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Asian markets are largely below US inflation data

(RTTNews) – Asian stock markets are mostly trading lower on Wednesday following continued sell-offs on Wall Street as traders remain wary of faster interest rate hikes after US data hit showed higher-than-expected underlying inflation. Traders also remain cautious amid concerns about the economic slowdown and persistently rising inflation. Asian markets closed mostly higher on Wednesday.

The Australian stock market is slightly lower on Thursday, giving up gains from the previous session, with the benchmark S&P/ASX 200 index remaining above the 7,000 mark, following broadly negative signals from Wall Street overnight , with steep losses in tech stocks amid concerns. on interest rates. Traders also remain cautious amid concerns about the economic slowdown and persistently rising inflation.

The benchmark S&P/ASX 200 lost 74.90 points or 1.06% to 6,989.80, after hitting a low of 6,981.60 earlier. The broader All Ordinaries index was down 81.90 points or 1.12% at 7,222.50. Australian shares ended slightly higher on Wednesday.

Among the main miners, the BHP group rose 0.1%, while OZ Minerals lost nearly 2% and Rio Tinto fell 0.2%. Fortescue’s metals and mineral resources are stable.

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

In the tech space, WiseTech Global plunges nearly 7%, Appen is down nearly 3%, Afterpay owner Block drops more than 15%, Zip drops 4.5%, and Xero falls nearly 9%.

Among the big four banks, National Australia Bank and Commonwealth Bank are stable, while ANZ Banking and Westpac are down nearly 1% each. Commonwealth Bank posted a stable cash profit of $2.4 billion in the third quarter on loan growth.

Among gold miners, Northern Star Resources, Evolution Mining and Gold Road Resources are down more than 1% each, while Newcrest Mining is down a slight 0.4% and Resolute Mining is down almost 2%.

In economic news, the total number of building permits issued in Australia fell by 185% in March, seasonally adjusted, the Australian Bureau of Statistics said on Thursday – standing at 15,183. This was in line with expectations after rising 42.0% in February. On an annual basis, permits fell by 35.6%. Permits for private sector homes fell 3.0% on the month and 32.2% on the year to 9,932, while permits issued for dwellings excluding houses fell 29.9 % on the month and from 41.0 on the year to 5,004.

In the currency market, the Australian dollar is trading at $0.692 on Wednesday.

The Japanese stock market is significantly lower on Wednesday, giving up gains from the previous session, with the Nikkei 225 falling below the 26,000 mark, following broadly negative signals from Wall Street overnight, as traders remained concerned about the acceleration of interest rate hikes after the United States. the data showed higher than expected core inflations.

The benchmark Nikkei 225 closed the morning session at 25,992.68, down 220.96 points or 0.84%, after hitting a low of 25,688.11 earlier. Japanese stocks closed slightly higher on Wednesday.

The SoftBank group, heavyweight in the market, lost more than 5% and the operator Uniqlo Fast Retailing lost nearly 4%. Among the car manufacturers, Honda rose by 0.2% and Toyota by more than 1%.

In technology, Screen Holdings gained more than 2%, while Advantest lost more than 2% and Tokyo Electron fell nearly 2%.

In the banking sector, Mizuho Financial rose by 0.2%, Mitsubishi UFJ Financial gained almost 1% and Sumitomo Mitsui Financial rose by 0.4%.

Among the main exporters, Sony gains more than 2%, Panasonic gains 0.3%, while Canon and Mitsubishi Electric gain almost 1% each.

Among the other big losers, Sharp fell more than 8%, while Oki Electric Industry and M3 fell nearly 8% each. Kao is down more than 6% and Z Holdings is down more than 4%, while Denka, Chugai Pharmaceutical, Odakyu Electric Railway, Suzuki Motor and Tokai Carbon are down nearly 4% each. Rakuten Group loses more than 3%.

Conversely, Japan Steel Works soared over 18%, Hitachi Zosen over 14%, Kobe Steel nearly 13% and Olympus over 11%, while Pacific Metals, IHI and Toppan gained more by 6%. each. Mazda Motor is up more than 5%, while Mitsubishi Motors and Idemitsu Kosan add nearly 5% each. Kawasaki Heavy Industries is up more than 4%, while JGC Holdings, Marubeni and Mitsubishi Heavy Industries are up more than 3% each.

In economic news, Japan posted a current account surplus of 2,549.3 billion yen in March, the Ministry of Finance announced on Thursday, up 2.8% year on year. That beat forecasts for a surplus of 1,752.3 billion yen and was up from 1,648.3 billion yen in February. Exports increased by 15.7% year on year to 8,456.1 billion yen and imports jumped by 36.6% to 8,622.1 billion yen for a trade deficit of 166.1 billion yen. The capital account showed a deficit of 39.5 billion yen and the financial account a surplus of 1,515.9 billion yen.

The value of all bank loans in Japan rose 0.9 percent year on year in April, the Bank of Japan said Thursday, reaching 584.726 billion yen. That’s up from 0.5% in March. Excluding trusts, bank loans jumped 1.1% year on year to 508.305 billion yen, also accelerating from 0.5% the previous month. Loans from trusts fell 0.1% year on year to 76.42 trillion yen, while loans from foreign banks rose 0.7% year on year to 3.569 billion yen.

In the currency market, the US dollar is trading in the upper range of 129 yen on Wednesday.

Elsewhere in Asia, Indonesia plunged 1.9%, while Hong Kong and Taiwan lost 1.4 and 1.0% respectively. China, Singapore and South Korea are down 0.2 to 0.7% each. Malaysia bucked the trend and posted an increase of 0.2%. New Zealand is relatively flat. On Wall Street, stocks saw considerable volatility in morning trade on Wednesday before coming under significant selling pressure again in the afternoon. With the day’s steep decline, the major averages all ended the session at their lowest closing levels in over a year.

Major averages saw a further decline at the close, ending the day near their session lows. The Dow Jones fell 326.63 points or 1% to 31,834.11, the Nasdaq plunged 373.44 points or 3.2% to 11,364.24 and the S&P 500 fell 65.87 points or 1.7% to 3,935.18.

Meanwhile, major European markets all traded higher on the day. While the French CAC 40 index jumped 2.5%, the German DAX index jumped 2.2% and the British FTSE 100 index jumped 1.4%.

Crude oil prices rose on Wednesday, rebounding strongly from recent losses on data showing a significant drop in Russian gas flows to Europe. West Texas Intermediate crude oil futures for June ended up $5.95 or 6% at $105.71 a barrel.

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