Asian Markets Trade Mixed

CANBERA (dpa-AFX) - Asian markets are trading mixed on Thursday, following the broadly negative cues from Wall Street overnight, as tumbling crude oil prices and AI-related concerns triggered a sharp sell-off in energy and technology stocks, respectively. Markets also cheered positive comments from US Fed Chair Kevin Warsh that inflation risks have eased in recent weeks while repeating his determination to bring inflation back to the 2 percent target. Asian markets closed mixed on Wednesday.

Traders also kept an eye out for developments in the Middle East, with concrete details regarding the end of the war remaining elusive.

While there is a gradual recovery in tanker traffic across the Strait of Hormuz, indirect negotiations between the U.S. and Iran in an effort to reduce Middle East tensions is gaining pace. U.S. President Donald Trump described the negotiations as 'very good' and added that the denuclearization of Iran is moving along very well.

Trump also said he is willing to extend the 60-day truce, if needed, for discussing Iran's nuclear ambitions.

The Australian market is trading slightly lower on Thursday, extending the losses in the previous two sessions, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling well below the 8,750 level, with weakness in energy stocks and a mixed performance in iron ore miners and technology stocks.

The benchmark S&P/ASX 200 Index is losing 7.60 points or 0.09 percent to 8,715.30, after hitting a low of 8,656.20 earlier. The broader All Ordinaries Index is down 12.50 points or 0.14 percent to 8,918.90. Australian stocks ended notably lower on Wednesday.

Among major miners, BHP Group is declining almost 2 percent and Rio Tinto is losing more than 1 percent, while Mineral Resources and Fortescue are edging up 0.1 to 0.3 percent each.

Oil stocks are mostly lower. Beach energy, Santos and Woodside Energy are losing almost 2 percent each, while Origin Energy is declining almost 3 percent.

In the tech space, Afterpay owner Block is gaining almost 1 percent, Appen is adding almost 2 percent and Xero is advancing almost 4 percent, while Zip is losing almost 2 percent and WiseTech Global is down almost 1 percent.

Among the big four banks, ANZ Banking and Westpac are gaining almost 1 percent each, while National Australia Bank is advancing almost 3 percent and Commonwealth Bank is edging up 0.2 percent.

Among gold miners, Newmont is gaining more than 2 percent, Northern Star Resources is advancing almost 4 percent and Genesis Minerals is rising more than 3 percent, while Evolution Mining is edging down 0.2 percent. Resolute Mining is flat.

In other news, shares in VHM Ltd are skyrocketing 63 percent after the Junior ASX mining stock struck a long-term supply deal with rare earths miner Iluka Resources.

In the currency market, the Aussie dollar is trading at $0.689 on Thursday.

The Japanese market is trading sharply lower on Thursday, snapping the three-session winning streak, following the broadly negative cues from Wall Street overnight. The Nikkei 225 is falling below the 69,600 level, with weakness in technology stocks partially offset by gains in automakers and financial stocks.

The benchmark Nikkei 225 Index closed the morning session at 69,591.75, down 883.21 points or 1.25 percent, after hitting a low of 68,676.26 earlier. Japanese stocks ended notably higher on Wednesday.

Market heavyweight SoftBank Group is flat and Uniqlo operator Fast Retailing is gaining almost 1 percent. Among automakers, Toyota is gaining almost 4 percent and Honda is also adding almost 4 percent.

In the tech space, Advantest is tumbling almost 7 percent, Screen Holdings is declining more than 5 percent and Tokyo Electron is slipping almost 5 percent.

In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are advancing almost 3 percent each, while Mitsubishi UFJ Financial is gaining almost 2 percent.

Among the major exporters, Mitsubishi Electric is losing almost 2 percent and Panasonic tumbling almost 4 percent, while Sony is advancing almost 4 percent and Canon is gaining almost 2 percent.

Among other major losers, Kioxia Holdings is tumbling almost 13 percent and Mitsui Kinzoku is plunging more than 9 percent, while Furukawa Electric, Ibiden and Murata Manufacturing are slipping almost 8 percent each. Disco is sliding almost 7 percent, while Taiyo Yuden and Fujikura are declining more than 6 percent each. Resonac Holdings, Fuji Electric, Lasertec and Minebea Mitsumi are losing more than 5 percent each.

Conversely, Nomura Research Institute, BayCurrent and Japan Airlines are soaring almost 7 percent each, while NEC, CyberAgent, SHIFT, Mercari, Tokio Marine and Konami Group are jumping almost 6 percent each. M3 and Olympus are surging more than 5 percent each, while Trend Micro, Otsuka Holdings, Shiseido and ANA Holdings are advancing almost 5 percent each.

In economic news, the monetary base in Japan was down 13.7 percent on year in June, the Bank of Japan said on Thursday - coming in at 559.203 trillion yen. That missed expectations for a fall of 10.0 percent following the 12.2 percent decline in May. Banknotes in circulation fell 1.8 percent, while coins in circulation slipped 1.1percent. Current account balances lost 16.4 percent, including a 14.6 percent drop in reserve balances. For the second quarter of 2026, the monetary base was down an annual 12.4 percent.

In the currency market, the U.S. dollar is trading in the higher 162 yen-range on Thursday.

Elsewhere in Asia, South Korea is surging 2.8 percent, while New Zealand, China and Taiwan are lower by between 0.6 and 0.8 percent each. Hong Kong, Singapore, Malaysia and Indonesia are by higher by between 0.5 and 1.1 percent each.

On Wall Street, stocks were higher for much of Wednesday's trade but a late slump saw them finish under water. The weakness that emerged on Wall Street was the result of ongoing concerns that the AI companies and chipmakers may be overbought - which had the biggest effect on the tech-heavy NASDAQ.

The Dow dipped 13.96 points or 0.03 percent to finish at 52,305.24, coming off a record closing high. The NASDAQ sank 173.69 points or 0.66 percent to close at 26.040.03 and the S&) 500 fell 16.13 points or 0.22 percent to end at 7,483.23.

Meanwhile, the major European markets turned in a mixed performance on the day. The UK's FTSE 100 drifted down 0.18 percent and France's CAC 40 closed 0.79 percent down, while Germany's DAX moved up 0.18 percent.

Crude oil prices tumbled again on Wednesday amid gradual recovery in tanker traffic across the Strait of Hormuz. West Texas Intermediate crude for August delivery was down $1.12 or 1.61 percent at $68.38 per barrel.