Asian Markets Track Global Markets Higher

(RTTNews) - Asian stock markets are trading mostly higher on Friday, following the broadly positive cues from global markets overnight, as markets were boosted by the rally in technology stocks that mirrored their peers on Nasdaq. Mining and energy stocks were also up amid a rebound in commodity prices. Asian markets ended mixed on Thursday.

Snapping a five-session losing streak, the Australian stock market is significantly higher on Friday, following the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is moving above the 7,400 level, with gains across most sectors led by financial and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 73.50 points or 1.00 percent to 7,420.00, after touching a high of 7,446.80 earlier. The broader All Ordinaries Index is up 75.90 points or 1.00 percent to 7,651.50. Australian markets ended notably lower on Thursday.

Among major miners, Rio Tinto and BHP Group are edging up 0.5 percent each, while Mineral Resources and Fortescue Metals are gaining more than 1 percent each. Oil stocks are mostly higher. Woodside Energy and Santos are gaining more than 1 percent each, while Beach energy is adding almost 2 percent. Origin Energy is edging down 0.5 percent.

Among tech stocks, WiseTech Global is gaining more than 2 percent, Appen is edging up 0.4 percent, Xero is advancing more than 3 percent, Zip is adding almost 2 percent and Afterpay owner Block is up more than 1 percent.

Among the big four banks, Commonwealth Bank and ANZ Banking are gaining almost 1 percent each, while Westpac is adding almost 2 percent and National Australia Bank is advancing more than 1 percent. Gold miners are mostly higher. Evolution Mining and Gold Road Resources are edging up 0.2 to 0.3 percent each, while Northern Star Resources is advancing more than 1 percent. Newmont is edging down 0.3 percent. Resolute Mining is flat.

In other news, shares in Mesoblast are skyrocketing more than 15 percent after receiving the nod from the US Food and Drug Administration (FDA) for cell therapy Revascor to treat a rare pediatric disease.

Shares in Whitehaven Coal are surging almost 6 percent after the company said it was on track to meet full-year coal production guidance.

In the currency market, the Aussie dollar is trading at $0.659 on Friday.

Snapping a three-session losing streak, the Japanese stock market is sharply higher on Friday, following the broadly positive cues from global markets overnight. The benchmark Nikkei 225 is moving back above the 36,000 mark, with gains across most sectors led by exporters and technology stocks as domestic data showed inflation falling to 18-month lows.

The benchmark Nikkei 225 Index closed the morning session at 36,027.41, up 561.24 points or 1.58 percent, after touching a high of 36,076.23 earlier. Japanese stocks closed slightly lower on Thursday.

Market heavyweight SoftBank Group is gaining 1.5 percent and Uniqlo operator Fast Retailing is edging up 0.3 percent. Among automakers, Honda is edging down 0.1 percent, while Toyota is edging up 0.4 percent.

In the tech space, Advantest is surging almost 8 percent, Tokyo Electron is gaining more than 4 percent and Screen Holdings is adding 3.5 percent.

In the banking sector, Mitsubishi UFJ Financial and Mizuho Financial are edging up 0.1 percent each, while Sumitomo Mitsui Financial is gaining almost 1 percent.

Among major exporters, Mitsubishi Electric is edging up 0.1 percent, Sony is gaining almost 2 percent and Panasonic is adding more than 1 percent, while Canon is losing almost 1 percent.

Among other major gainers, Sumco is surging almost 6 percent, Renesas Electronics is gaining more than 5 percent, Pacific Metals is adding more than 4 percent, Hoya is advancing almost 4 percent and Fuji Electric is up more than 3 percent, while Minebea Mitsumi, Daikin Industries and Taiyo Yuden are rising almost 3 percent each.

Conversely, Sapporo Holdings is losing almost 5 percent, while NEXON and Tokyo Gas are declining almost 3 percent each.

In economic news, overall consumer prices in Japan were up 2.6 percent on year in December, the Ministry of Internal Affairs and Communications said on Friday - in line with expectations and down from 2.8 percent in November. The December reading touched an 18-month low, although it remains above the Bank of Japan's target of 2 percent.

On a seasonally adjusted monthly basis, overall inflation eased 0.1 percent in December after slipping 0.2 percent in the previous month. Core CPI, which excludes volatile food costs, climbed an annual 2.3 percent - in line with forecasts and down from 2.5 percent a month earlier.

In the currency market, the U.S. dollar is trading in the lower 148 yen-range on Friday.

Elsewhere in Asia, Taiwan and South Korea are up 2.1 and 1.1 percent, respectively. Hong Kong, Malaysia and Singapore are higher by between 0.2 and 0.6 percent each. China and Indonesia are down 0.3 percent each. New Zealand is relatively flat. On Wall Street, stocks moved mostly higher over the course of the trading day on Thursday, largely offsetting the weakness seen to start the week. The major averages all moved to the upside, with the tech-heavy Nasdaq leading the advance.

The major averages reached new highs late in the session, closing firmly in positive territory. The Nasdaq surged 200.03 points or 1.4 percent to 15,055.65, the S&P 500 advanced 41.73 points or 0.9 percent to 4,780.93 and the S&P 500 climbed 201.94 points or 0.5 percent to 37,468.61.

The major European markets all also moved to the upside on the day. While the French CAC 40 Index jumped by 1.1 percent, the German DAX Index advanced by 0.8 percent and the U.K.'s FTSE 100 Index inched up by 0.2 percent.

Crude oil prices climbed higher Thursday, lifted by data showing a drop in U.S. crude inventories last week, and on higher forecasts for global demand. West Texas Intermediate Crude oil futures for February rallied $1.52 at $74.08 a barrel.