{"id":43192,"date":"2023-09-03T23:59:14","date_gmt":"2023-09-03T23:59:14","guid":{"rendered":"https:\/\/lethal-industry.com\/?p=43192"},"modified":"2023-09-03T23:59:14","modified_gmt":"2023-09-03T23:59:14","slug":"asian-markets-track-global-markets-higher","status":"publish","type":"post","link":"https:\/\/lethal-industry.com\/business\/asian-markets-track-global-markets-higher\/","title":{"rendered":"Asian Markets Track Global Markets Higher"},"content":{"rendered":"

Asian stock markets<\/span> is trading mostly higher on Monday, following the positive cues from global markets on Friday, as traders reacted positively to US Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole Symposium and made cautious moves. Asian markets closed mostly lower on Friday.<\/p>\n

Powell reiterated the central bank’s priority of bringing down inflation to 2%, but suggested that in September, interest rates would remain unchanged to evaluate incoming data, as well as the evolving outlook and potential risks.<\/p>\n

He also pointed to signs of continued strength in the US economy<\/span>, but indicated that the central bank would “proceed carefully” with additional hikes.<\/p>\n

The Australian stock market is notably higher on Monday, recouping some of the losses in the previous session, with the benchmark S&P\/ASX 200 staying above the 7,100 level, following the positive cues from global markets on Friday, boosted by gains across most sectors, led by gold miners and financial stocks.<\/p>\n

The benchmark S&P\/ASX 200 Index is gaining 42.90 points or 0.60 percent to 7,158.10, after touching a high of 7,161.00 earlier. The broader All Ordinaries Index is up 33.10 points or 0.45 percent to 7,365.70. Australian stocks closed significantly lower on Friday.<\/p>\n

Among the major miners, Rio Tinto and BHP Group are gaining almost 1 percent each, while Mineral Resources is declining more than 1 percent and Fortescue Metals is sliding more than 5 percent after reporting a drop in full-year revenues and net profit.<\/p>\n

Oil stocks are mostly higher. Woodside Energy is gaining more than 1 percent, Beach energy is adding almost 1 percent and Origin Energy is edging up 0.1 percent, while Santos is edging down 0.3 percent.<\/p>\n

Among tech stocks, Zip is gaining more than 3 percent, Afterpay owner Block is edging up 0.5 percent and Xero is adding almost 1 percent, while WiseTech Global is losing more than 1 percent and Appen is plummeting almost 24 percent after reporting a statutory loss and a 24 percent drop in first-half revenues and warned of continued headwinds.<\/p>\n

Gold miners are mostly higher. Evolution Mining is gaining more than 1 percent, Northern Star Resources is adding more than 2 percent, Resolute Mining is up almost 1 percent and Newcrest Mining is edging up 0.2 percent. Gold Road Resources is flat.<\/p>\n

Among the big four banks, Commonwealth Bank, ANZ Banking and National Australia Bank are gaining almost 1 percent each, while Westpac is edging up 0.2 percent.<\/p>\n

In the currency market, the Aussie dollar is trading at $0.643 on Monday.<\/p>\n

The Japanese stock market is sharply higher on Monday, recouping the losses in the previous session, with the Nikkei 225 moving above the 32,100 level, following the positive cues from global markets on Friday, with gains across most sectors, led by technology<\/span> and financial stocks.<\/p>\n

The benchmark Nikkei 225 Index closed the morning session at 32,154.03, up 529.75 or 1.68 percent, after touching a high of 32,133.28 earlier. Japanese shares ended sharply lower on Friday.<\/p>\n

Market heavyweight SoftBank Group is gaining almost 1 percent and Uniqlo operator Fast Retailing is adding more than 1 percent. Among automakers, Honda is advancing more than 2 percent and Toyota is adding almost 2 percent.<\/p>\n

In the tech space, Screen Holdings is gaining almost 4 percent, Advantest is adding almost 1 percent and Tokyo Electron is up more than 1 percent.<\/p>\n

In the banking sector, Sumitomo Mitsui Financial is gaining almost 1 percent, Mitsubishi UFJ Financial is adding more than 1 percent and Mizuho Financial is advancing almost 2 percent.<\/p>\n

The major exporters are higher. Canon is edging up 0.3 percent, Panasonic is gaining almost 1 percent, Mitsubishi Electric is adding more than 3 percent and Sony is up almost 1 percent.<\/p>\n

Among other major gainers, Amada is gaining almost 5 percent, while Daikin Industries and Furukawa Electric are adding more than 4 percent each. Renesas Electronics is up almost 4 percent, while Nippon Sheet Glass, Idemitsu Kosan, Kubota and Yaskawa Electric are advancing more than 3 percent each. SMC, Tokio Marine, Terumo, Mazda Motor and Kikkoman are rising almost 3 percent each.<\/p>\n

Conversely, Isetan Mitsukoshi is losing almost 6 percent, while Takashimaya and J. Front Retailing are declining more than 5 percent each. Shiseido is down almost 3 percent.<\/p>\n

In the currency market, the U.S. dollar is trading in the mid-146 yen-range on Monday.<\/p>\n

Elsewhere in Asia, is down 1.3 percent, while China and Hong Kong are up 2.6 and 2.2 percent, respectively. Singapore is gaining 2.2 percent, while New Zealand, South Korea, Taiwan and Indonesia are higher by between 0.1 and 0.6 percent each. Malaysia is bucking the trend and is down 0.1 percent.<\/p>\n

On Wall Street, stocks started off on a firm note on Friday and despite suffering a setback around mid-morning, recovered swiftly and stayed firm right till the end of the day’s session to finish on a strong note. Investors reacted positively to Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole Symposium.<\/p>\n

The major averages all closed on a firm note, with the tech-laden Nasdaq outperforming the other indexes. The Dow settled with a gain of 247.48 points or 0.73 percent at 34,346.90, the S&P 500 climbed 29.40 points or 0.67 percent to settle at 4,405.71 and the Nasdaq closed with a gain of 126.67 points or 0.94 percent at 13,590.65.<\/p>\n

The major European markets showed notable moves to the upside on the day. The U.K.’s FTSE and Germany’s DAX both ended up by 0.07 percent, and France’s CAC 40 gained 0.21 percent.<\/p>\n

Crude oil prices climbed higher on Friday, despite some disappointing economic data from Germany and a fairly strong U.S. dollar, amid tightening supply due to production cuts from OPEC and its major allies. West Texas Intermediate Crude oil futures for October ended higher by $0.78 or about 1 percent at $79.83 a barrel. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Asian stock markets is trading mostly higher on Monday, following the positive cues from global markets on Friday, as traders reacted positively to US Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole Symposium and made cautious moves. Asian markets closed mostly lower on Friday. 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