Asian Markets Mixed In Cautious Trades

(RTTNews) - Asian stock markets are trading mixed on Thursday as investors preferred to stay on the sidelines ahead of the European central bank meeting later in the day and the monthly U.S. jobs report due on Friday.

The Australian stock market is trading higher with stocks surging ahead on bargain hunting after the previous session's sharp setback. A positive lead from Wall Street is also aiding sentiment to an extent.

Energy, healthcare, consumer discretionary and industrial stocks are trading firm. Stocks from property trusts and financial sections are also finding good support.

The benchmark S&P/ASX 200 index, which rose to around 4,801, is currently trading at 4,785.6, up 41.5 points or 0.9 percent from its previous close. The broader All Ordinaries index is up 43 points or 0.9 percent at 4,770.8, after advancing to 4,783.1.

In the energy sector, Woodside Petroleum, Santos, Oil Search and Origin Energy are up 1.5 to 2.3 percent, while Caltex Australia is up with a gain of 3.3 percent.

Among bank stocks, ANZ Bank, Commonwealth Bank of Australia and Westpac (WBK) are trading modestly higher, while National Australia Bank is trading flat. Bendigo & Adelaide Bank and Bank of Queensland are up 0.5 percent and 1.3 percent, respectively.

Miners BHP Billiton (BHP) and Rio Tinto (RIO) are up 0.4 percent and 0.8 percent, respectively.

Aurora Oil & Gas is up more than 4 percent. Mirvac Group is adding 3.2 percent. Atlas Iron, Henderson Group, WorleyParsons, Harvey Norman Holdings and Twenty-First Century Fox Inc. are trading higher by 2.5 to 3 percent.

CSL, Crown, Regis Resources, Downer EDI, Mineral Resources, Macquarie Group, Alumina (AWC) and Tatts Group are up 2 to 2.4 percent. Iluka Resources, Asciano, Amcor and Leighton Holdings are also trading sharply higher.

On the economic front, new home sales in Australia rose for the fourth month in a row, with a 1.6 percent improvement in May, taking monthly sales to their highest level in a year and a half, the Housing Industry Association said on Wednesday.

In the currency market, the Australian dollar opened higher against the U.S. dollar, after plunging to a three-year low overnight. In early trades, the local unit was quoting at US$0.9084, up 0.3 percent from Wednesday's close of US$0.9062.

After opening lower on the back of the yen's surge against the U.S. dollar, the Japanese stock market bounced back on Thursday following the local currency losing some ground subsequently. However, amid cautious trades, the market faltered again and is currently trading marginally down in negative territory.

The benchmark Nikkei 225 index, which rallied to 14,093 after tumbling to 13,962 in early trades, is currently down 16.1 points or 0.1 percent at 14,039.5.

Dentsu Inc. is trading lower by over 9 percent. Konami Corp. is declining by 4.4 percent. JFE Holdings, Mitsubishi Motors, Mitsui Mining & Smelting, Shinsei Bank, Minebea, Nippon Electric Glass, Pacific Metals and Nissan Motor are trading lower by 1.5 to 3 percent.

Shizuoka Bank, Nisshin Steel Holdings, Mitsui Chemicals, Furukawa Electric, Osaka Gas and Mitsubishi Materials are among the other notable losers.

Among the gainers, Chiyoda Corp. is up nearly 4 percent following the company acquiring British marine resource survey company Xodus Group.

Tokyo Dome is up 5.3 percent, Tokyo Electric Power, Tokyu Land and Nippon Paper Industries are up 3 to 4 percent, while Dainippon Screen Manufacturing, Takara Holdings, NTN Corp. and Sumitomo Chemicals are moving up by 2 to 2.8 percent.

East Japan Railway, Heiwa Real Estate, Daiwa House Industry, Oji Holdings, Fast Retailing, Sony Financial Holdings, Central Japan Railway and Pioneer Corp. are also trading notably higher.

In the currency market, the U.S. dollar traded below 100 yen in early deals in Tokyo. The yen is currently trading at 99.92 to the U.S. dollar.

Among other markets in the Asia-Pacific region, Hong Kong, Indonesia, South Korea, Malaysia, New Zealand and Singapore are trading in positive territory. Meanwhile, Shanghai and Taiwan are trading weak.

On Wall Street, stocks moved mostly higher on Wednesday, after showing a lack of direction for much of the abbreviated session.

While the S&P 500 inched up 1.3 points or 0.1 percent to 1,615.4, the Dow rose 56.1 points or 0.4 percent to 14,988.5 and the Nasdaq climbed 10.3 points or 0.3 percent to 3,443.7.

Major European markets ended notably lower on Wednesday. While the German DAX index declined by 1 percent, the French CAC 40 index and the U.K.'s FTSE 100 index dropped by 1.1 percent and 1.2 percent, respectively.

U.S. crude oil surged ahead of the $101-mark to end at a 13-month high on Wednesday, after an Energy Information Administration weekly oil report showed crude stockpiles to have plunged more than expected for the week ended June 28. Oil prices found an added impetus with the Egypt imbroglio gathering strength.

Crude for August delivery ended up $1.64 or 1.6 percent to close at $101.24 a barrel on the New York Mercantile Exchange, after hitting a high of $102.18 a barrel intraday.