Asian Markets Trade Mostly Higher

(RTTNews) - Asian markets are trading mostly higher on Thursday, following the mixed cues from Wall Street overnight, on easing concerns over global inflation and the outlook for interest rates amid tumbling crude oil prices after reports Iran and Oman reached an interim deal on the partial reopening of the Strait of Hormuz. U.S. President Donald Trump also gave reassurance on U.S.-Iran peace deal to happen anytime soon. Asian markets closed mostly higher on Wednesday.

Iran said it had reached an agreement with Oman on a proposed route for shipping through the Strait of Hormuz, making a potential step toward reopening of the critical waterway for energy supplies.

In the agreed 60-day period, no tolls or fees would be charged. All inbound traffic would go through Iranian waters and all outbound traffic would go through Omani waters. The parties would clear all naval mines laid by Iran in 30 days.

Meanwhile, Yemen's Houthi rebels announced attacking a vessel in the Red Sea, keeping the Middle East tensions alive.

The Australian market is trading notably higher on Thursday, extending the gains in the previous four sessions, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 9,250 level to fresh all-time highs, with gains in mining and financial stocks partially offset by weakness in energy and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 50.60 points or 0.55 percent to 9,278.40, after touching an all-time high of 9,296.70 earlier. The broader All Ordinaries Index is up 52.90 points or 0.56 percent to 9,458.30. Australian stocks ended significantly higher on Wednesday.

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

Oil stocks are mostly lower. Woodside Energy and Santos are losing more than 1 percent each, while Beach energy is tumbling more than 5 percent and Origin Energy is down almost 1 percent.

In the tech space, Afterpay owner Block is losing almost 3 percent, WiseTech Global is declining more than 3 percent, Xero is down almost 1 percent and Appen is slipping almost 2 percent. Zip is flat.

Among the big four banks, ANZ Banking, Commonwealth Bank, Westpac and National Australia Bank are gaining almost 1 percent each.

Among gold miners, Genesis Minerals is surging more than 7 percent and Evolution Mining is jumping more than 6 percent, while Northern Star Resources, Resolute Mining and Newmont are advancing more than 5 percent each.

In economic news, Australia posted a merchandise trade surplus of A$1.929 billion in June, the Australian Bureau of Statistics said on Thursday. That exceeded expectations for a deficit of A$1.060 billion following the downwardly revised A$2.367 billion shortfall in May (originally -A$3.018 billion).

Exports rose 9.6 percent on month to A$4.196 billion, after sinking a downwardly revised 7.6 percent in the previous month (originally -6.9 percent). Imports fell 0.2 percent to -A$100 million after losing a downwardly revised 0.9 percent a month earlier (originally 1.1 percent).

In the currency market, the Aussie dollar is trading at $0.706 on Thursday.

The Japanese market is trading sharply lower on Thursday, reversing some of the gains in the previous two sessions, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling well below the 65,300 level, with weakness in technology stocks and a mixed performance across most other sectors, partially offset by gains in financial stocks.

The benchmark Nikkei 225 Index closed the morning session at 65,266.67, down 1,033.77 points or 1.56 percent, after hitting a low of 64,942.07 earlier. Japanese stocks ended sharply higher on Wednesday.

Market heavyweight SoftBank Group is losing almost 5 percent, while Uniqlo operator Fast Retailing is up almost 1 percent. Among automakers, Toyota is gaining almost 2 percent, while Honda is down almost 1 percent.

In the tech space, Advantest is losing almost 4 percent, Screen Holdings is down more than 1 percent and Tokyo Electron is declining more than 4 percent.

In the banking sector, Mizuho Financial and Mitsubishi UFJ Financial are gaining more than 1 percent each, while Sumitomo Mitsui Financial is advancing almost 2 percent.

Among the major exporters, Mitsubishi Electric is gaining almost 2 percent, while Sony and Canon are adding more than 1 percent each. Panasonic is losing more than 3 percent.

Among other major losers, Taiyo Yuden plunging almost 10 percent and Kioxia Holdings is tumbling more than 9 percent, while Furukawa Electric and Fujikura are slipping almost 8 percent each. Minebea Mitsumi is sliding almost 7 percent, while Sumco, Sumitomo Electric Industries, Ibiden, Murata Manufacturing, Mitsui Kinzoku and Lasertec are declining almost 6 percent each. Resonac Holdings and TDK are losing almost 5 percent each.

Conversely, Tokai Carbon is skyrocketing almost 15 percent and Omron is soaring more than 12 percent, while Mercari and Kikkoman are jumping more than 11 percent each. Kao and Meiji Holdings are surging more than 10 percent each, while Sumitomo Metal Mining is advancing more than 6 percent and Astellas Pharma is gaining almost 5 percent. OKUMA and Dowa Holdings are adding almost 4 percent each, while Nomura Research Institute, Mitsubishi Materials, Ryohin Keikaku, Nitori Holdings and Kubota are all up more than 3 percent each.

In the currency market, the U.S. dollar is trading in the higher 157 yen-range on Thursday.

Elsewhere in Asia, South Korea and Hong Kong are tumbling 4.6 and 1.7 percent respectively. New Zealand Malaysia and Taiwan are lower by between 0.2 and 0.7 percent each. China, Singapore and Indonesia are higher by between 0.3 and 0.9 percent each. On Wall Street, stocks extended their recent upward move in early trading on Wednesday but came under pressure over the course of the session. The major averages pulled back well off their highs of the session, with the Nasdaq and S&P 500 sliding into negative territory.

The major averages saw further downside going into the end of the day. While the Dow remained positive, climbing 263.24 points or 0.5 percent to 54,349.12, the S&P 500 dipped 12.97 points or 0.2 percent at 7,723.55 and the Nasdaq slid 221.55 points or 0.8 percent to 26,363.44.

The major European markets also turned mixed over the course of the session. While the German DAX Index fell by 0.3 percent, the French CAC 40 Index closed just above the unchanged line and the U.K.'s FTSE 100 Index inched up by 0.1 percent.

Crude oil prices were down for a third straight day on Wednesday on continued optimism for the reopening of Strait of Hormuz. West Texas Intermediate crude for September delivery was down $0.49 or 0.65 percent at $75.28 per barrel.