(RTTNews) – Asian stock markets are mostly higher on Wednesday following mixed signals from Wall Street overnight. Traders remain cautious ahead of key economic data releases from the US, including a report on personal income and spending later in the week. The data will provide clues about the direction of the US Federal Reserve’s monetary policy. Asian stock markets ended mostly higher on Tuesday.
The Australian share market is trading significantly lower on Wednesday, shedding some of the previous day’s gains, with the benchmark S&P/ASX 200 dropping below the 7,800 level following mixed signals from Wall Street overnight, with major iron ore miners and gold stocks falling due to a sharp drop in metals prices.
The benchmark S&P/ASX 200 index fell 77.60 points, or 0.99 percent, to 7,761.20 after hitting a low of 7,750.50. The broader All Ordinaries index fell 79.20 points, or 0.98 percent, to 7,997.70. Australian shares closed broadly higher on Tuesday.
Among major mining companies, Rio Tinto is down more than 1 percent and BHP Group is down nearly 1 percent, while Mineral Resources and Fortescue Metals are down nearly 2 percent each.
Oil stocks were mostly lower, with Santos and Origin Energy down between 0.1 and 0.3 percent each, Beach Energy up 0.3 percent and Woodside Energy flat.
In the technology sector, Afterpay owner Block is down more than 1% and Zip is down nearly 4%, while Xero is up nearly 1%. Appen and WiseTech Global are flat.
Of the big four banks, Commonwealth Bank, ANZ and National Australia Bank were down between 0.3 and 0.5 percent each, while Westpac was down almost 1 percent.
Among gold miners, Newmont and Resolute Mining are down about 2% each, Evolution Mining is down more than 1%, Gold Road Resources is down 1.5% and Northern Star Resources is down more than 2%.
In the foreign exchange market, the Australian dollar was trading at $0.667 on Wednesday.
Japan’s stock market rose sharply on Wednesday, extending gains from the previous two trading days following mixed signs from Wall Street. The Nikkei average rose above the 39,700 level, with most sectors rising, led by the index’s major stocks and technology shares.
The benchmark Nikkei Stock Average closed the morning session at 39,726.39, up 553.24 points, or 1.41 percent, from the previous day’s high of 39,726.39. Japanese stocks ended trading with strong gains on Tuesday.
Market giant SoftBank Group Inc. rose 1.5%, while Uniqlo owner Fast Retailing Co. rose more than 1%. Among automakers, Honda was down 0.1% and Toyota was down almost 1%.
In the technology sector, Advantest jumped 6.5%, Tokyo Electron rose 2.5% and Screen Holdings rose more than 2%.
In the banking sector, Mizuho Financial and Mitsubishi UFJ Financial rose 0.3-0.5 percent each, while Sumitomo Mitsui Financial rose more than 1 percent.
Among major exporters, Canon and Mitsubishi Electric rose 0.1-0.4 percent each, while Sony rose more than 1 percent. Panasonic fell 0.4 percent.
Other major gainers include Sumitomo Pharmaceuticals, up about 6%, Taisei Corporation, up about 4%, and Isetan Mitsukoshi, up more than 3%, while Konami Group, Okuma, and Obayashi Corporation were up about 3% each.
On the other hand, there are no other stocks that have seen significant price increases.
In the foreign exchange market, the U.S. dollar was trading in the high 159 yen range on Wednesday.
Elsewhere in Asia, New Zealand, South Korea, Malaysia, Indonesia and Taiwan rose between 0.2% and 0.7% each. China and Singapore fell 0.5% and 0.1%, respectively. Hong Kong was little changed.On Wall Street, stocks closed mixed after cautious trading on Tuesday as investors awaited key U.S. data releases, including a report on consumer income and spending, and hoped for more clarity on the Federal Reserve’s interest rate outlook.
Among the major stock indexes, the Dow fell 299.05 points, or 0.76%, to close at 39,112.16, the Nasdaq rose 220.84 points, or 1.26%, to close at 17,717.65, while the S&P 500 rose 21.43 points, or 0.39%, to close at 5,469.30.
Meanwhile, all major European markets were down on the day: Britain’s FTSE 100 fell 0.41%, Germany’s DAX lost 0.81% and France’s CAC 40 fell 0.58%.
Oil prices fell on Tuesday as traders sought profit-taking ahead of key U.S. inflation data due later in the week. West Texas Intermediate crude oil futures for August delivery fell $0.80, or about 1%, to close at $80.83 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
