Asian stock markets are exhibiting a mixed trend on Friday with investors turning a bit cautious after an upbeat start. A firm close on Wall Street overnight set up a bright start for most of the markets in the Asia-Pacific region, but caution ahead of key economic data from China and the Bank of Korea's decision on interest rates dragged down stock prices from their highs.
After a sharp upmove early on in the session, the Australian market gave up some gains and is currently trading modestly higher.
Key stocks from financial, mining and energy sectors rose sharply this morning. However, due to profit taking at higher levels, most of these stocks have shed a substantial portion of their gains subsequently.
The benchmark S&P/ASX 200 index, which surged to 4,589.2 in early trades, is now up 15.4 points or 0.3 percent at 4,565. The broader All Ordinaries index is up 16.3 points or 0.3 percent at 4,640, well off the day's high of 4,660.5.
Top miners BHP Billiton, Rio Tinto, Fortescue Metals and Newcrest Mining are up with modest gains. Among other stocks from the materials space, Incitec Pivot is gaining 4.4 percent, Oz Minerals is up 2.2 percent, Iluka Resources is up 1.8 percent and Lynas Corporation is trading 1.5 percent up.
Paladin Energy is up nearly 4.5 percent after the company sought to dampen market rumors about its financing arrangements, a potential capital raising and a potential stake sale by Newmont Mining.
Woodside Petroleum is up 0.6 percent, Santos is gaining nearly a percent and Oil Search is up 1.7 percent, while Origin Energy is gaining about 1.5 percent. Origin Energy announced that it has completed the issue of A$686.01 million in hybrid securities and strengthened its balance sheet ahead of making contributions to its Australia Pacific LNG project.
In the banking space, ANZ Bank and Westpac are up 0.9 percent and 0.8 percent respectively. Commonwealth Bank of Australia and National Australia Bank are up with modest gains. Bendigo & Adelaide Bank is up marginally, while Bank of Queensland is down 0.6 percent.
Connecteast Group, Seven West Media, Panaust, David Jones, JB Hi-Fi, Tabcorp Holdings, Macquarie Group, Boart Longyear and Aristocrat Leisure are all trading notably higher.
In the currency market, the Australian dollar opened higher on rising commodity prices. In early trades, the Aussie was quoting at US$1.0628, up notably from Thursday's close of US$1.0589. The Australian dollar is currently trading at 1.0621 to the U.S. dollar.
The Japanese stock market moved higher with the overnight strong close on Wall Street and a weaker yen triggering some hectic buying across the board. Financial, automobile, mining, non-ferrous metals and retail stocks posted strong gains.
The benchmark Nikkei 225 index, which rose to 9,613.8 in early trades, was up 118.4 points or 1.3 percent at 9,585.6 at the end of the morning session.
Kawasaki Heavy Industries, up nearly 4 percent, was the top gainer in the Nikkei index. Toyo Seikan, Konami Corp, Dainippon Screen, Fujikura, Ebara, KDDI Corp. Kobe Steel, Trend Micro and Heiwa Real Estate were up 3 to 3.75 percent.
Sumitomo Osaka, Fuji Heavy Industries, Marui Group, Mitsui Engineering & Shipbuilding, Yamoto Holdings, Mitsubishi Estate, Astellas Pharma, JX HD and Sumitomo Heavy Industries were also up with sharp gains.
Mazda Motor and Toyota Motor were up 2.8 percent and 2 percent respectively. Nissan Motor, Honda Motor and Mitsubishi Motor were also trading notably higher at the break.
Among bank stocks, Mitsubishi UFJ Financial, Mizuho Financial, Mizuho Trust & Banking and Bank of Yokohama recorded strong gains. Shinsei Bank was trading lower by about 1.2 percent.
Takeda Pharmaceuticals, Kansai Electric Power, J Front Retailing, Resona Holdings and Showa Denko KK were trading weak.
Tokyo Electric Power Co. jumped more than 5 percent in early trades on reports that Japan's Cabinet will submit legislation next week to help the utility compensate victims of the Fukushima Dai-Ichi nuclear plant disaster. However, the stock gave up its gains subsequently and was down by about 2 percent at the end of the morning session.
In economic news, an index measuring domestic corporate goods prices in Japan fell 0.1 percent on month in May, the Bank of Japan said on Friday, standing at 105.5. That missed forecasts for an increase of 0.2 percent on month following the 0.9 percent annual expansion in April. On an annual basis, the CGPI was up 2.6 percent, just below forecasts for a 2.7 percent increase following the 6.0 percent plunge in April.
Export prices were down 2.2 percent on month and 2.9 percent on year, while import prices added 0.2 percent on month and surged 9.5 percent on year.
According to a report from the Ministry of Economy, Trade and Industry, tertiary industry activity in Japan climbed a seasonally adjusted 2.6 percent on month in April, as the country starts to slowly recover from the devastating earthquake and tsunami on March 11. The April figure was just shy of estimates for a 2.7 percent monthly gain following the 6.0 percent plunge in March at the height of the disaster.
In the currency market, the U.S. dollar traded in the lower 80 yen range in early deals in Tokyo. The yen is currently trading at 80.10 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Indonesia, Malaysia and New Zealand are trading modestly higher, while Shanghai, Hong Kong and Taiwan are down with notable losses. Singapore and South Korea are down marginally. Markets across the region closed mostly lower on Thursday.
On Wall Street, stocks moved mostly higher on Thursday with an upbeat trade report lifting sentiment. Bargain hunting after recent losses too contributed to the surge.
The major averages pulled back well off their highs going into the close but still managed to close with strong gains. The Dow rose 75.4 points or 0.6 percent to 12,124.5, the Nasdaq climbed 9.5 points or 0.4 percent to 2,684.9 and the S&P 500 moved up 9.4 points or 0.7 percent to 1,289.
Major European markets all moved to the upside on Thursday. The U.K.'s FTSE 100 index rose 0.8 percent, while the French CAC 40 index and the German DAX index gained 1.1 percent and 1.4 percent respectively.
Crude oil prices rose sharply on Thursday with the OPEC's failure to reach a deal on raising output stocking supply concerns. Light, sweet crude for July delivery ended up US$1.19 or 1.1 percent at US$101.93 a barrel 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.