Asian Markets Track Wall Street Higher

(RTTNews) - Asian markets are trading mostly higher on Thursday, following the broadly positive cues from Wall Street overnight, as some traders looked to pick up stocks at reduced levels following the recent sell-off. Traders also react to upbeat private US economic data and growing expectations that the US Supreme Court may reject the Trump administration's aggressive trade policy. Asian markets closed mostly lower on Wednesday.

A report from payroll processor ADP showed private sector employment in the U.S. rebounded by more than expected in October and another report showed U.S. service sector activity returned to expansion in October.

With no official data on inflation and jobs available, markets and the U.S. Fed are left to rely on private economic reports. According to CME Group's FedWatch Tool, investors are betting on a 68.1% chance of a 25-basis-point interest rate cut at the upcoming December 9-10 Federal Reserve's meeting.

The Australian market is trading modestly higher on Thursday, reversing some of the losses in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,800 level, with gains across most sectors led by mining and energy stocks amid rebounding commodity prices.

The benchmark S&P/ASX 200 Index is gaining 16.20 points or 0.18 percent to 8,818.20, after touching a high of 8,857.10 earlier. The broader All Ordinaries Index is up 19.20 points or 0.21 percent to 9,090.40. Australian stocks ended slightly lower on Wednesday.

Among major miners, Rio Tinto is gaining more than 2 percent, BHP Group is adding 1.5 percent and Fortescue is advancing almost 2 percent, while Mineral Resources is losing almost 1 percent.

Oil stocks are mostly higher. Beach energy is gaining almost 1 percent, Santos is edging up 0.4 percent and Woodside Energy is advancing more than 1 percent. Origin Energy is flat.

In the tech space, Afterpay owner Block and WiseTech Global are gaining almost 1 percent each, while Appen is adding more than 2 percent. Zip is declining more than 3 percent and Xero is edging down 0.4 percent.

Among the big four banks, National Australia Bank is declining more than 4 percent and Westpac is losing more than 2 percent, while Commonwealth Bank and ANZ Banking is edging up 0.1 to 0.4 percent each.

Among gold miners, Evolution Mining, Newmont and Northern Star Resources are gaining more than 2 percent each, while Genesis Minerals is advancing 3.5 percent and Resolute Mining is adding more than 3 percent.

In other news, shares in Light & Wonder are jumping almost 11 percent on upbeat quarterly financial results amid stronger gaming operations and record iGaming revenue.

In the currency market, the Aussie dollar is trading at $0.651 on Thursday.

The Japanese market is significantly higher on Thursday, snapping a five-session losing streak, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 50,750 level, with gains across most sectors led by index heavyweights, exporters and financial stocks.

The benchmark Nikkei 225 Index closed the morning session at 50,768.89, up 556.62 points or 1.11 percent, after touching a high of 51,248.28 earlier. Japanese shares ended sharply lower on Wednesday.

Market heavyweight SoftBank Group is gaining almost 1 percent and Uniqlo operator Fast Retailing is adding more than 1 percent. Among automakers, Toyota is gaining more than 2 percent and Honda is edging up 0.5 percent.

In the tech space, Advantest is advancing almost 4 percent and Tokyo Electron is adding almost 1 percent, while Screen Holdings is losing almost 2 percent.

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

Among the major exporters, Mitsubishi Electric is gaining more than 2 percent Sony is adding 1.5 percent, while Panasonic and Canon are edging up 0.1 to 0.3 percent each.

Among other major gainers, Konica Minolta is skyrocketing almost 15 percent, Fujikura is surging almost 7 percent and Nintendo is surging almost 5 percent, while Hitachi, Disco and Kawasaki Heavy Industries is adding more than 4 percent each. Fuji Electric and Sumitomo Electric Industries are gaining almost 4 percent each, while Taiyo Yuden, Obayashi and Lasertec are advancing more than 3 percent each. Hoya, Japan Exchange Group and Toyota Tsusho are up almost 3 percent each.

Conversely, Nippon Steel is losing almost 5 percent, while Socionext is declining almost 4 percent and IHI is slipping almost 3 percent.

In economic news, the services sector in Japan continued to expand in October, albeit at a slightly slower pace, the latest survey from Jibun Bank revealed on Thursday with a services PMI score of 53.1. That's down from 53.3, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

In the currency market, the U.S. dollar is trading in the higher 153 yen-range on Thursday.

Elsewhere in Asia, China, Hong Kong, Singapore, Malaysia, South Korea and Taiwan are higher by between 0.1 and 1.2 percent each. New Zealand and Indonesia are down 0.4 and 0.1 percent, respectively.

On Wall Street, stocks turned in a strong performance throughout much of the trading day on Wednesday before once again coming under pressure late in the session following the sell-off seen in the previous session.

The major averages showed a notable pullback in the final hour of trading but managed to end the day in positive territory. The Nasdaq advanced 151.16 points or 0.7 percent to 23,499.80, the Dow climbed 225.76 points or 0.5 percent to 47,311.00 and the S&P 500 rose 24.74 points or 0.4 percent to 6,796.29.

The major European markets all also moved to the upside over the course of the session. While the U.K.'s FTSE 100 Index climbed by 0.6 percent, the German DAX Index rose by 0.4 percent and the French CAC 40 Index inched up by 0.1 percent.

Crude oil prices fell on Wednesday as concerns about excess supply and lower demand compelled investors to refrain from big moves. West Texas Intermediate crude for December delivery was down $0.92 or 1.52 percent at $59.64 per barrel.