Asian stock markets are mostly trading higher on Friday with the overnight positive close on Wall Street prompting investors to indulge in some selective buying. However, gains are just modest in most of the markets in the region with a section of investors choosing to tread a cautious path amid lingering worries about a possible slowdown in global economic growth.
Mining and healthcare stocks are mostly trading weak in the Australian market. Financial, energy, consumer staples and property trusts stocks are exhibiting a mixed trend.
The benchmark S&P/ASX 200 index, which declined to 4,726.6 in mid morning trades, is currently down 19.6 points or 0.4 percent at 4,736.8. The broader All Ordinaries index is down 15.9 points or 0.3 percent at 4,812.3, off the day's low of 4,802.9.
Oz Minerals, the most prominent loser in the ASX 100 index, is down by over 8 percent. Asciano, BHP Billiton, Macarthur Coal, Rio Tinto, Atlas Iron, Alumina, Panaust, Boral and Suncorp are also trading notably lower.
Fortescue Metals Group Ltd has announced a maiden iron ore reserve estimate of 716 million tonnes for the first stage of its Solomon Hub in Western Australia. The stock is trading 0.6 percent down at present.
Bank stocks ANZ Bank, Westpac Australia Bank and Commonwealth Bank of Australia are trading weak. National Australia Bank is trading flat, while Bendigo & Adelaide Bank and Bank of Queensland are down marginally.
In the energy space, Woodside Petroleum and Oil Search are up with modest gains, while Origin Energy and Santos are trading weak.
Leighton Holdings, Duet Group, Seven West Media, Aristocrat Leisure, Foster's Group, Coca-Cola Amatil and Goodman Fielder are up with strong gains.
In the currency market, the Australian dollar opened higher and was quoting at US$1.0671 in early trades, up marginally from Thursday's close of US$1.0653. The Aussie is currently trading at 1.0665 to the U.S. dollar.
After a flat start and a subsequent choppy ride, the Japanese market moved higher on some strong buying in banking, manufacturing and transport stocks. Though a weaker yen lifted sentiment and triggered some buying, the mood was cautious ahead of the outcome of the central bank's meeting.
The benchmark Nikkei 225 index, which eased to about 9,610 in early trades, was up 28 points or 0.3 percent at 9,648.8 at the end of the morning session.
Sumitomo Metal Industries, Sojitz, Bank of Yokohama, Minebea, TDK Corp., Toshiba, Alps Electric and Fukuoka Financial were up 2-3% at the break.
Hitachi, Nippon Express, Japan Tobacco, IHI Corp., Daiwa House Industries, Shizuoka Bank, Dainippon Screen, Chiba Bank, Mizuho Trust & Banking, Daiichi Sankyo, Sumco and Taiyo Yuden were also trading notably higher.
Among bank stocks, Bank of Yokohama, Shizuoka Bank, Chiba Bank and Mizuho Trust & Banking posted strong gains. Mitsubishi UFJ Financial edged up marginally, while Shinsei Bank traded weak.
In the automobile space, Isuzu Motors moved higher. Honda Motor and Mitsubishi Motor were trading flat, while Suzuki Motor and Nissan Motor drifted lower.
Taiheiyo Cement, Chubu Electric Power, Kansai Electric Power, Japan Steel Work, Tokio Marine, Inpex and Sumitomo Osaka were trading notably lower.
In the currency market, the U.S. dollar traded in the upper 81 range in early deals in Tokyo. The yen is currently trading at 81.64 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Hong Kong, Indonesia, Malaysia, New Zealand and Taiwan are up marginally. South Korea is trading notably higher, while Singapore and Shanghai are trading flat. Markets across the region turned in a mixed performance on Thursday.
On Wall Street, stocks moved higher on Thursday amid a mixed batch of economic data. While upbeat employment data triggered some hectic buying early on in the session, an unexpected decrease in existing home sales in April and a slowdown in manufacturing activity in the month of May hurt sentiment to an extent and capped the upmove.
The major averages posted modest gains on the day, extending the upward move seen in the previous session. The Dow rose 45.1 points or 0.4 percent to 12,605.3, the Nasdaq climbed up 8.3 points or 0.3 percent to 2,823.3 and the S&P 500 edged up by 2.9 points or 0.2 percent to 1,343.6.
Major European markets all moved to the upside on Thursday. The U.K.'s FTSE 100 index and the German DAX index gained 0.6 percent and 0.8 percent respectively, while the French CAC 40 index advanced by 1.3 percent.
Crude oil prices declined on Thursday with some weak economic reports raising concerns about demand. Light, sweet crude for June delivery ended down US$1.66 at US$98.44 on the New York Mercantile Exchange.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.