(fxcue news) - Asian stock markets are trading mostly lower on Thursday, following the broadly negative cues from Wall Street overnight, amid rising treasury yields on concerns about the fiscal impact of a new U.S. tax bill on the country's deficit. The lack of clear progress on new trade deals is also weighing on the markets. Asian markets closed mostly higher on Wednesday. The Australian market is trading notably lower on Thursday, reversing the gains in the previous two sessions, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling to near the 8,300 level, with weakness across most sectors led by and technology stocks. Gold miners are the only bright spot. The benchmark S&P/ASX 200 Index is losing 47.30 points or 0.56 percent to 8,339.50, after hitting a low of 8,311.40 earlier. The broader All Ordinaries Index is down 47.10 points or 0.55 percent to 8,564.60. Australian stocks ended notably higher on Wednesday. Among major miners, BHP Group and Rio Tinto are edging down 0.2 to 0.5 percent each, while Mineral Resources is declining almost 2 percent and Fortescue Metals is losing almost 1 percent. Oil stocks are mostly lower. Santos is down more than 1 percent and Origin Energy is edging down 0.3 percent, while Beach energy and Woodside Energy are losing almost 1 percent each. In the tech space, Afterpay owner Block is losing more than 3 percent and Zip is sliding almost 6 percent, while WiseTech Global and Xero are declining almost 2 percent each. Appen is edging up 0.4 percent. Among the big four banks, Commonwealth Bank is down more than 1 percent and ANZ Banking is edging down 0.1 percent, while Westpac and National Australia Bank are losing almost 1 percent each. Among gold miners, Northern Star Resources is adding almost 2 percent, Gold Road Resources is gaining more than 1 percent, Newmont is up more than 1 percent and Evolution Mining is gaining more than 2 percent, while Resolute Mining is losing almost 1 percent. In the currency market, the Aussie dollar is trading at $0.644 on Thursday. The Japanese market is trading significantly lower on Thursday, extending the losses in the previous session, following the broadly negative cues from Wall Street overnight. The Nikkei 225 is falling well below the 37,000 mark, with weakness across most sectors led by index heavyweights and technology stocks. The benchmark Nikkei 225 Index closed the morning session at 36,967.13, down 331.85 points or 0.89 percent, after hitting a low of 36,873.61 earlier. Japanese shares ended notably lower on Wednesday. Market heavyweight SoftBank Group is losing almost 1 percent and Uniqlo operator Fast Retailing is also down almost 1 percent. Among automakers, Toyota is losing more than 1 percent and Honda is also declining more than 1 percent. In the tech space, Advantest and Tokyo Electron are declining almost 3 percent each, while Screen Holdings is declining more than 1 percent. In the banking sector, Mizuho Financial is edging down 0.4 percent and Mitsubishi UFJ Financial is losing almost 1 percent, while Sumitomo Mitsui Financial is edging up 0.2 percent. Among the major exporters, Sony and Mitsubishi Electric are edging up 0.2 to 0.5 percent each, while Panasonic and Canon are losing almost 1 percent each. Among other major losers, Keisei Electric Railway is plunging more than 9 percent and Konica Minolta is declining more than 3 percent, while Mitsubishi Heavy Industries, Yaskawa Electric, Nikon, Kubota and NEXON are losing almost 3 percent each. Conversely, Furukawa Electric is surging almost 8 percent, Socionext is gaining almost 5 percent and Daiichi Sankyo is up more than 3 percent, while NEC and Yamaha are adding almost 3 percent each. In the currency market, the U.S. dollar is trading in the lower 143 yen-range on Thursday. Elsewhere in Asia, South Korea is down 1.3 percent, while New Zealand, Hong Kong, Singapore, Malaysia and Taiwan are lower by between 0.2 and 0.8 percent each. Indonesia is bucking the trend and is up 0.4 percent. China is relatively flat. On Wall Street, stocks showed a more substantial move to the downside during trading on Wednesday following a moderate pullback in the previous session. The major averages rebounded from an initial decline but once again slumped into negative territory as the day progressed. The major averages ended the day off their worst levels but still sharply lower. The Dow plunged 816.80 points or 1.9 percent to 41,860.44, the S&P 500 slumped 95.85 points or 1.6 percent to 5,844.61 and the Nasdaq tumbled 270.07 points or 1.4 percent to 18,872.64. Meanwhile, the major European markets turned in a mixed performance on the day. While the French CAC 40 Index fell by 0.4 percent, the U.K.'s FTSE 100 Index inched up by 0.1 percent and the German DAX Index climbed by 0.4 percent. Crude oil prices fell under pressure Wednesday after a report released by the Energy Information Administration showed U.S. crude oil inventories unexpectedly increased last week. West Texas Intermediate crude for July delivery slid $0.46 to 0.7 percent to $61.57 a barrel.