(fxcue news) - Asian stock markets are trading mostly higher on Friday, following the broadly positive cues from Wall Street overnight, as stronger than expected US retail sales and weekly jobless claims data helped ease concerns about a recession in the world's largest economy. However, this is expected to prompt the US Fed to go for a lower interest rate cut in September. Asian markets ended mostly higher on Thursday. Extending the gains the previous five sessions, the Australian stock market is sharply higher on Friday, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 7,900 level, with gains across most sectors led by miners and technology stocks. The benchmark S&P/ASX 200 Index is gaining 100.60 points or 1.28 percent to 7,966.10, after touching a high of 7,976.90 earlier. The broader All Ordinaries Index is up 102.00 points or 1.26 percent to 8,185.80. Australian markets ended modestly higher on Thursday. Among major miners, BHP Group and Fortescue Metals are gaining more than 2 percent each, while Mineral Resources is advancing more than 3 percent and Rio Tinto is adding almost 2 percent. Oil stocks are mostly higher. Origin Energy is edging up 0.1 percent and Woodside Energy is adding more than 2 percent, while Beach energy and Santos are advancing more than 1 percent each. Among tech stocks, Afterpay owner Block is advancing 3.5 percent, Xero is adding more than 2 percent and WiseTech Global is gaining almost 2 percent, while Zip is rising more than 4 percent and Appen is skyrocketing more than 13 percent. Among the big four banks, Commonwealth Bank is advancing almost 2 percent, while National Australia Bank, ANZ Banking and Westpac are gaining more than 1 percent each. Gold miners are mostly higher. Evolution Mining is gaining almost 3 percent and Newmont is edging up 0.4 percent, while Gold Road Resources, Resolute Mining and Northern Star Resources are gaining almost 1 percent each. In the currency market, the Aussie dollar is trading at $0.662 on Friday. Adding to the gains in the previous four sessions, the Japanese stock market is trading sharply higher on Friday, following the broadly positive cues from Wall Street overnight. The benchmark Nikkei 225 is surging about 3 percent to above the 37,800 level, with gains across all sectors led by index heavyweights, financial and technology stocks. The benchmark Nikkei 225 Index closed the morning session at 37,800.42, up 1,073.78 points or 2.92 percent, after touching a high of 37,888.66 earlier. Japanese stocks closed significantly higher on Thursday. Market heavyweight SoftBank Group is gaining 2.5 percent and Uniqlo operator Fast Retailing is surging almost 5 percent. Among automakers, Honda is gaining almost 2 percent and Toyota is adding more than 2 percent. In the tech space, Advantest is gaining 5.5 percent, Tokyo Electron is advancing more than 4 percent and Screen Holdings is adding almost 4 percent. In the banking sector, Mitsubishi UFJ Financial is gaining 3.5 percent, Mizuho Financial is advancing almost 3 percent and Sumitomo Mitsui Financial is advancing more than 3 percent. Among major exporters, Mitsubishi Electric is surging more than 6 percent, Canon is gaining almost 1 percent, Sony is adding more than 3 percent and Panasonic is advancing more than 2 percent. Among other major gainers, Fujikura is skyrocketing more than 9 percent, Sumitomo Pharma is soaring almost 8 percent, Renesas Electronics is surging more than 7 percent and Hitachi is rising more than 6 percent, while Minebea Mitsumi, Sumco, Disco, Murata Manufacturing, SMC, TDK, Furukawa Electric, IHI, Taiyo Yuden and Chiba Bank are gaining more than 5 percent each. Conversely, there are no other major losers. In the currency market, the U.S. dollar is trading in the higher 148 yen-range on Friday. Elsewhere in Asia, Hong Kong, Singapore, South Korea and Taiwan are up between 1.2 and 1.9 percent each, while China, New Zealand, Malaysia and Indonesia are higher by between 0.2 and 0.5 percent each. On Wall Street, stocks showed another significant move to the upside during trading on Thursday after trending higher over the past several sessions. The major averages all posted strong gains, with the Nasdaq and the S&P 500 extending their winning streaks to six days. The major averages pulled back off their best levels going into the close but remained sharply higher. The Nasdaq soared 401.89 points or 2.3 percent to 17,594.50, the S&P 500 surged 88.01 points or 1.6 percent to 5,543.22 and the Dow jumped 554.67 points or 1.4 percent to 40,563.06. The major European markets also moved to the upside on the day. While the German DAX Index surged by 1.7 percent, the French CAC 40 Index jumped by 1.2 percent and the U.K.'s FTSE 100 Index increased by 0.8 percent. Crude oil prices climbed higher on Thursday as upbeat U.S. retail sales and jobless claims data raised optimism about the outlook for demand. Concerns about possible supply disruptions due to the tensions in the Middle East also contributed to the increase in oil prices. West Texas Intermediate Crude oil futures for September ended higher by $1.18 or about 1.53% at $78.16 a barrel.