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Asian markets are generally down amid cautious trading

(RTTNews) – Asian stock markets are trading mostly lower on Wednesday, following broadly negative signals from Wall Street overnight, with tech stocks falling to mirror their peers on the tech-heavy Nasdaq. Traders are also acting cautiously ahead of the release of crucial US inflation data later in the day, which could impact the outlook for interest rates. Asian markets closed mostly higher on Tuesday.

Growing geopolitical concern amid the US-China confrontation over Taiwan also continues to weigh on market sentiment.

The Australian stock market is slightly lower on Wednesday, giving up some of the gains from the previous three sessions, with the benchmark S&P/ASX 200 index remaining above the 7,000 mark, following broadly negative signals from Wall Street today. tomorrow, dragged down by the downfall of technology. stocks, which mirrored their peers on the tech-heavy Nasdaq. Traders also remain cautious ahead of the release of crucial US inflation data later in the day.

The benchmark S&P/ASX 200 lost 7.80 points or 0.11% to 7,022.00, after hitting a low of 6,985.70 earlier. The broader All Ordinaries index is down 9.90 points or 0.14% at 7,268.70. Australian shares ended slightly higher on Tuesday.

Among the major miners, Rio Tinto and BHP Group are up 0.2-0.4% each, while Fortescue Metals and OZ Minerals are down 0.2-0.3% each. Mineral resources are down more than percent.

Oil inventories are mixed. Santos and Origin Energy are up 0.1 to 0.3% each, while Beach Energy is down 0.4%. Woodside Energy is stable.

In the tech space, Xero and Appen are down nearly 4% each, while WiseTech Global is down 2.5%, Afterpay owner Block plunges more than 6%, and Zip is down nearly 3%. %.

Among the big four banks, National Australia Bank gained more than 1%, ANZ Banking gained almost 2% and Westpac gained 0.5%. Commonwealth Bank lost nearly 1% despite an 11% rise in annual profit, which beat estimates. Among gold miners, Resolute Mining is down almost 3%, Evolution Mining is down more than 1%, Gold Road Resources is down almost 1% and Newcrest Mining is down 0.2%. Northern Star Resources rose 0.2%.

Separately, shares of Graincorp jumped nearly 7% after the food company raised its full-year profit forecast for the second time amid soaring grain prices and demand.

In the currency market, the Australian dollar is trading at $0.696 on Wednesday.

The Japanese stock market is significantly lower on Wednesday, extending losses from the previous session, with the Nikkei 225 falling below the 27,800 level, following broadly negative signals from Wall Street overnight, led by falling tech stocks, which mirrored their peers on the tech-rich Nasdaq. Traders also remain cautious ahead of the release of crucial US inflation data later in the day.

The benchmark Nikkei 225 closed the morning session at 27,767.07, down 232.89 points or 0.83%, after hitting a low of 27,729.46 earlier. Japanese stocks closed significantly lower on Tuesday.

Market heavyweight SoftBank Group rose 0.5%, while operator Uniqlo Fast Retailing lost more than 2%. Among automakers, Honda gains more than 1% and Toyota adds nearly 1%.

In technology, Screen Holdings is down more than 3%, while Advantest is down almost 4% and Tokyo Electron is down almost 3%.

In the banking sector, Mizuho Financial gained 0.5%, while Sumitomo Mitsui Financial and Mitsubishi UFJ Financial gained almost 1% each.

Among the main exporters, Sony lost 1.5%, Canon gained nearly 1% and Panasonic rose by 0.3%. Mitsubishi Electric is flat.

Separately, shares of A2 Milk fell more than 8% after its hopes of entering the US market were dashed by a decision by a US regulator.

Among the other big losers, Daiwa House Industry and Kobe Steel lost more than 4% each, while Yokogawa Electric lost nearly 4%. Sumco, Fujitsu, NEXON and M3 are down more than 3m percent each, while Trend Micro is down almost 3%.

Conversely, Mitsubishi Materials soared more than 7%, Mazda Motor jumped nearly 7%, Toho Zinc gained more than 6% and Idemitsu Kosan gained more than 4% and Kirin Holdings rose more than 3%, while Asahi Group Holdings and Subaru are up nearly 3% each.

In economic news, producer prices in Japan rose 0.4% month on month in July, the Bank of Japan said on Wednesday. This was in line with expectations and down from the upwardly revised 0.9% increase in June (originally 0.7%). On an annual basis, producer prices jumped 8.6% – beating expectations and down from an upwardly revised 9.4% the previous month (originally 9.2%).

In the currency market, the US dollar is trading in the lower range of 135 yen on Wednesday.

Elsewhere in Asia, Hong Kong is down 2.1%, while New Zealand, China, South Korea, Malaysia, Taiwan and Indonesia are down 0.1-0.8% each. Singapore bucked the trend and posted an increase of 0.4%. On Wall Street, stocks were mostly lower during Tuesday’s trading session after ending Monday’s trading with little change. The major averages all moved lower, with the tech-heavy Nasdaq posting a particularly steep drop.

The Nasdaq fell 150.53 points or 1.2% to 12,493.93 and the S&P 500 fell 17.59 points or 0.4% to 4,122.47. Meanwhile, the Dow Jones posted a more modest loss, falling 58.13 points or 0.2% to 32,774.41.

Meanwhile, major European markets ended the day on a mixed note. While the British FTSE 100 index edged up 0.1%, the French CAC 40 index fell 0.5% and the German DAX index 1.1%.

Crude oil futures settled slightly lower on Tuesday on concerns about the outlook for energy demand. West Texas Intermediate crude oil futures for September ended down $0.26 or 0.3% at $90.50 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.