Asian markets follow Wall Street decline

(RTTNews) – Asian stock markets are trading mostly lower on Friday, following broadly negative signals from Wall Street overnight, as some traders continued to take advantage of recent market strength. Concerns about growth due to the ongoing war in Ukraine and fears of aggressive monetary tightening from the Federal Reserve and other central banks also kept the mood cautious. Asian markets mostly ended lower on Thursday.

Crude oil prices also fell following reports that the Biden administration was considering a massive release of strategic oil reserves.

Traders are also anticipating the release of the closely watched US Department of Labor’s monthly employment report later in the day. The jobs data could impact expectations about how quickly the Federal Reserve plans to raise interest rates in the coming months.

Australia’s stock market is slightly higher on Friday, recouping some of the previous session’s losses, with the benchmark S&P/ASX 200 rising above the 7,500 level, despite broadly negative signals from Wall Street overnight, markets reducing the first losses after the data. published showed that the manufacturing sector in Australia continued to expand in March at a faster pace. Miners advanced on stronger metal prices.

The benchmark S&P/ASX 200 is up 4.20 points or 0.06% to 7,503.80, after hitting a high of 7,512.30 and hitting a low of 7,476.70 earlier. The broader All Ordinaries index is up 4.40 points or 0.06% at 7,794.00. Australian markets ended slightly lower on Thursday.

Among the major miners, Rio Tinto, BHP Group and Mineral Resources each gained almost 1%, while Fortescue Metals gained more than 1%. OZ Minerals is down 0.3%.

Oil inventories are higher. Woodside Petroleum is up 0.2% and Origin Energy is up more than 1%, while Origin Energy and Santos are up almost 1% each. The beach energy is flat.

Among tech stocks, WiseTech Global is down 0.3%, Zip is down 1.5%, Afterpay owner Block is down more than 3% and Xero is down nearly 1%, while ‘Appen rose 0.1%.

Among the big four banks, Westpac, ANZ Banking and Commonwealth Bank lost almost 1% each, while National Australia Bank was flat.

Gold diggers are mixed. Evolution Mining fell slightly 0.5% and Northern Star Resources lost more than 1%, while Newcrest Mining added more than 1% and Resolute Mining gained more than 3%. Gold Road Resources is flat.

Separately, shares of Cann Group soared nearly 9% after the cannabis producer won regulatory approval in the UK, with Satipharm allowed to sell products in the UK.

Melbourne biotech Starpharma gains 5.5% after winning approval from the UK medicines regulator to put its Viraleze COVID nasal spray back on shelves in the UK. The product was pulled from the shelves of British pharmaceutical operator Lloyds last July.

In economic news, the manufacturing sector in Australia continued to expand in March, and at a faster pace, the latest S&P Global survey showed on Friday with a manufacturing PMI score of 57.7. That’s up from 57.0 in February and is moving even further above the 50 expansion or recession line that separates expansion from contraction. This is the twenty-second consecutive month of growth for the sector.

Meanwhile, the Australian Bureau of Statistics said on Friday that the total value of owner-occupied home loans in Australia fell 4.7% in February, seasonally adjusted, to $21.53 billion. Australian dollars. This missed expectations for a 1.0% increase, which would have remained unchanged from the previous month. Investment lending fell 1.8% on the month to A$10.75 billion, so overall home loans fell 3.7% on the month to A$32.28 billion . On a yearly basis, loans to owner-occupied housing fell 1.0%, investment loans jumped 55.8% and overall loans climbed 12.6%.

In the currency market, the Australian dollar is trading at $0.748 on Friday.

The Japanese stock market is significantly lower on Friday, extending the losses of the previous two sessions, with the benchmark Nikkei 225 index remaining above the 27,600 level, as markets follow broadly negative signals from Wall Street from day to day. next day, with losses in most sectors being partially offset. through gains on financial stocks.

The benchmark Nikkei 225 closed the morning session at 27,618.27, down 203.16 points or 0.73%, after hitting a low of 27,399.48 earlier. Japanese stocks closed significantly lower on Thursday.

The SoftBank group, heavyweight in the market, lost nearly 1% and the operator Uniqlo Fast Retailing lost nearly 2%. Among automakers, Honda is down almost 2% and Toyota is down almost 1%.

In technology, Advantest is down almost 3%, Screen Holdings is down almost 2% and Tokyo Electron is down 2.5%.

In the banking sector, Mizuho Financial and Sumitomo Mitsui Financial gained 0.2% each, while Mitsubishi UFJ Financial gained more than 1%.

Among the main exporters, Sony, Panasonic and Canon fell by more than 1% each, while Mitsubishi Electric lost almost 1%.

Among the other big losers, Nippon Yusen KK plunged more than 7% and Mitsui OSK Lines slipped nearly 7%, while Citizen Watch and Kawasaki Kisen Kaisha lost nearly 6% each. Shionogi & Co. and Mitsui E&S Holdings fell more than 4% each, while Nippon Express lost almost 4%. Dentsu Group and Idemitsu Kosan are down more than 3%. Yaskawa Electric and Kobe Steel are down nearly 3% each.

Conversely, Konami Holdings is up nearly 5% and JGC Holdings is adding nearly 3%, Nintendo and DeNA are up over 2% each.

In economic news, Japan’s large manufacturing industry weakened in the first quarter of 2022, the Bank of Japan’s quarterly Tankan Survey of business sentiment showed on Friday with a diffusion index of +14. That beat expectations for a reading of +12 and was down from +18 three months ago. The outlook came in at +9, missing expectations of +10 and down from +13 in the prior quarter. Major capital spending across all sectors is now up 2.2%, missing forecasts for a 5.0% gain and down from 9.3% in the previous three months. The large non-manufacturing index came in at +9, beating forecasts of +5 and unchanged from the previous month. The outlook was +7, missing the +8 forecast, which would have been unchanged.

In the currency market, the US dollar is trading in the upper range of 122 yen on Friday.

Elsewhere in Asia, New Zealand, Indonesia, Hong Kong, South Korea and Taiwan are down 0.2-0.9% each, while China and Malaysia are up 0.6 and 0.5%, respectively. Singapore is relatively flat.

On Wall Street, stocks saw moderate weakness for much of Thursday’s trading session before accelerating lower at the close. The major averages all fell sharply, extending the pullback seen in the previous session.

Major averages ended the session at their worst levels of the day. The Dow Jones plunged 550.46 points or 1.6% to 34,678.35, the Nasdaq fell 221.76 points or 1.5% to 14,220.52 and the S&P 500 fell 72.04 points or 1.6% at 4,530.41.

Major European markets also traded lower on the day. While Britain’s FTSE 100 index fell 0.8%, France’s CAC 40 index and Germany’s DAX index fell 1.2% and 1.3%, respectively.

Crude oil prices fell on Thursday after US President Joe Biden authorized the release of 1 million barrels of oil per day from the country’s strategic petroleum reserve for the next six months. West Texas International crude oil futures for May ended down $7.54 or 7% at $100.28 a barrel, the lowest close since March 16.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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