June 18, 2024

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Asian Markets Mostly Lower Amid Cautious Trades

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The cautious approach ahead of the US Fed Chair Jerome Powell’s speeches later today and tomorrow is keeping Asian stock markets mostly lower on Wednesday, despite the broadly positive cues from the Wall Street overnight. Traders seemed reluctant to make significant moves and will pay close attention to the Powell’s statements for clues about the outlook for interest rates. Asian markets closed mostly lower on Tuesday.

Recouping some of the losses in the previous session, Australian shares are trading modestly higher on Wednesday, with the benchmark S&P/ASX 200 moving to a tad below the 7,000 mark, following the broadly positive cues from Wall Street overnight, with gains in technology and financial stocks partially offset by losses in mining and energy stocks amid falling commodity prices on weaker than expected Chinese data.

The benchmark S&P/ASX 200 Index is gaining 19.40 points or 0.28 percent to 6,996.50, after touching a high of 6,999.50 earlier. The broader All Ordinaries Index is up 22.10 points or 0.31 percent to 7,198.70. Australian stocks ended modestly lower on Tuesday.

Among major miners, Fortescue Metals is losing almost 2 percent, Mineral Resources is down almost 1 percent, BHP Group is declining almost 3 percent and Rio Tinto is slipping more than 3 percent.

Oil stocks are mixed. Woodside Energy and Santos are losing almost 1 percent each, while Origin Energy is gaining more than 1 percent and Beach energy is edging up 0.3 percent.

In the tech space, Afterpay owner Block is gaining more than 3 percent, Zip is adding more than 1 percent, Appen is up 1.5 percent, WiseTech Global is advancing almost 3 percent and Xero is rising more than 2 percent.

Among the big four banks, National Australia Bank is gaining more than 1 percent and Westpac is advancing almost 2 percent, while Commonwealth Bank and ANZ Banking are adding almost 1 percent each.

Among gold miners, Northern Star Resources and Resolute Mining are losing more than 1 percent each, while Gold…

2023-11-07 22:20:10

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