Asian Markets Mostly Higher In Holiday Trade

(RTTNews) - Asian stock markets are trading mostly higher on Thursday, following the mixed cues from Wall Street overnight, with most of the major markets in the region closed for Labor Day, including China and Hong Kong. Traders booked some profits after the recent upside in markets and a report showing the U.S. economy unexpectedly shrank in the first three months of 2025 generated some optimism about the outlook for interest rates. Asian Markets closed mixed on Wednesday.

The Australian market is trading modestly higher on Thursday, extending the gains in the previous five sessions, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying well above the 8,100 level, with gains in some technology stocks nearly offset by weakness in mining and energy stocks amid softer commodity prices.

The benchmark S&P/ASX 200 Index is gaining 17.30 points or 0.21 percent to 8,143.50, after hitting a low of 8,109.70 earlier. The broader All Ordinaries Index is up 19.40 points or 0.23 percent to 8,360.40. Australian stocks ended significantly higher on Wednesday.

Among major miners, Mineral Resources is edging down 0.3 percent and Fortescue Metals is down almost 1 percent, while BHP Group and Rio Tinto are losing more than 1 percent each.

Oil stocks are mostly lower. Woodside Energy is declining more than 2 percent, while Santos and Origin Energy are edging down 0.1 to 0.5 percent each. Beach energy is edging up 0.4 percent.

In the tech space, Afterpay owner Block is losing almost 1 percent, Zip is down more than 1 percent and Appen is declining 2.5 percent, while WiseTech Global is advancing more than 5 percent and Xero is adding more than 2 percent.

Among the big four banks, Commonwealth Bank is gaining almost 1 percent, while Westpac, National Australia Bank and ANZ Banking are edging down 0.1 to 0.4 percent each.

Among gold miners, Newmont and Evolution Mining are losing more than 1 percent each, while Resolute Mining is declining almost 2 percent and Northern Star Resources is edging down 0.4 percent. Gold Road Resources is edging up 0.2 percent.

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

The Japanese market is trading notably higher on Thursday, extending the gains in the previous five sessions, following the mixed cues from Wall Street overnight. The Nikkei 225 is moving above the 36,200 level, with gains across most sectors led by exporters and technology stocks. Traders remain cautious ahead of the Bank of Japan's latest monetary policy decision.

The benchmark Nikkei 225 Index closed the morning session at 36,241.70, up 196.32 points or 0.54 percent, after touching a high of 36,341.62 earlier. Japanese shares ended significantly higher on Wednesday.

Market heavyweight SoftBank Group is gaining almost 2 percent and Uniqlo operator Fast Retailing is edging down 0.2 percent. Among automakers, Toyota is edging up 0.4 percent and Honda is also edging up 0.4 percent.

In the tech space, Advantest is surging more than 6 percent and Screen Holdings is gaining almost 1 percent, while Tokyo Electron is declining almost 2 percent.

In the banking sector, Mizuho Financial and Mitsubishi UFJ Financial are edging up 0.1 to 0.5 percent each. Sumitomo Mitsui Financial is flat.

Among the major exporters, Sony is losing 2.5 percent, while Canon is edging up 0.3 percent, Panasonic is gaining more than 2 percent and Mitsubishi Electric is adding almost 1 percent.

Among other major gainers, Sumitomo Pharma is skyrocketing more than 11 percent, Central Japan Railway is soaring more than 8 percent, Nippon Electric Glass is surging more than 5 percent and Otsuka Holdings is gaining almost 4 percent, while Seven & I Holdings and Socionext are gaining almost 3 percent each.

Conversely, Murata Manufacturing is plunging more than 15 percent and Kansai Electric Power is sliding almost 6 percent, while Alps Alpine, ZOZO and Mitsui O.S.K. Lines are losing more than 4 percent each. Toho is declining almost 4 percent and Tokyo Electric Power is down more than 3 percent.

In economic news, the Bank of Japan will wrap up its monetary policy meeting on Thursday and then announce its decision on interest rates. The BoJ is widely expected to leave its benchmark lending rate unchanged at 0.50 percent.

In the currency market, the U.S. dollar is trading in the higher 142 yen-range on Thursday.

Elsewhere in Asia, New Zealand is up 0.8 percent, while markets in South Korea, Malaysia, Singapore, Taiwan, China, Hong Kong and Indonesia are closed for the Labor Day holiday. On Wall Street, stocks showed a significant recovery over the course of the trading day on Wednesday after pulling back sharply early in the session. The major averages climbed well off their worst levels of the day before eventually closing mixed.

The major averages showed a strong move to the upside going into the close of trading. While the Nasdaq still ended the day down 14.98 points or 0.1 percent at 17,446.34, the S&P 500 rose 8.21 points or 0.2 percent to 5,569.06 and the Dow climbed 141.74 points or 0.4 percent to 40,669.36.

Meanwhile, the major European markets have all moved modestly lower on the day. While the German DAX Index is down by 0.2 percent, the U.K.'s FTSE 100 Index is down by 0.2 percent and the French CAC 40 Index is down by 0.1 percent.

Crude oil prices showed another significant move to the downside on Wednesday amid ongoing concerns about the outlook for demand. West Texas Intermediate crude for June delivery plunged $2.20 or 3.6 percent to $58.22 a barrel. For the month of April, crude for June delivery nosedived by 18 percent.