Asia shares mixed ahead of US jobs data

A man looks at an electronic stock board of a securities firm in Tokyo on June 3, 2014. Asian shares were mixed on Thursday as investors brushed off another record close on Wall Street ahead of a European Central Bank policy meeting and the release of closely watched US jobs data. AP PHOTO/KOJI SASAHARA

HONG KONG–Asian shares were mixed on Thursday as investors brushed off another record close on Wall Street ahead of a European Central Bank policy meeting and the release of closely watched US jobs data.

The euro faced further selling pressure on expectations the ECB will further cut interest rates at its Thursday meeting and unveil other monetary easing measures to fend off deflation and support the economy.

Tokyo pared most morning gains to end flat, edging up 11.41 points to 15,079.37, while Seoul fell 0.65 percent, or 13.08 points, to 1,995.48 and Sydney slid 0.15 percent, or 7.93 points, to close at 5,436.90.

Shanghai gained 0.79 percent, or 16.05 points, to 2,040.88 and Hong Kong slipped 0.18 percent, or 42.05 points, to 23,109.66.

US shares ticked up on Wednesday after broadly upbeat data. The Institute for Supply Management said activity in the services sector, accounting for 80 percent of the US economy, surged in May.

Also, the Federal Reserve’s “Beige Book” report said all 12 districts of the country saw increasing economic activity in recent weeks. That compares with April’s report, which showed two districts’ activity decline.

However, payrolls company ADP said the US private sector created a net 179,000 new jobs in May, its lowest level in four months.

The S&P 500 rose 0.18 percent to end at another record high, while the Dow edged up 0.07 percent and the tech-rich Nasdaq gained 0.41 percent.

ECB policy meeting in focus

On currency markets the euro edged lower prior to the ECB policy meeting which is widely expected to see it cut rates to historic lows. The bank is under pressure to tackle anaemic price rises and the threat of deflation.

Official data Tuesday showed eurozone inflation slowed to 0.5 percent in May, from 0.7 percent in April and far weaker than the ECB’s target of just below 2.0 percent.

There is speculation that it could introduce a number of unconventional measures, such as lowering the deposit rate to negative levels and begin asset purchases similar to those carried out by the Fed.

The euro bought $1.3598 against $1.3599 in New York, while it slipped to 139.55 yen from 139.68 yen.

The dollar was quoted at 102.54 yen compared with 102.74 yen.

Oil prices dipped. US benchmark, West Texas Intermediate for delivery in July, eased 35 cents to $102.29 a barrel while Brent North Sea crude for July was down 28 cents at $108.12 in afternoon trade.

Gold fetched $1,246.16 an ounce at 1125 GMT compared with $1,245.55 late Monday.

In other markets:

— Singapore edged down 0.53 points to 3,279.64.

Oversea-Chinese Banking Corporation eased 0.21 percent to Sg$9.73 while DBS bank gained 0.17 percent to reach Sg$17.02.

— Kuala Lumpur gained 3.80 points, or 0.20 percent, to 1,869.00.

AirAsia X added 0.7 percent to 0.72 ringgit, while Malayan Banking rose 0.2 percent to 9.87. SapuraKencana Petroleum lost 0.5 percent to 4.05 ringgit.

— Bangkok added 0.26 percent or 3.76 points to 1,453.16.

Bank of Ayudhya soared 7.55 percent to 42.75 baht, while supermarket operator Big C Supercenter gained 5.21 percent to 202 baht.

— Jakarta ended up 0.06 percent, or 3 points, at 4,935.56.

Coal miner Bukit Asam advanced 2.24 percent to 11,400 rupiah, while state lender Bank Negara Indonesia slipped 0.61 percent to 4,870 rupiah.

— Taipei rose 0.23 percent, or 20.76 points, to 9,140.72.

Acer rose 6.8 percent to Tw$20.95 while Taiwan Semiconductor Manufacturing Co. fell 0.4 percent to Tw$123.0.

— Wellington ended flat, edging up 0.14 points to 5,159.49.

Trade Me added 0.86 percent to NZ$3.51 and Air New Zealand was down 0.45 percent at NZ$2.215.

— Manila was also flat, nudging up 5.87 points to close at 6,772.44.

Ayala Corp. eased 0.08 percent to 639.50 pesos while Philippine Long Distance Telephone Co. was unchanged at 2,890 pesos.

— Mumbai rose 0.86 percent, or 213.68 points, to 25,019.51.

Havells India climbed 11.11 percent to 1,181.10 rupees while oil refiner Bharat Petroleum Corporation rose 6.95 percent to 616.85 rupees.