Asian Markets Mostly Higher

(RTTNews) - Asian stock markets are trading mostly higher on Thursday, despite the broadly negative cues from Wall Street overnight, after a U.S. federal court blocked US President Donald Trump's attempt to impose sweeping reciprocal tariffs against its global trading partners under emergency powers, saying he exceeded his authority. Asian markets closed mostly lower on Wednesday.

The three-judge panel at the Court of International Trade ruled after multiple lawsuits claimed Trump exceeded his authority and destabilized trade policy. The court declared the tariffs "unlawful to all," not just the five US businesses that filed the lawsuit, and ordered the tariffs to be vacated and permanently blocked.

Democratic-led US states argued Trump had illegally invoked an emergency law to justify his reciprocal tariffs. Trump has appealed the ruling.

The Australian market is trading modestly higher on Thursday, reversing the slight losses in the previous session, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,400 level, with gains in energy, financial and technology stocks partially offset by a mixed performance in mining stocks. The benchmark S&P/ASX 200 Index is gaining 16.30 points or 0.19 percent to 8,413.20, after touching a high of 8,427.30 earlier. The broader All Ordinaries Index is up 16.40 points or 0.19 percent to 8,641.30. Australian stocks ended slightly lower on Wednesday.

Among major miners, BHP Group and Rio Tinto are edging down 0.3 percent each, while Mineral Resources and Fortescue Metals are edging up 0.3 to 0.5 percent each.

Oil stocks are mostly higher. Santos is adding almost 1 percent, while Origin Energy and Woodside Energy are gaining more than 1 percent each. Beach energy is flat.

In the tech space, Afterpay owner Block, Appen and Zip are gaining almost 2 percent each, while WiseTech Global is up almost 1 percent. Xero is flat.

Among the big four banks, Commonwealth Bank, ANZ Banking, Westpac and National Australia Bank are all edging up 0.1 to 0.5 percent each.

Among gold miners, Northern Star Resources and Newmont are losing more than 1 percent each, while Resolute Mining is declining more than 4 percent. Evolution Mining and Gold Road Resources are edging up 0.1 to 0.5 percent each.

In the currency market, the Aussie dollar is trading at $0.641 on Thursday.

The Japanese market is trading sharply higher on Thursday, extending the gains in the previous four sessions, despite the broadly negative cues from Wall Street overnight. The Nikkei 225 is moving well above the 38,300 level, with gains across most sectors led by index heavyweights, exporters and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 38,355.70, up 633.30 points or 1.68 percent, after touching a high of 38,367.26 earlier. Japanese shares ended significantly higher on Wednesday.

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 more than 3 percent and Honda is adding more than 2 percent.

In the tech space, Advantest is advancing almost 4 percent, Tokyo Electron is gaining more than 3 percent and Screen Holdings is adding almost 1 percent.

In the banking sector, Mizuho Financial is edging up 0.4 percent, Mitsubishi UFJ Financial is gaining almost 2 percent and Sumitomo Mitsui Financial is adding more than 1 percent.

Among the major exporters, Sony is advancing more than 4 percent, Panasonic is gaining more than 3 percent and Canon is adding almost 2 percent, while Mitsubishi Electric is edging down 0.2 percent.

Among other major gainers, Fujikura is surging more than 5 percent and Recruit Holdings is gaining almost 5 percent, while Hino Motors and Sumitomo Electric Industries are adding almost 4 percent each. Kubota, Subaru, Eisai, MS&AD Insurance and Furukawa Electric are advancing more than 3 percent each, while Resonac Holdings is up almost 3 percent.

Conversely, BayCurrent is declining more than 4 percent.

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

Elsewhere in Asia, South Korea is up 1.7 percent, while China, Hong Kong and Taiwan are higher by between 0.4 and 0.5 percent each. New Zealand, Singapore and Malaysia are lower by between 0.2 and 0.3 percent each. Indonesia is closed for Ascension Day. On Wall Street, stocks moved to the downside in the latter part of the trading day on Wednesday after showing a lack of direction throughout much of the session. The major averages all moved lower late in the day partly offsetting the strong gains posted in the previous session.

The Dow declined 244.95 points or 0.6 percent to 42,098.70, the Nasdaq fell 98.23 points or 0.5 percent to 19,100.94 and the S&P 500 slid 32.99 points or 0.6 percent to 5,888.55.

The major European markets all also moved to the downside on the day. While the German DAX Index slid 0.8 percent, the U.K.'s FTSE 100 Index fell by 0.6 percent and the French CAC 40 Index decreased by 0.5 percent.

Crude oil prices moved sharply higher on Wednesday on news that OPEC will establish output quotas for 2027. West Texas Intermediate crude for July delivery climbed $0.87 or 1.43 percent to $61.76 per barrel.