Asian markets mostly positive despite sharp decline on Wall Street in overnight trade; Hang Seng leads

Asian markets, Dow futures live: Asian markets in Thursday's session mostly rose even as Wall Street fell sharply even as the US Federal Reserve Chair Jerome Powell warned that the ongoing trade tariff woes could pose a challenge for the country's central bank in meeting inflationary targets while spurring growth at the same time.

Key MSCI Asia and other major Asian indices

The key MSCI Asia ex Japan index soared was up 0.24 per cent at 552.94. Hang Seng index of Hong Kong led the gains- up over 1 per cent, while Japan's Nikkei traded higher by 0.85 per cent in early trade.

Mainland China’s CSI 300 was down 0.23 per cent in a choppy trade. However, South Korea's Kospi was up as much as 0.6 per cent. 

Meanwhile, Australia's S&P/ ASX 200 was up 0.4 per cent as at the last count.

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US markets and US index futures 

US Fed Chair warned that in the backdrop of ongoing trade tensions, the Fed's inflation as well as employment goals may be impacted which weighed on stock movement on the Wall Street. Also, sell-off in Wall Street was fuelled as Nvidia shares continued to decline. 

The Dow Jones Industrial Average lost 699.57 points, or 1.73 per cent, closing at 39,669.39. The S&P 500 dropped 2.24 per cent to end at 5,275.70, led down by the information technology sector. The Nasdaq Composite pulled back 3.07 per cent to close at 16,307.16- sliding close to bear market zone amid a 19 per cent fall from its closing high. 

US stock futures in early Asian trade were however trading higher even as the ongoing trade war tensions could land the world's most developed economy in recession. Dow futures- last traded with modest gains of 0.44 per cent.