Home Business Asian shares trade mixed on positive US data

Asian shares trade mixed on positive US data

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17 October 2014: Asian shares had a mixed day on Friday after better-than-expected economic data from the US.

 

US industrial production in September rose 1% and weekly jobless claims dropped to a 14-year low, easing fears of slowing growth.

Federal Reserve members also suggested the central bank could extend its bond-buying programme to provide a boost.

Japanese shares closed at a five-month low as business confidence in October fell to its lowest in 18 months.

The Nikkei 225 was down 1.4% at 14,532.51, its worst closing figure since May.

The Reuters Tankan survey added to further evidence that policymakers in Japan might have to introduce more stimulus measures to boost the economy after a sales tax rise.

Greater China shares

Hong Kong shares made modest gains as upbeat US data was offset by continuing worries about the global economy.

The benchmark Hang Seng Index was 0.4% higher at 22,984.73 points.

In China, the Shanghai Composite was down 0.7% as investors awaited third-quarter economic growth figures from China due next week.

In Australia, shares on the benchmark S&P/ASX 200 were up 0.3%.

Shares of the world’s biggest mining company, BHP Billiton, were up 0.2% after it announced that it would list a planned spin-off company in London next year, as well as in Australia and South Africa. The move was aimed at appeasing investors as it tries to focus on its most profitable operations.

Shares of Singapore-listed Tiger Airways were down more than 7% – a record low – at one point after it posted a second-quarter loss and agreed to sell its remaining 40% stake in Tiger Australia to Virgin Australiafor one Australian dollar (54p; 87c).

In South Korea, shares closed lower, with the Kospi dipping below 1,900 in late trade for the first time since February.

The benchmark Kospi was down 1%, with shares of LG Display falling as much as 5% after the company said television sales were weak in the recent holiday season in China.

Source: BBC 

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