Asia stocks mixed as recovery worries weigh
HONG KONG — Asian stocks turned in another shaky performance Thursday, with Japan’s market notching its seventh straight loss, as worries about the pace of economic recovery continued to hold investors back.
The weakness followed more losses on Wall Street overnight, with many of the region’s markets fluctuating in a narrow range in thin trade. Crude oil prices rose modestly after a spectacular plunge in recent days to trade near $61 a barrel.
Global markets have been grinding lower over the last week after economic evidence, notably unemployment figures in the U.S. and Europe, suggested any rebound in growth could be feeble and take longer that investors expected.
Earnings season, which kicked off Wednesday with a narrower-than-expected loss from U.S. aluminum maker Alcoa, will likely help shape the direction of equities markets in the coming weeks.
“Reality is coming back into the market and now you’re seeing investors locking in profits after the euphoria in June,” said Clive McDonnell, Sinagpore-based head of Asia strategy at BNP Paribas Securities. “I wouldn’t describe investor sentiment as fragile, but it’s certainly coming down from the euphoric highs we saw earlier.”
In Japan, the Nikkei 225 stock average lost 129.69 points, or 1.4 percent, to 9,291.06 after the yen strengthened to its highest point in almost five months this week. That weighed on the broader market, with major exporters like Toyota and Sony losing between 2 percent and 3 percent.
Hong Kong’s Hang Seng rose 69.52, or 0.4 percent, to 17,790.59 in choppy trade, while South Korea’s Kospi benchmark was virtually flat with a loss of just 0.13 point.
In Australia, the main stock measure edged down 0.1 percent as the country’s unemployment rate rose to a six-year high of 5.8 percent in June, showing that companies continued to shed workers despite the government’s massive stimulus spending
Elsewhere, India’s Sensex recovered to add 0.1 percent. Shanghai’s index gained 1.4 percent.
Incessant worries about the scope of any economic recovery led Wall Street to a lackluster finish overnight. Adding to the downbeat mood were mixed forecast for the global economy from the International Monetary Fund as well as another sharp fall in commodity prices.
The Dow Jones industrials ended up 14.81, or 0.2 percent, to 8,178.41, but the broader Standard & Poor’s 500 index fell 1.47, or 0.2 percent, to 879.56.
Wall Street futures pointed to a modestly higher open Thursday. Dow futures were up 52 points, or 0.6 percent, at 8,168 and S&P futures gained 7.1, or 0.8 percent, to 880.80.
Benchmark crude for August delivery was up 66 cents to $60.80. On Wednesday, the contract fell more than 4 percent, or $2.79.
The dollar rebounded to 93.52 yen from 92.71 yen after sliding in recent days. The euro was higher at $1.3956 from $1.3880.
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