Asian Markets Trade Mixed

(RTTNews) - Asian markets are trading mixed on Thursday, following the broadly positive cues from Wall Street overnight, as traders react to conflicting reports regarding U.S.-Iran ceasefire talks and easing crude oil prices. However, impact of the Middle-East conflict on inflation and the global economy continues to weigh on market sentiment. Asian markets closed mostly higher on Wednesday.

While the U.S. insists negotiations are ongoing, the Islamic Republic dismissed President Trump's plan for a truce and launched more attacks on Israel and Gulf Arab countries. According to media reports, Iran laid down its own conditions for any ceasefire after rejecting the U.S. proposal as "excessive."

As diplomatic efforts gather pace, Iran has told the United Nations Security Council and the International Maritime Organization that "non-hostile vessels" may transit the Strait of Hormuz with Tehran's consent.

Meanwhile, Israel's military claimed to set off a new wave of strikes on Iran today. Saudi Arabia and Bahrain intercepted missiles and drones launched by Iran. Kuwait confirmed a strike on a fuel tank in its major airport which has started a fire.

The Australian market is modestly lower in choppy trading on Thursday alternating across the unchanged line, reversing some of the gains in the previous two sessions, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying below the 8,550 level, with weakness in gold miners and technology stocks nearly offset by gains in energy and financial stocks.

The benchmark S&P/ASX 200 Index is losing 9.20 points or 0.11 percent to 8,525.10, after touching a high of 8,558.70 and a low of 8,522.60 earlier. The broader All Ordinaries Index is down 17.40 points or 0.20 percent to 8,727.90. Australian stocks ended sharply higher on Wednesday.

Among major miners, Rio Tinto is gaining almost 1 percent and BHP Group is edging up 0.4 percent, while Fortescue is edging down 0.4 percent and Mineral Resources is losing almost 2 percent.

Oil stocks are mostly higher. Beach energy and Woodside Energy are adding more than 2 percent each, while Santos is gaining almost 2 percent and Origin Energy is up almost 1 percent.

In the tech space, Afterpay owner Block is declining almost 2 percent, WiseTech Global is losing more than 2 percent and Xero is sliding almost 3 percent, while Appen is adding more than 1 percent and Zip is gaining almost 2 percent.

Among the big four banks, Westpac is gaining almost 1 percent, Commonwealth Bank is adding more than 1 percent and ANZ Banking is edging up 0.3 percent, while National Australia Bank is edging down 0.2 percent.

Among gold miners, Resolute Mining is declining almost 3 percent, Newmont is slipping almost 2 percent, Genesis Minerals is sliding more than 4 percent and Evolution Mining is edging down 0.4 percent, while Northern Star Resources is edging up 0.3 percent.

In the currency market, the Aussie dollar is trading at $0.694 on Thursday.

The Japanese market is modestly lower on Thursday after opening in the green, reversing some of the sharp gains in the previous two sessions, despite the broadly positive cues from Wall Street overnight. The Nikkei 225 is falling below the 53,700 level, with weakness in financial stocks nearly offset by gains in index heavyweights, automakers and exporter stocks.

The benchmark Nikkei 225 Index closed the morning session at 53,658.47, down 91.15 points or 0.17 percent, after touching a high of 54,175.80 and a low of 53,651.32 earlier. Japanese shares ended sharply higher on Wednesday.

Market heavyweight SoftBank Group is surging more than 6 percent and Uniqlo operator Fast Retailing is flat. Among automakers, Toyota is gaining more than 1 percent and Honda is edging up 0.3 percent.

In the tech space, Advantest is losing almost 1 percent, while Screen Holdings is edging up 0.4 percent and Tokyo Electron is gaining more than 1 percent.

In the banking sector, Mitsubishi UFJ Financial and Mizuho Financial are edging down 0.1 percent each, while Sumitomo Mitsui Financial is losing almost 1 percent.

Among the major exporters, Mitsubishi Electric and Sony are edging up 0.1 percent each, while Panasonic are gaining almost 3 percent. Canon is edging down 0.2 percent.

Among other major gainers, Furukawa Electric is jumping more than 8 percent, Socionext is soaring more than 7 percent and Fujikura is surging almost 6 percent, while Lasertec, Kikkoman, Inpex and Sumco are advancing more than 4 percent each. Sumitomo Chemical is gaining almost 4 percent, while Mitsui O.S.K. Lines, Daikin Industries, Sumitomo Pharma and Kubota are adding more than 3 percent. Kawasaki Heavy Industries is up almost 3 percent.

Conversely, Ricoh is losing almost 5 percent and Daiichi Sankyo is declining almost 4 percent.

In economic news, producer prices in Japan were up 2.7 percent on year in February, the Bank of Japan said on Thursday - following two straight months at 2.6 percent. On a monthly basis, producer prices were up 0.2 percent after sinking 0.5 percent in January. Prices excluding international transportation were likewise up 0.2 percent on month and 2.7 percent on year.

In the currency market, the U.S. dollar is trading in the lower 159 yen-range on Thursday.

Elsewhere in Asia, South Korea and Hong Kong are down 2.8 and 1.3 percent, respectively. China, Malaysia and Indonesia are lower by between 0.1 and 0.5 percent each. New Zealand, Singapore and Taiwan are lower by between 0.2 and 0.8 percent each.

On Wall Street, stocks showed a strong move back to the upside in early trading on Wednesday after ending Tuesday's choppy session mostly lower. The major averages gave back ground over the course of the trading day but managed to remain in positive territory.

The Nasdaq advanced 167.93 points or 0.8 percent to 21,929.83, the Dow climbed 305.43 points or 0.7 percent to 46,429.49 and the S&P 500 rose 35.53 points or 0.5 percent to 6,591.90.

The major European markets also showed strong moves to the upside on the day. While the French CAC 40 Index shot up by 1.3 percent, the German DAX Index and the U.K.'s FTSE 100 Index both leapt by 1.4 percent.

Crude oil prices slumped Wednesday on reports of negotiations to end the war between the U.S. and Iran, easing transport concerns via the Strait of Hormuz. West Texas Intermediate crude for May delivery was down $2.22 or 2.40 percent at $90.13 per barrel.