Asian stock markets are trading mostly lower on Friday, dragged by materials and energy stocks amid tumbling commodity prices and persistent concerns about a global recession. The Australian benchmark S&P/ASX 200 Index is slightly higher, gaining 10.20 points to 6,578.30, supported by financial and technology stocks, while Japan's Nikkei 225 fell 0.88 percent to 26,159.53, weighed down by technology and energy shares. In Australia, Austal shares soared more than 22 percent after securing a $3.3 billion contract to build patrol cutters for the U.S. Coast Guard, and Openpay Group surged 25 percent on plans to pause U.S. operations and refocus on Australia. Japan's unemployment rate rose to 2.6 percent in May, and the Bank of Japan's Tankan survey showed large manufacturer sentiment weakened to +9 in the second quarter, missing forecasts. Elsewhere in the region, Taiwan dropped 1.2 percent, while China, South Korea, and Indonesia posted modest declines, and Hong Kong was closed for a holiday.
Secured a $3.3 billion contract to build patrol cutters for the U.S. Coast Guard.
Plans to pause U.S. operations and refocus on Australia, seen as positive restructuring.