Asian shares slip as focus moves to US data
A man looks at an electronic stock indicator outside a securities firm in Tokyo on Thursday, Nov. 7, 2013. Asian stock markets were mostly weaker Thursday, with a cautious mood prevailing ahead of key US data that will provide further clues on when the Federal Reserve will cut monetary stimulus. AP PHOTO/JUNJI KUROKAWA
HONG KONG—Asian markets slipped on Thursday as investors awaited the release of US data on jobs and economic growth, while the euro held up ahead of a closely watched European Central Bank meeting.
Tokyo eased 0.76 percent, or 108.87 points, to 14,228.44; Sydney lost 0.22 percent, or 11.8 points, to end at 5,422.0, and Seoul fell 0.53 percent, or 10.54 points, to 2,002.90.
Shanghai gave up 0.48 percent, or 10.21 points, to 2,129.40 and Hong Kong closed down 0.68, or 155.91 points, at 22,881.03.
Dealers in Hong Kong and Shanghai are also cautious before a Chinese Communist Party gathering at the weekend that is expected to outline economic policy for the next five years.
With most corporate reporting out of the way, attention is now on the release Thursday of US third-quarter gross domestic product figures, and on Friday of non-farm payrolls data for October.
The results may give traders a handle on the Federal Reserve’s plans for its stimulus program. The general consensus is that a strong set of numbers will push the bank into winding down the scheme sooner rather than later.
With recent statistics indicating the economy was not severely affected by last month’s government shutdown, there is a feeling the Fed will start to taper either in December or early next year.
Speculation that the Fed will soon begin to cut down on its $85 billion-a-month bond-buying scheme has provided support to the dollar.
It has gained about a yen over the past week. In Tokyo trade Thursday it was sitting at 98.67 yen, marginally down on 98.69 yen in New York Wednesday.
The euro was a little more buoyant than earlier in the week after Germany released data showing factory orders rising 3.3 percent in September.
There is speculation that the European Central Bank, meeting Thursday, will cut interest rates in response to eurozone inflation hitting a four-year low in October, which raised fears the bloc could slip into deflation.
The euro was quoted at $1.3518 and 133.36 yen in Tokyo, against $1.3517 and 133.40 yen in New York.
The single currency had fallen to as low as $1.3450 Monday after hitting a two-year high of $1.3831 last week before the inflation figures.
In New York the Dow provided a positive lead, jumping 0.82 percent Wednesday to a record high of 15,746.88. The S&P 500 rose 0.43 percent but the Nasdaq fell 0.20 percent.
On oil markets New York’s main contract, West Texas Intermediate for December delivery, was up five cents at $94.85 a barrel. Brent North Sea crude for December fell 24 cents to $105.00.
Gold was at $1,315.80 per ounce at 1045 GMT compared with $1,317.35 on Wednesday.
In other markets:
— Mumbai rose 0.35 percent, or 72.17 points, to close at 20,822.77 points.
Muthoot Finance closed up 11.05 rupees or 10.05 percent at 120.95 rupees, and Tata Motors was down 2.02 percent, or 4.15 rupees, at 200.90 rupees.
— Bangkok dropped 0.68 percent, or 9.74 points, to 1,425.23.
Coal producer Banpu shed 1.79 percent to 27.50 baht, and energy giant PTT shed 0.32 percent to 311 baht.
— Singapore closed down 0.10 percent, or 3.19 points, at 3,202.10.
Oversea-Chinese Banking Corporation eased 0.19 percent to Sg$10.45, while real estate developer CapitaLand was down 0.97 percent to Sg$3.06.
— Kuala Lumpur’s main index gained 3.56 points, or 0.20 percent, to close at 1,806.61.
Budget airlines AirAsia rose 0.4 percent to 2.64 ringgit, while Malayan Banking added 0.5 percent to 9.91. YTL Power International lost 1.0 percent to 1.90 ringgit.
— Jakarta ended up 0.82 percent, or 36.35 points, at 4,486.11.
Palm oil firm Astra Agro Lestari rose 1.69 percent to 21,050 rupiah, while mobile phone provider Indosat fell 1.25 percent to 3,950 rupiah.
— Taipei was flat, edging up 1.74 points to 8,283.71.
Smartphone maker HTC rose 4.45 percent to Tw$152.5 while Taiwan Semiconductor Manufacturing Co. was flat at Tw$107.0.
— Wellington lost 0.44 percent, or 21.88 points, to end at 4,922.69.
Telecoms infrastructure provider Chorus was down 9.29 percent at NZ$2.10, Telecom fell 0.87 percent to NZ$2.29 and Fletcher Building was up 0.21 percent at NZ$9.52.
— Manila shed 0.63 percent, or 40.81 points, to close at 6,436.49.
Philippine Long Distance Telephone eased 0.07 percent to 2,798 pesos and SM Prime Holdings gave up 1.60 percent to 18.50 pesos, while Bank of Philippine Islands was 4.0 percent down at 96 pesos.
