Asian stocks mixed as data suggests weak recovery
HONG KONG — Asian stock markets were mixed Monday as investors weighed the possibility of a weak economic recovery after U.S. job losses eased but unemployment reached its highest in more than 25 years.
Japanese exporters like Toyota and Canon advanced after the U.S. government reported Friday that employers in the world’s largest economy cut 345,000 jobs in May — the fewest since September.
That was far less than the 520,000 job losses that economists predicted. It provided the latest hopeful sign for the job market and American consumers, who’ve dramatically cut back their spending amid rising unemployment and plunging home values, hitting global trade.
Still, the report showed that the unemployment rate surged to 9.4 percent from 8.9 percent in April, suggesting that even if the U.S. economy turns around later this year, any growth could remain weak, analysts said.
“I think the debate is no longer whether the economy has bottomed, it’s about what is the magnitude and strength of the recovery,” Lam said. “But unless we get more clarity on that I don’t think the market is going to move sharply in one direction.”
In Japan, the Nikkei 225 stock average gained 100.52, or 1 percent, to 9,868.53, but South Korea’s Kospi was down 0.4 percent at 1,388.81.
Elsewhere, Hong Kong’s Hang Seng lost 0.7 percent to 18,544.26 while Shanghai’s market gained 0.7 percent.
On Friday, the rising unemployment rate inspired some caution, and U.S. stocks finished a volatile session largely unchanged.
The Dow rose 12.89, or 0.2 percent, to 8,763.13. The Standard & Poor’s 500 index fell 2.37, or 0.3 percent, to 940.09, and the Nasdaq composite index fell 0.6, or less than 0.1 percent, to 1,849.42.
Stock futures pointed to losses Monday on Wall Street. Dow futures were off 31, or 0.4 percent, at 8,731 and S&P futures fell 3.6, or 0.4 percent, to 936.90.
Oil prices weakened in Asia trade, with benchmark crude for July delivery down 53 cents at $67.91. The contract lost 37 cents on Friday.
In currencies, the dollar fell to 98.45 yen from 98.61 yen. The euro was slightly lower at $1.3966 from $1.3975.
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