Asian shares mostly down after upbeat US data

An investor looks at the stock price monitor at a private securities company Tuesday, Dec. 3, 2013, in Shanghai, China. Asian stock markets outside Japan mostly slid Tuesday as investors awaited a slew of US economic data this week to gauge when the Federal Reserve will start reducing its monetary stimulus. AP PHOTO

HONG KONG—Asian markets mostly fell on Tuesday following Wall Street’s losses after a better-than-expected US manufacturing report heightened speculation that the Federal Reserve will begin winding down its stimulus this month.

Japanese shares bucked the downward trend as the yen slipped against the dollar, which moved closer to the four-and-a-half-year high touched in May.

Tokyo rose 0.60 percent, or 94.59 points, to 15,749.66, Sydney lost 0.44 percent, or 23.4 points, to end at 5,256.1 and Seoul fell 1.05 percent, or 21.42 points, to 2,009.36.

Hong Kong closed 0.53 percent, or 128.08 points, lower at 23,910.47. But Shanghai added 0.69 percent, or 15.30 points, to 2,222.67 as bargain-hunters moved in following Monday’s losses that were fueled by an expected return of initial public offerings after a year-long hiatus.

In the United States, the Institute for Supply Management said Monday that factory activity grew at a much faster rate in November than in October.

The institute said its purchasing managers’ index rose to 57.3 last month from 56.4 in October, despite expectations of a slight fall. The index is up 7.1 points since the beginning of the year.

A figure above 50 indicates growth while anything below points to contraction.

The news raised the prospect the Fed will start to cut back its $85 billion a month bond-buying program this month as the economy shows signs of improving, said Kathy Lien, a managing director at BK Asset Management.

National Australia Bank said a December Fed taper “is back on the cards, at least for markets.”

On Wall Street the three main indexes fell on the news, while profit-takers also moved in on the first full day of trading after Thursday’s Thanksgiving holiday.

The Dow fell 0.48 percent and the S&P 500 dipped 0.27 percent, after last week notching up new record highs. The Nasdaq lost 0.36 percent.

The dollar bought 103.10 yen compared with 102.94 yen in New York Monday afternoon and 102.50 yen in Tokyo earlier Monday.

The greenback is heading toward the 103.70 yen seen in May, which was its highest point since mid-2009.

The euro bought $1.3551 against $1.3538 while it was also around a five-year high at 139.73 yen compared with 139.36 yen in US trade.

The yen is also facing selling pressure on growing expectations the Japanese central bank will unveil more monetary easing measures to boost the economy.

The Australian dollar slipped to 90.90 US cents after the country’s central bank head said the unit was “uncomfortably high” and added that “a lower level of the exchange rate is likely to be needed to achieve balanced growth in the economy.”

The comments from Glenn Stevens sparked speculation the bank could intervene in currency markets to push down the value of the “Aussie.”

On oil markets New York’s main contract, West Texas Intermediate for January delivery, was up 33 cents at $94.15 in afternoon Asian trade. Brent North Sea crude for January rose 16 cents to $111.61.

Gold fetched $1,219.85 per ounce at 1051 GMT compared with $1,237.43 on Monday.

In other markets:

— Taipei fell 0.26 percent, or 22.06 points, to 8,392.55.

Taiwan Semiconductor Manufacturing Co. was 0.48 percent lower at Tw$104.0 while leading chip design house MediaTek gained 1.05 percent to close at Tw$434.5.

— Wellington fell 0.18 percent, or 8.48 points, to 4,783.85.

Telecom eased 1.1 percent to NZ$2.28, Air New Zealand was down 0.9 percent at NZ$1.60 and MetlifeCare was down 3.0 percent at NZ$4.15.

— Manila fell 0.70 percent, giving up 43.87 points to end at 6,179.50.

Metropolitan Bank eased 0.63 percent to 78.50 pesos, while SM Investments fell 1.75 percent to 730 pesos.

— Mumbai fell 0.21 percent, or 43.09 points, to 20,854.92.

State-run Bank of India plunged 3.63 percent to 211.15 rupees while pharma firm Ranbaxy Laboratories lost 1.28 percent to 2,466.9 rupees.

— Bangkok gained 0.70 percent, or 9.63 points, to 1,383.89.

Telecoms company True Corporation added 5.14 percent to 9.20 baht, while Thai Airways International jumped 2.47 percent to 16.60 baht.

— Kuala Lumpur rose 0.35 percent, or 6.14 points, to 1,824.29.

Utility Tenaga Nasional added 8.4 percent to 10.72 ringgit after an electricity rate hike, while Bumi Armada fell 1.8 percent to 3.93 ringgit.

— Jakarta closed down 0.77 percent, or 33.21 points, at 4,288.76.

Bank Negara Indonesia lost 1.18 percent at 4,200 rupiah, while Sinar Mas Agro Resources gained 0.79 percent at 6,350 rupiah.

— Singapore ended flat, edging down 1.09 points to 3,187.67.

United Overseas Bank rose 0.19 percent to Sg$21.06, while Singapore Airlines gained 0.48 percent to Sg$10.53.—Danny McCord