Asian Markets Trade Mixed

(RTTNews) - Asian stock markets are trading mixed on Friday, following the broadly positive cues from Wall Street overnight, as traders continued to digest the US Fed's interest rate cut by a quarter point and its impact on the markets. Fed officials' forecasts suggest two more rate cuts this year but just one next year, although there were significant differences of opinion about the outlook. Asian markets ended mixed on Thursday.

The markets were boosted by technology stocks that mirrored their peers on Nasdaq amid a spike in shares of Intel (INTC), with the chipmaker skyrocketing by 22.8 percent to its best closing level in over a year. Intel announced a collaboration with Nvidia (NVDA) to jointly develop multiple generations of custom data center and PC products.

The Australian stock market is trading notably higher on Friday, reversing the losses in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,800 level, with gains in financial, energy and technology stocks partially offset by mixed performance in mining stocks.

The benchmark S&P/ASX 200 Index is gaining 72.10 points or 0.82 percent to 8,817.30, after touching a high of 8,821.00 earlier. The broader All Ordinaries Index is up 74.50 points or 0.84 percent to 9,105.40. Australian stocks closed notably lower on Thursday.

Among major miners, BHP Group and Fortescue are edging up 0.1 to 0.3 percent each, while Mineral Resources is slipping almost 2 percent and Rio Tinto is edging down 0.3 percent.

Oil stocks are mostly higher. Beach energy, Santos and Woodside Energy are gaining more than 1 percent each, while Origin Energy is advancing more than 3 percent. Among tech stocks, Zip is adding more than 3 percent, Xero is advancing more than 1 percent and Afterpay-owner Block is rising almost 2 percent, while WiseTech Global is edging down 0.2 percent. Appen is flat.

Among the big four banks, Commonwealth Bank is gaining more than 1 percent, ANZ Banking is edging up 0.3 percent and National Australia Bank is adding almost 1 percent, while Westpac is losing almost 1 percent.

Gold miners are mixed. Gold Road Resources is edging down 0.3 percent and Resolute Mining is losing almost 1 percent. Northern Star Resources is adding more than 1 percent, while Evolution Mining and Newmont are edging up 0.1 to 0.3 percent each.

In other news, shares in Telix Pharmaceuticals are jumping more than 7 percent after Citi initiated coverage with a "buy" rating, saying the medical diagnostics giant's prostate cancer treatment has the potential to become a "blockbuster drug".

In the currency market, the Aussie dollar is trading at $0.662 on Friday.

Extending the gains in the previous session, the Japanese market is notably higher on Friday, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 45,650 level, with gains across most sectors led by automakers, financial and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 45,652.08, up 348.65 points or 0.77 percent, after touching an all-time record high of 45,852.75 earlier. Japanese shares ended sharply higher on Thursday.

Market heavyweight SoftBank Group is gaining more than 1 percent, while Uniqlo operator Fast Retailing is flat. Among automakers, Toyota is gaining more than 1 percent and Honda is adding almost 2 percent.

In the tech space, Advantest is gaining 2.5 percent , Tokyo Electron is advancing almost 2 percent and Screen Holdings is surging almost 5 percent.

In the banking sector, Sumitomo Mitsui Financial is edging up 0.1 percent, Mitsubishi UFJ Financial is gaining 1.5 percent and Mizuho Financial is adding more than 1 percent.

Among the major exporters, Sony and Panasonic are edging down 0.5 percent each, while Canon is gaining almost 1 percent and Mitsubishi Electric is advancing almost 2 percent.

Among other major gainers, Lasertec is soaring more than 11 perent and Kawasaki Heavy Industries is surging more than 5 percent, while IHI, Japan Steel Works and Tokyo Electric Power are gaining more than 4 percent each. Nikon is advancing almost 4 percent, while Mitsubishi and Chugai Pharmaceutical are adding more than 3 percent. NEC and Renesas Electronics are up almost 3 percent each.

Conversely, Resonac Holdings, Sumco and SMC are losing almost 3 percent each.

In other news, overall consumer prices in Japan were up 2.7 percent on year in August, the Ministry of Internal Affairs and Communications said on Friday. That was in line with expectations and down from 3.1 percent in July. On a seasonally adjusted monthly basis, inflation was up 0.1 percent for the second straight month.

Core CPI, which excludes the volatile costs of food, also rose an annual 2.7 percent - again matching forecasts and slowing from 3.1 percent in the previous month. On a seasonally adjusted monthly basis, core CPI was up 0.2 percent for the second consecutive month.

The Bank of Japan will also wrap up its monetary policy meeting on Friday and then announce its decision on interest rates. The BoJ is widely expected to keep its benchmark lending rate unchanged at 0.50 percent.

In the currency market, the U.S. dollar is trading in the lower 148 yen-range on Friday.

Elsewhere in Asia, China, Singapore, South Korea and Malaysia are lower by between 0.1 and 0.4 percent each. New Zealand is up 1.1 percent, while Hong Kong, Taiwan and Indonesia are up 0.1 and 0.3 percent each.

On Wall Street, stocks continued to turn in a strong performance throughout the day on Thursday after moving mostly higher early in the session. The major averages all moved to the upside after ending yesterday's trading mixed, reaching new record closing highs.

The tech-heavy Nasdaq led the way higher, jumping 209.40 points or 0.9 percent to 22,470.73. The S&P 500 also climbed 31.61 points or 0.5 percent to 6,631.96, while the Dow rose 124.10 points or 0.3 percent to 46,142.42.

The major European markets also moved to the upside on the day. While the German DAX Index surged by 1.4 percent and the French CAC 40 Index advanced by 0.9 percent, the U.K.'s FTSE 100 Index posted a more modest gain, edging up 0.2 percent.

Crude oil prices fell on Thursday after the U.S. Federal Reserve hinted at a slowdown by the American economy. West Texas Intermediate crude for October delivery was down $0.46 or 0.72 percent at $63.59 per barrel.