FX.co ★ Asian Markets Trade Mixed

Asian stock markets are presenting a mixed picture on Thursday, taking their lead from broadly positive signals from global markets. Some traders are capitalising on recent solid performances and high returns while anxiously waiting for key US inflation data and a speech from Federal Reserve Chair, Jerome Powell. Hopes are high that numerous central banks will initiate rate cuts in the second half of the year.

Australia's market is performing strongly on Thursday, building on gains from the previous trading session. The S&P/ASX 200 Index is nearing the 7,900 mark setting a new all-time record with the energy and mining sectors taking the lead bolstered by robust gold, iron ore and lithium prices. The S&P/ASX 200 Index has gained 69.60 points or 0.89 percent, touching a high of 7,901.20. Similarly, the All Ordinaries Index has gone up by 70.80 points or 0.88 percent to 8,144.40.

In the mining sector, Rio Tinto is seeing a gain of 1.5 percent, Fortescue Metals is up by more than 1 percent, Mineral Resources has added around 3 percent, and the BHP Group is up nearly 2 percent. The oil sector is also seeing increases with Santos and Woodside Energy edging up between 0.2 and 0.3 percent, and Origin Energy along with Beach energy up over 1 percent.

In the tech industry, Appen has gained around 1 percent and WiseTech Global has edged up by 0.2 percent. However, Xero has dropped over 1 percent, Afterpay's owner, Block, is nearly 1 percent down, and Zip has seen a decline by almost 4 percent. Among the major banks, Commonwealth Bank, Westpac, ANZ Banking and National Australia Bank have made marginal gains between 0.2 to 0.4 percent.

In contrast to Australia, the Japanese market has taken a hit on Thursday, despite encouraging signs from the global market. The Nikkei 225 Index has fallen well below the 40,300 threshold, with most sectors witnessing a drop, as traders start to see profits from recent strong performances in the markets.

The Nikkei 225 Index experienced a morning session closing at 40,283.44, down by 479.29 points or 1.18 percent. Among the major players, SoftBank Group saw a nearly 1 percent loss and Fast Retailing also saw a similar drop. Toyota noted a slight decrease of 0.1 percent, while Honda had a marginal increase of 0.3 percent.

Elsewhere in Asia, China, New Zealand and Hong Kong markets are seeing an increase between 0.3 to 0.8 percent, while Singapore, South Korea, Taiwan and Indonesia are exhibiting marginal drops of 0.2 and 0.3 percent. The Malaysian market remained closed for Nuzul al-Quran.

On Wall Street, there was fluctuation throughout the trading day on Wednesday, but a late-day surge resulted in most stocks closing on a higher note. This allowed the Dow and the S&P 500 to break their three-day losing streaks. Major averages improved with the Dow making a prominent gain, jumping 477.75 points or 1.2 percent to 39,760.08, the S&P 500 progressing by 44.91 points or 0.9 percent to 5,248.49 and the Nasdaq rising 83.82 points or 0.5 percent to 16,399.52.All the significant European markets saw gains today. The German DAX Index escalated by 0.5 percent; the French CAC 40 Index grew by 0.3 percent, and the U.K.'s FTSE 100 Index finished slightly above the previous close.

The crude oil prices witnessed a decline on Wednesday following the release of data that displayed an unforeseen rise in the U.S. crude and gasoline inventories last week. The West Texas Intermediate Crude oil futures for May concluded at a lower mark, down by $0.27 or 0.33 percent at $81.35 per barrel.