Asian stock markets are mostly trading notably higher on Wednesday with investors picking up stocks amid renewed optimism about the global economy following recent encouraging data from across the globe.
The Australian stock market is trading lower, with key bank stocks dragging down the indices. Mining stocks are mostly trading notably higher. Healthcare, energy, information technology, financial and industrial stocks are finding modest support, while property trusts stocks are trading weak.
The benchmark S&P/ASX 200 index, which advanced to 5,203.4 in early trades, is currently down 12.6 points or 0.2 percent at 5,167.5. The broader All Ordinaries index is down 12.4 points or 0.2 percent at 5,143.8, well off the day's high of 5,178.9.
In the mining space, BHP Billiton (BHP) is advancing 1 percent, Rio Tinto (RIO) is trading higher by 1.8 percent and Fortescue Metals is adding 3.4 percent. However, Newcrest Mining is trading in negative territory, losing about 1.6 percent.
In the energy sector, Oil Search, Origin Energy, Santos and Caltex Australia are adding 0.4 to 1.2 percent, while Woodside Petroleum is trading lower by 0.4 percent.
Among bank stocks, ANZ Bank, Westpac (WBK), Commonwealth Bank of Australia and National Australia Bank are down 0.6 to 1.2 percent. Bendigo & Adelaide Bank is trading flat, while Bank of Queensland is up marginally.
Perseus Mining is down almost 7 percent. Whitehaven Coal is trading 4 percent down. Stockland, Qantas Airways and Oz Minerals are trading lower by about 3 percent.
Regis Resources, UGL, Monadelphous Group, Mirvac Group, Arrium, Investa Office Fund, CFS Retail Property Trust and GPT Group are down 2 to 2.8 percent.
Seven West Media is trading lower by more than 8 percent on reports that U.S.-based private equity company KKR will sell its entire 12 percent stake in the company. The announcement was made after trading hours on Tuesday.
Myer Holdings shares are down 2 percent. Despite a slight rise in sales, Myer Holdings remains cautious about the future for the retail industry. Myer's total sales in the 13 weeks to April 27 were up 0.5 percent from the year-ago period to A$652.5 million. Like-for-like sales, which strip out the effects of new store openings or closures, were up 0.4 percent from the previous corresponding period.
Downer EDI is up 5 percent. Iluka Resources is trading higher by 4 percent. Orica and WorleyParsons are up 2.8 percent and 2.4 percent, respectively.
In the currency market, the Australian dollar opened marginally lower against the U.S. dollar. In early trades, the Aussie was quoting at US$0.9807, down from Tuesday's close of US$0.9817.
The Japanese stock market is trading notably higher on Wednesday with a stronger U.S. dollar and the overnight positive close on Wall Street triggering some hectic buying almost across the board. Investors appear to be betting on expectations of additional stimulus from the central bank as well.
The benchmark Nikkei 225 index was up 178.9 points or 1.2 percent at 15,559.9 at the end of the morning session.
Mitsubishi Motors Corp. was up over 35 percent. Kobe Steel jumped nearly 20 percent. GS Yuasa, Mitsubishi Paper Mills, Tokuyama Corp., Tokyo Electric Power, Furukawa, Sumitomo Corp., Pacific Metals, Nippon Sheet Glass and Nisshin Steel Holdings gained 10 to 17 percent.
Sony Corp. (SNE) shares zoomed 12 percent on reports the company's board is likely to discuss spinning off its entertainment unit.
Shares of Sojitz Corp. jumped nearly 20 percent on reports of a likely 30 percent rise in the company's pretax profit for the next financial year. The stock gave up some gains subsequently and was trading 11 percent up at the break.
Mitsui Chemicals, JFE Holdings, Mitsumi Electric, Mitsubishi Materials, Chubu Electric Power, Nippon Soda, Sumco Corp., Fuji Heavy Industries, JX Holdings, Olympus Corp., Casio Computer and Panasonic Corp. (PC) were up 3 to 7 percent.
Meanwhile, Nippon Electric Glass, Japan Steel Works, Ebara Corp., Tokyo Electron, Japan Tobacco, Daiwa House Industry, Yokohama Rubber, Yahoo Japan and Advantest Corp. (ATE) declined, losing 2 to 5 percent.
On the economic front, Japan saw a merchandise trade deficit of 879.936 billion yen in April, the Ministry of Finance said on Wednesday. That missed forecasts for a shortfall of 620.6 billion yen following the downwardly revised deficit of 364.0 billion yen in March.
Exports were up 3.8 percent on year, also missing forecasts for a gain of 5.4 percent after adding 1.1 percent in the previous month. Imports climbed an annual 9.4 percent versus expectations for 6.9 percent following the 5.6 percent gain a month earlier.
Meanwhile, the Bank of Japan is scheduled to conclude its monetary policy meeting later in the day and then announce its decision on interest rates. The BoJ is widely expected to hold rates at 0.10 percent, although some additional stimulus may be introduced.
In the currency market, the U.S. dollar traded in the lower 102 yen range in early deals in Tokyo. The yen is currently trading at 102.56 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Malaysia, New Zealand, Singapore and South Korea are trading notably higher. Shanghai, Indonesia and Taiwan are up marginally, while Hong Kong is trading flat.
On Wall Street, stocks moved modestly higher on Tuesday, although buying interest was somewhat subdued.
The major averages gave back some ground in late-day trading but remained in positive territory. The Dow ended the day up 52.3 points or 0.3 percent to 15,387.6, a new closing high. The S&P 500, which too hit a new closing high, settled at 1,669.2, gaining 2.9 points or 0.2 percent, while the Nasdq moved up 5.7 points or 0.2 percent to 3,502.1.
Major European markets too ended higher on Tuesday. The U.K.'s FTSE 100 index advanced by 0.7 percent, while the French CAC 40 index and the German DAX index edged up by 0.3 percent and 0.2 percent, respectively.
U.S. crude oil snapped a four-day winning streak to end lower on Tuesday, ahead of the Federal Open Market Committee policy meet outcome, even as the dollar strengthened against a basket of major currencies. Crude for July delivery ended down $0.75 or 0.8 percent at $96.18 a barrel on the New York Mercantile Exchange.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.