(fxcue news) - Asian stock markets are trading mostly higher on Thursday, following the broadly positive cues from Wall Street overnight, as soft US consumer price inflation data in July reinforced expectations of a rate cut by the Us Fed next month. However, traders may have felt the chances of a rate cut were already priced into the markets after the rally a day ago. Asian Markets closed mixed on Wednesday. The CME Group's FedWatch Tool is currently indicating a 64.5 chance the Fed will lower rates by a quarter point and a 35.5 percent chance of a half point rate cut. The Australian market is modestly higher on Thursday, adding to the gains in the previous four sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving to near the 7,900 level, with gains in technology and financial stocks partially offset by weakness in iron ore miners. The benchmark S&P/ASX 200 Index is gaining 20.50 points or 0.26 percent to 7,871.20, after touching a high of 7,898.70 earlier. The broader All Ordinaries Index is up 20.80 points or 0.26 percent to 8,091.00. Australian stocks ended modestly higher on Wednesday. Among major miners, Rio Tinto is losing more than 2 percent and BHP Group is down almost 1 percent, while Fortescue Metals and Mineral Resources are declining more than 1 percent each. Oil stocks are mostly higher. Woodside Energy is gaining more than 1 percent and Santos is adding almost 1 percent. Beach energy is flat. Origin Energy are tumbling almost 9 percent after its chief executive Frank Calabria warned profits in energy markets for the coming year would be softer, despite reporting upbeat results for the full year. In the tech space, WiseTech Global is adding almost 1 percent, Appen is edging up 0.5 percent, Xero is gaining more than 1 percent and Zip is advancing almost 2 percent, while Afterpay owner Block is losing almost 1 percent. Among the big four banks, Commonwealth Bank is edging up 0.3 percent and National Australia Bank is adding almost 1 percent, while Westpac and ANZ Banking are gaining more than 1 percent each. Among gold miners, Evolution Mining is declining almost 1 percent and Northern Star Resources is edging down 0.1 percent, while Gold Road Resources is edging up 0.3 percent. Newmont and Resolute Mining are gaining almost 1 percent each. In the currency market, the Aussie dollar is trading at $0.661 on Thursday. Extending the gains in the previous three sessions, the Japanese market is significantly higher on Thursday, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 36,600 level, as traders react to data showing the domestic economy expanding more than expected in the second quarter, with gains across most sectors led by index heavyweights and financial stocks. The benchmark Nikkei 225 Index closed the morning session at 36,808.75, up 366.32 points or 1.01 percent, after touching a high of 36,823.05 earlier. Japanese shares ended notably higher on Wednesday. Market heavyweight SoftBank Group is gaining almost 6 percent and Uniqlo operator Fast Retailing is adding more than 1 percent. Among automakers, Toyota is gaining almost 2 percent and Honda is adding more than 2 percent. In the tech space, Tokyo Electron is gaining almost 1 percent and Screen Holdings is advancing almost 3 percent, while Advantest is edging down 0.3 percent. In the banking sector, Sumitomo Mitsui Financial is gaining more than 1 percent, Mitsubishi UFJ Financial is advancing almost 4 percent and Mizuho Financial is adding more than 5 percent. Among the major exporters, Canon is edging up 0.4 percent, Mitsubishi Electric is advancing more than 5 percent and Panasonic is gaining more than 1 percent, while Sony is losing almost 2 percent. Among other major losers, Kawasaki Heavy Industries is skyrocketing almost 9 percent, Dentsu Group is soaring more than 8 percent and Socionext is surging more than 6 percent, while Mitsubishi Heavy Industries and ENEOS Holdings are gaining almost 5 percent each. Mitsubishi Electric, Disco, Sumco and Nomura Holdings are adding more than 4 percent each, while Subaru, Mitsui Chemicals and Tokyu Fudosan are advancing almost 4 percent each. Conversely, there are no other major losers. In the currency market, the U.S. dollar is trading in the mid-147 yen-range on Thursday. Elsewhere in Asia, New Zealand, China, Singapore and Indonesia are higher by between 0.1 and 0.5 percent each. Hong Kong, Malaysia and Taiwan are lower by between 0.2 and 0.4 percent each. South Korea is closed for Liberation Day holiday. On Wall Street, stocks turned in a relatively lackluster performance during trading on Wednesday but managed to end the day mostly higher. With the upward move, the Nasdaq and the S&P 500 both closed higher for the fifth consecutive session. The major averages bounced back and forth across the unchanged line before closing in positive territory. The Dow climbed 242.75 points or 0.6 percent to 40,008.39 and the S&P 500 rose 20.78 points or 0.4 percent to 5,455.21, while the tech-heavy Nasdaq posted a more modest gain, inching up 4.99 points or less than a tenth of a percent to 17,192.60. The major European markets all also moved to the upside on the day. While the French CAC 40 Index advanced by 0.8 percent, the U.K.'s FTSE 100 Index increased by 0.6 percent and the German DAX Index rose by 0.4 percent. Crude oil prices fell on Wednesday, weighed down by official data showing an unexpected increase in U.S. crude inventories in the week ended August 9th and a recent downward revision in the oil demand forecast from the International Energy Agency (IEA). West Texas Intermediate Crude oil futures for September ended down by $1.37 or about 1.75% at $76.98 a barrel.