(fxcue news) - Asian stock markets are trading mostly lower on Thursday, following the broadly negative cues from Wall Street overnight, as traders react to rising bond yields and amid bets the US Fed will take a more measured approach on interest rate cuts. The continued tension in the Middle East is also weighing on the markets. Asian Markets closed mixed on Wednesday. While the Fed is still widely expected to lower interest rates by a quarter-point next month, there is increasing skepticism about another rate cut in December. CME Group's FedWatch Tool suggests the chances the Fed will leave rates unchanged in December have jumped to 30.2 percent from just 13.9 percent a week ago. The Australian market is trading modestly higher on Thursday after opening in the red, adding to the slight gains in the previous session, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving up to stay above the 8,200 level, with gains in some energy and technology stocks partially offset by weakness in mining stocks. The benchmark S&P/ASX 200 Index is gaining 27.50 points or 0.34 percent to 8,243.50, after hitting a low of 8,183.80 and a high of 8,244.40 earlier. The broader All Ordinaries Index is up 14.50 points or 0.17 percent to 8,490.80. Australian stocks ended slightly higher on Wednesday. Among major miners, Rio Tinto is edging down 0.3 percent, Fortescue Metals is declining almost 4 percent and BHP Group is losing almost 1 percent, while Mineral Resources is gaining more than 1 percent. Oil stocks are mixed. Woodside Energy is edging down 0.5 percent, while Origin Energy is gaining almost 1 percent. Beach energy and Santos are flat. In the tech space, Afterpay owner Block is losing more than 1 percent and WiseTech Global is declining almost 4 percent, while Xero and Zip are slipping almost 1 percent each. Appen is gaining almost 1 percent. Among the big four banks, Commonwealth Bank and ANZ Banking are edging up 0.4 percent each, while Westpac and National Australia Bank are edging down 0.1 to 0.3 percent each. Among gold miners, Evolution Mining, Gold Road Resources and Northern Star Resources are losing almost 2 percent each, while Resolute Mining is down 1.5 percent. Newmont is tumbling more than 8 percent. In economic news, the manufacturing sector in Australia continued to contract in October, and at a slightly faster pace, the latest survey from Judo Bank revealed on Thursday with a manufacturing PMI score of 46.6. That's down from 46.7 in September, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction. The survey also showed that the services PMI rose to 50.6 in October from 50.5 in September. In the currency market, the Aussie dollar is trading at $0.664 on Thursday. Recouping some of the losses in the previous three sessions, the Japanese market is slightly higher on Thursday after opening in the red, despite the broadly negative cues from Wall Street overnight. The Nikkei 225 is moving up to stay well below the 38,200 level, with gains in exporters and technology stocks. The benchmark Nikkei 225 Index closed the morning session at 38,154.25, up 49.39 points or 0.13 percent, after hitting a low of 37,712.19 and a high of 38,320.39 earlier. Japanese shares ended significantly lower on Wednesday. Market heavyweight SoftBank Group is losing 1.5 percent and Uniqlo operator Fast Retailing is edging down 0.1 percent. Among automakers, Toyota is edging down 0.5 percent and Honda is flat. In the tech space, Tokyo Electron is gaining almost 2 percent, Advantest is adding more than 2 percent and Screen Holdings is advancing almost 1 percent. In the banking sector, Mizuho Financial and Mitsubishi UFJ Financial are edging up 0.2 to 0.4 percent each, while Sumitomo Mitsui Financial is edging down 0.1 percent. Among the major exporters, Canon is gaining more than 1 percent, Sony is edging up 0.3 percent and Mitsubishi Electric is gaining almost 1 percent, while Panasonic is flat. Among other major gainers, Konica Minolta is gaining almost 5 percent and IHI is adding more than 4 percent, while BANDAI NAMCO, Kanadevia and Seven & I Holdings are advancing almost 3 percent each. Conversely, there are no other major losers. In the currency market, the U.S. dollar is trading in the lower 152 yen-range on Thursday. Elsewhere in Asia, China, Hong Kong, South Korea, Malaysia and Indonesia are lower by between 0.1 and 0.8 percent each, while New Zealand, Singapore and Taiwan are higher by between 0.1 and 0.7 percent each. On Wall Street, stocks came under pressure early in the session on Wednesday and saw further downside over the course of the trading day. The major averages all moved notably lower, with the Dow and the S&P 500 extending their losing streaks to three days. The major averages climbed off their worst levels late in the session but remained firmly negative. The Dow slumped 409.94 points or 1.0 percent to 42,514.95, the Nasdaq tumbled 296.47 points or 1.6 percent to 18,276.65 and the S&P 500 slid 53.78 points or 0.9 percent to 5,797.42. The major European markets also ended the day lower. While the German DAX Index dipped by 0.2 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index fell by 0.5 percent and 0.6 percent, respectively. Crude oil prices fell on Wednesday, weighed down by data showing a larger than expected increase in U.S. crude oil inventories last week, while a stronger dollar also weighed. West Texas Intermediate crude oil futures for December fell $0.97 or 1.35 percent at $70.77 a barrel.