(fxcue news) - Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues from global markets overnight, as optimism about a few interest rate cuts by the US Fed this year, and a drop in global bond yields. Markets in China and Hong Kong were down as the US administration was discussing a 10 tariff against China and said tariffs on China could hinge on a deal over TikTok's ownership. Asian markets closed mixed on Tuesday. Traders are also assessing the possible impact of the Trump administration's economic policies and likely tariff proposals. Australian shares are trading notably higher on Wednesday, extending the gains in the previous two sessions, with the benchmark S&P/ASX 200 moving well above the 8,400 level, following the broadly positive cues from global markets overnight, with gains in financial and technology stocks. Mining and energy stocks struggled due to weaker commodity prices. The benchmark S&P/ASX 200 Index is gaining 35.60 points or 0.42 percent to 8,438.00, after touching a high of 8,455.60 earlier. The broader All Ordinaries Index is up 36.30 points or 0.42 percent to 8,689.00. Australian stocks ended significantly higher on Tuesday. Among major miners, BHP Group is declining more than 1 percent, while Mineral Resources, Rio Tinto and Fortescue Metals are losing almost 1 percent each. Oil stocks are mixed. Woodside Energy is losing almost 2 percent and Santos is edging down 0.5 percent, while Origin Energy is gaining more than 1 percent and Beach energy is edging up 0.2 percent. In the tech space, WiseTech Global, Appen and Xero are gaining almost 2 percent each, while Zip is adding almost 1 percent. Afterpay owner Block is flat. Among the big four banks, Commonwealth Bank, National Australia Bank and Westpac are gaining almost 1 percent each, while ANZ Banking is edging up 0.3 percent. Among gold miners, Evolution Mining is gaining more than 2 percent, while Northern Star Resources and Gold Road Resources are edging up 0.1 to 0.4 percent each. Resolute Mining and Newmont are flat. In the currency market, the Aussie dollar is trading at $0.627 on Wednesday. The Japanese stock market is trading sharply higher on Wednesday, extending the gains in the previous two sessions, following the broadly positive cues from global markets overnight. The Nikkei 225 is moving a tad above the 39,600 level, with gains in index heavyweights, exporters and technology stocks. The benchmark Nikkei 225 Index closed the morning session at 39,604.71, up 576.73 points or 1.48 percent, after touching a high of 39,647.83 earlier. Japanese stocks ended modestly higher on Tuesday. Market heavyweight SoftBank Group is surging 8.5 percent and Uniqlo operator Fast Retailing is edging up 0.2 percent. Among automakers, Honda is edging up 0.4 percent and Toyota is gaining almost 2 percent. In the tech space, Advantest is advancing more than 4 percent, Screen Holdings is adding more than 3 percent and Tokyo Electron is gaining 1.5 percent. In the banking sector, Sumitomo Mitsui Financial is edging down 0.2 percent, while Mizuho Financial and Mitsubishi UFJ Financial are flat. Among the major exporters, Canon is edging up 0.3 percent, Sony is gaining more than 1 percent, Mitsubishi Electric is adding more than 2 percent and Panasonic is up almost 1 percent. Among other major gainers, Furukawa Electric is spiking more than 9 percent, Fujikura is soaring more than 7 percent and Disco is surging almost 7 percent and Sumitomo Electric is gaining more than 4 percent, while Fuji Electric, Eisai and Renesas Electronics are adding almost 4 percent each. Japan Steel Works is advancing more than 3 percent, while Japan Steel Works, Hitachi and Rakuten Group are up almost 3 percent each. Conversely, there are no other major losers. In the currency market, the U.S. dollar is trading in the higher 155 yen-range on Wednesday. Elsewhere in Asia, Taiwan is up 1.5 percent, while New Zealand, Singapore, South Korea, Malaysia and Indonesia are higher by between 0.1 and 0.8 percent each. China and Hong Kong are down 1.3 and 0.9 percent, respectively. On the Wall Street, stocks largely kept moving higher on Tuesday after a positive start, and the major averages all ended the day's session on a firm note. A drop in bond yields and optimism about a few interest-rate cuts this year contributed to the positive sentiment in the market. The Dow closed up 537.98 points or 1.24 percent, at 44,025.81. The S&P 500 ended higher by 52.58 points or 0.88 percent, at 6,049.24, while the Nasdaq settled at 19,756.78, gaining 126.58 points or 0.64 percent. The major European markets also moved to the upside on the day. The U.K.'s FTSE 100 gained 0.33 percent, Germany's DAX closed up 0.25 percent and France's CAC 40 ended up 0.48 percent higher. Crude oil prices tumbled on Tuesday, weighed down by Trump's plans to boost oil and gas production in the U.S. West Texas Intermediate Crude oil futures for February closed down $1.99 or 2.56 percent at $75.89 a barrel.