Asian shares mixed, eyes on US economic data
An investor enters the share price trading hall at a private stock market gallery in Kuala Lumpur, Malaysia, Monday, Nov. 4, 2013. Asian markets were mixed on Tuesday as traders await the release of US growth and jobs data, but Tokyo ended slightly higher despite Nissan’s lower earnings forecast. AP PHOTO/DANIEL CHAN
HONG KONG—Asian markets were mixed on Tuesday as traders await the release of US growth and jobs data, but Tokyo ended slightly higher despite Nissan’s lower earnings forecast.
The euro saw further selling pressure as investors bet that the European Central Bank (ECB) will cut interest rates following soft inflation data last week.
Tokyo rose 0.17 percent, or 23.80 points, to 14,225.37 while Seoul fell 0.56 percent, or 11.24 points, to 2,013.93.
Sydney climbed 0.77 percent, or 41.5 points, to 5,432.0 after Australia’s central bank kept interest rates on hold at a record low.
Shanghai rose 0.35 percent, or 7.61 points, to 2,157.24 but Hong Kong was 0.65 percent lower, giving up 150.67 points to end at 23,038.95.
Jakarta and Kuala Lumpur were closed for public holidays.
With few catalysts to drive buying, traders are looking to the US figures for a handle on when the Federal Reserve will begin reeling in its stimulus program, which has been credited with sparking a global stocks rally.
While strong figures for gross domestic product growth and non-farm payrolls will be positive economically, they would also suggest the bank will start winding down the program—which is worth $85 billion a month—sooner rather than later.
Wall Street saw small gains Monday, with the Dow up 0.16 percent, the S&P 500 rising 0.36 percent and the Nasdaq adding 0.37 percent.
In currency trade the dollar was down Tuesday after enjoying a recent rally on speculation over Fed tapering.
The greenback was quoted at 98.20 yen in afternoon Tokyo trade, compared with 98.59 yen in New York. However, it is still up from 97.92 yen in Asia on Friday. Japanese markets were closed Monday for a public holiday.
The euro continued to fall after data showed eurozone inflation at a four-year low in October, fueling talk the ECB will cut interest rates.
The single currency fetched $1.3487 and 132.40 yen on Tuesday, against $1.3516 and 133.25 yen in US trade.
On Japan’s Nikkei index, Nissan sank 10.40 percent after slashing its full-year earnings forecast by about 15 percent on Friday, blaming expensive recalls and sluggish sales in Europe.
Sony, which tumbled 11.13 percent on Friday after cutting its full-year outlook by 40 percent, edged up 0.06 percent Tuesday.
In oil trade, New York’s main contract, West Texas Intermediate for December delivery, rose 10 cents to $94.72 a barrel. Brent North Sea crude for December climbed 15 cents to $106.38.
Gold dropped to $1,311.73 per ounce at 1038 GMT compared with $1,313.60 on Monday.
In other markets:
— Taipei fell 1.10 percent, or 91.94 points, to 8,262.20.
Taiwan Semiconductor Manufacturing Co. eased 2.3 percent to Tw$106.5 while design house MediaTek was 0.58 percent lower at Tw$430.0.
— Wellington rose 0.57 percent, or 28.03 points, to 4,938.70.
Fletcher Building was up 1.35 percent at NZ$9.73 and Contact Energy was down 0.57 percent at NZ$5.20.
— Manila slipped 0.36 percent, or 23.81 points, to 6,519.58.
Newly listed Travellers International Hotel Group fell 0.18 percent to 11.26 pesos while SM Prime Holdings slipped 0.41 percent to 19.20 pesos.
— Singapore closed up 0.05 percent, or 1.60 points, at 3,205.54.
Oil rig maker Keppel Corp. eased 0.92 percent to Sg$10.79 while DBS Bank rose 0.54 percent to Sg$16.86.
— Bangkok gained 1.95 percent, or 27.04 points, to close at 1,415.44.
Coal producer Banpu rose 3.74 percent or 1 baht to 27.75, and Bangkok Bank added 0.99 percent or 2.00 baht to 204 baht.
— Mumbai fell 1.25 percent or 264.57 points to 20,974.97.
Private ICICI bank fell 3.07 percent to 1,095.85 rupees while IT outsourcer Tata Consultancy Services fell 2.74 percent to 2,042.05 rupees.
