Asian stock markets are trading mostly higher on Thursday, following the mostly positive cues from global markets overnight, reflecting optimism about an interest rate cut by the US Fed in September following the release of weaker than expected US economic data. The US dollar also weakened against most currencies in the region. Asian Markets closed mostly higher on Wednesday.

Traders also look ahead to the closely watched monthly US jobs report on Friday for more clarity about the outlook for Fed interest rates.

The Australian market is significantly higher on Thursday, adding to the gains in the previous session, following the mostly positive cues from global markets overnight. The benchmark S&P/ASX 200 is moving above the 7,800 level, with gains across most sectors led by materials and technology stocks amid spiking commodity prices.

The benchmark S&P/ASX 200 Index is gaining 80.70 points or 1.04 percent to 7,820.60, after touching a high of 7,827.30 earlier. The broader All Ordinaries Index is up 81.90 points or 1.03 percent to 8,068.00. Australian stocks ended modestly higher on Wednesday.

Among major miners, Rio Tinto, Mineral Resources and BHP Group are gaining almost 2 percent each, while Fortescue Metals is adding more than 2 percent.

Oil stocks are mostly higher. Woodside Energy is gaining almost 1 percent, Origin Energy is edging up 0.4 percent, Beach energy is adding 2.5 percent and Santos is advancing more than 4 percent on reports Saudi Aramco and Abu Dhabi National Oil Co have been separately studying potential bids for Santos.

In the tech space, Afterpay owner Block and Xero are edging down 0.3 percent each, while Appen is adding more than 2 percent, Zip is surging almost 7 percent and WiseTech Global is gaining almost 1 percent.

Among the big four banks, Commonwealth Bank, ANZ Banking and National Australia Bank are gaining almost 1 percent each, while Westpac is edging up 0.5 percent.

Among gold miners, Evolution Mining and Newmont are gaining more than 3 percent each, while Gold Road Resources and Northern Star Resources are advancing more than 1 percent each. Resolute Mining is adding more than 2 percent.

In the currency market, the Aussie dollar is trading at $0.671 on Thursday.

Extending the gains in the previous four sessions, the Japanese market is modestly higher on Thursday, following the mostly positive cues from global markets overnight. The Nikkei 225 is moving to well above the 40,600 level, with gains across most sectors led by index heavyweights and technology stocks.

The benchmark Nikkei 225 Index closed the morning session at 40,666.78, up 86.02 points or 0.21 percent, after touching a high of 40,861.35 earlier. Japanese shares ended sharply higher on Wednesday.

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

In the tech space, Advantest is gaining almost 2 percent, while Tokyo Electron and Screen Holdings are adding almost 2 percent each.

In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are gaining more than 1 percent each, while Mitsubishi UFJ Financial is adding almost 1 percent.

Among the major exporters, Canon and Mitsubishi Electric are losing almost 1 percent each, while Sony and Panasonic are edging up 0.3 to 0.4 percent each.

Among other major gainers, Sumitomo Metal Mining is surging more than 6 percent, while Renesas Electronics and Yamaha Motor are gaining more than 4 percent each. Mitsui Mining & Smelting and Mitsubishi Materials are adding almost 4 percent each. IHI, Kyowa Kirin and Mitsubishi Estate are advancing more than 3 percent each. Sumitomo Realty & Development and Mazda Motor are up almost 3 percent each.

Conversely, Kawasaki Heavy Industries is losing almost 6 percent and Eisai is declining almost 3 percent.

In the currency market, the U.S. dollar is trading in the lower 161 yen-range on Thursday.

Elsewhere in Asia, Taiwan is up 1.3 percent, while Hong Kong, South Korea, Singapore and Indonesia are higher by between 0.2 and 0.7 percent each. New Zealand and China are down 0.2 percent each. Malaysia is relatively flat.

On Wall Street, stocks saw further upside over the course of the trading session on Wednesday after moving mostly higher to start the week. With the continued upward move, the Nasdaq and the S&P 500 once again reached new record closing highs in an abbreviated trading session.

The Nasdaq advanced 159.54 points or 0.9 percent to 18,188.30 and the S&P 500 climbed 28.01 points or 0.5 percent, although the narrower Dow bucked the uptrend and edged down 23.85 points or 0.1 percent to 39,308.00.

Meanwhile, the major European markets also moved to the upside on the day. While the U.K.’s FTSE 100 Index climbed by 0.6 percent, the German DAX Index and the French CAC 40 Index both shot up by 1.2 percent.

Crude oil prices climbed higher on Wednesday after data showed a much larger than expected drop in U.S. crude inventories last week, while a weaker dollar also lent support. West Texas Intermediate Crude oil futures for August ended up by $1.07 at $83.88 a barrel.