0.4 percent each, while Panasonic is losing almost 2 percent and Mitsubishi Electric is declining more than 2 percent.

Among other major losers, Konami Group and Kawasaki Heavy Industries are tumbling more than 5 percent each, while IHI, BANDAI NAMCO and Socionext are losing more than 4 percent each. Fujikura and Mitsubishi Heavy Industries are declining almost 4 percent each, while Disco, Tokyo Electric Power, Sompo Holdings and CyberAgent are down more than 3 percent each. TDK, LY and Sumitomo Pharma are slipping almost 3 percent each.

Conversely, Renesas Electronics is gaining more than 4 percent, while East Japan Railway and Teijin are advancing almost 3 percent each.

In the currency market, the U.S. dollar is trading in the lower 143 yen-range on Wednesday.

Elsewhere in Asia, New Zealand, Hong Kong, Singapore and Malaysia are higher by between 0.3 and 0.9 percent each, while South Korea, Taiwan Indonesia are lower by between 0.4 and 1.2 percent each. China is relatively flat.

On the Wall Street, stocks turned in a mixed performance during trading on Tuesday after trending higher over the past several sessions. While the Dow showed a notable advance to reach its best closing level in over four months, the Nasdaq and the S&P 500 gave back ground.

The Dow jumped 400.17 points or 0.9 percent to 44,494.94, but the S&P 500 edged down 6.94 points or 0.1 percent to 6,198.01 and the Nasdaq slid 166.84 points or 0.8 percent to 20,202.89.

The major European markets also ended the day mixed. While the U.K.'s FTSE 100 Index rose 0.3 percent, the French CAC 40 Index closed just below the unchanged line and the German DAX Index slumped by 1.0 percent.

Crude oil prices rose modestly on Tuesday as attention shifts to the OPEC cartel's supposed plans to increase output even as the Middle East remains uneventful. West Texas Intermediate crude for August delivery traded at $65.40 per barrel, up $0.29 or 0.45 percent.