Asian stocks mixed after upbeat US data

A man walks by an electronic stock board of a securities firm in Tokyo, Tuesday, May 28, 2013. Asian shares were mixed Wednesday after upbeat US economic data sent Wall Street soaring to a fresh all-time high and pushed the greenback to notch up strong gains against the yen. AP PHOTO/ITSUO INOUYE

HONG KONG—Asian shares were mixed Wednesday after upbeat US economic data sent Wall Street soaring to a fresh all-time high and pushed the greenback to notch up strong gains against the yen.

Trading remained volatile in Tokyo, with the Nikkei swinging between positive and negative territory before ending 0.10 percent higher at 14,326.46.

Japanese stocks have made sharp intraday movements since the index plunged 7.3 percent last Thursday as investors rushed to book profits after poor Chinese manufacturing data.

In other markets, Sydney ended flat, edging up 4.0 points to 4,974.7, with the Australian dollar slumping to its lowest level in nearly 20 months as a downgrade of China’s growth outlook by the International Monetary Fund sapped confidence in the currency.

The IMF cut its 2013 growth forecast for China to “around 7.75 percent,” down from its earlier forecast of 8.0 percent, citing a sluggish recovery in its key global export markets.

Seoul rose 0.75 percent, or 14.98 points, to 2,001.20, Shanghai gained 0.12 percent, or 2.70 points, to 2,324.02 but Hong Kong fell 1.61 percent, or 369.32 points, to 22,554.93.

In post-holiday New York trading the Dow Jones Industrial Average closed up 0.69 percent at 15,409.39, a new all-time high on strong gains in US home prices and consumer confidence.

The widely watched S&P/Case-Shiller index of US home prices showed the price of a home in the 20 largest cities rose 10.9 percent in the year to March, the largest year-on-year increase since 2006.

Consumer confidence in the US—a key barometer of the health of the world’s largest economy—surged to 76.2 in May, up from 69.0 in April, hitting the highest level since February 2008.

Stocks were also boosted by indications of continued monetary policy support, with some market watchers expressing confidence that the US Federal Reserve would maintain its bond-buying program.

In currency markets, the dollar bought 102.36 yen in early Asian trade Wednesday compared with 102.32 yen in New York late Tuesday and 101.93 yen in Tokyo Tuesday afternoon.

The euro fetched $1.2855 and 131.50 yen against $1.2855 and 131.61 yen in US trade.

Oil prices eased in Asia, with New York’s main contract, light sweet crude for delivery in July, dropping 16 cents to $94.85 a barrel and Brent North Sea crude for July delivery shedding eight cents to $104.15.

All eyes were on the US Department of Energy which later Wednesday is set to release data on US crude oil inventories for the week ended May 24.

Gold was at $1,387.70 at 1100 GMT from $1,381.20 late Tuesday.

In other markets:

— Wellington edged up 0.2 percent or 10.01 points, to 4,488.26.

Pharmaceutical firm EBOS rose 1.52 percent to NZ$10.05, while Fletcher Building climbed 0.96 percent at NZ$8.38.

— Taipei rose 0.91 percent, or 74.85 points, to 8,337.9.

Taiwan Semiconductor Manufacturing Co. gained 1.37 percent to Tw$111.0 while Hon Hai Precision was 1.69 percent higher at Tw$78.3.

— Manila gained 1.62 percent, or 115.35 points, to 7,228.57.

Top-traded Philippine Long Distance Telephone Co. climbed 0.69 percent to 3,180 pesos while SM Investments Corp. rose 1.12 percent to 1,170 pesos.

— Singapore dropped 1.13 percent, or 38.61 points, to 3,367.47.

Oversea-Chinese Banking Corporation shed 1.29 percent to Sg$10.71 while Singapore Airlines added 0.18 percent to Sg$10.89.

— Jakarta ended up 0.47 percent, or 24.46 points, at 5,200.69.

Cigarette maker Gudang Garam rose 3.48 percent to 56,500 rupiah, while food manufacturer Indofood Sukses Makmur slid 1.34 percent to 7,350 rupiah.

— Bangkok lost 1.11 percent, or 17.96 points, to 1,601.61.

Banpu shed 0.65 percent to 308 baht, while Bangkok Bank fell 1.89 percent to 208 baht.

— Kuala Lumpur gained 7.31 points, or 0.41 percent, to close at 1,783.47.

Hong Leong Financial Group added 2.8 percent to 15.66 ringgit, while IJM Corp. rose 1.9 percent to 5.87. Petronas Dagangan lost 0.6 percent to 24.88 ringgit.

— Mumbai slid 0.07 percent, or 13.18 points, to 20,147.64 points.

Resources group Vedanta’s local arm Sterlite fell 2.53 percent to 92.4 rupees while steel producer Tata Steel fell 2.27 percent to 314.05 rupees.