Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

Shares Mixed in Asia, Sydney Recovers From Selloff

02/21/2013 | 10:06pm US/Eastern

--Asian markets mixed on European data.

--Australia recovers from Thursday's selloff.

--Australian dollar climbs on RBA Gov. Stevens' comments

Asian markets were mixed Friday following poor economic data from Europe, while Australia rebounded from Thursday's heavy selling.

Overnight cues put most markets on the back foot early Friday -- weaker-than-expected manufacturing data from Germany and France were in focus.

"The data in Europe confirmed the idea that the recovery in Europe is still a long way off," said Matthew Sherwood, head of investment market research at Perpetual Investments in Sydney.

Europe remained on the agenda, amid caution before the election in Italy, which goes to the polls on Sunday and Monday. Investors are concerned that the new government could lack a strong mandate or even reverse the country's reform agenda.

The mixed showing followed declines on Thursday where there was a heavy selloff after the minutes from U.S. Federal Reserve's most recent policy meeting raised concerns that the central bank's stimulus measures could come to an end earlier than expected.

"Markets were probably overheated. They had risen very aggressively and were probably ready for a pullback," said Perpetual's Mr. Sherwood.

Markets in both Hong Kong and Shanghai could finish the week lower amid fears that Beijing will implement further tightening measures to control prices in the residential property market.

On Friday, the Australian dollar climbed after Reserve Bank of Australia governor Glenn Stevens said at a parliamentary committee that interest rates were at an "appropriate level," suggesting a pause in the central bank's series of aggressive rate cuts.

The Australian dollar was recently at US$1.0299 compared with US$1.0240 before the governor's testimony.

The U.S. dollar was roughly steady against the yen early Friday, recently at Y93.15, following a 0.5% overnight decline. The market was waiting to find out who would be the next governor of the Bank of Japan, with a decision expected to be made soon.

The overnight strengthening of the yen translated into losses for Japanese stocks, with the Nikkei down 0.5%.

Australia's S&P/ASX 200 rose 1.3%, making a substantial recovery on the 2.3% plunge the market made on Thursday.

In mainland China, the Shanghai Composite was flat -- stabilizing after falling heavily on Thursday. In Hong Kong however, stocks were still notching up fresh declines, with the Hang Seng Index down 0.5%.

South Korea's Kospi Composite added 0.5%.

Write to Daniel Inman at daniel.inman@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Latest news
Date Title
4m ago CENTRAL PEOPLE GOVERNMENT OF PEOPLE RE : VAT reform reduces tax
4m ago APPEA AUSTRALIAN PETROLEUM PRODUCTION & EXPLORAT : ERF detail crucial for international competitiveness
6m ago WAL MART STORES : Seiyu to close 30 unprofitable stores from 2015
9m ago TOSOH : Fiscal 2015 Consolidated Results Forecast Revision
9m ago TOSOH : Fiscal 2015 First Half Consolidated Results
14m ago IKEGAMI TSUSHINKI : Brentwood baptist church makes hd easy with hdk-55
14m ago IKEGAMI TSUSHINKI : The university of tennessee goes 3g with hdk-95c
17m ago GUINNESS NIGERIA : NAFDAC Lauds Guinness Nigeria On Compliance, Warns Counterfeiters
20m ago TRANSOCEAN LTD. : Announces Third Quarter 2014 Earnings Release Date And Conference Call Information
20m ago AISIN SEIKI : Notice Concerning Distribution of Divideds from Surplus for FY2015
Latest news
Advertisement
Hot News 
EQUINIX : to Attend NAREIT REITWorld 2014 Conference (MEDIA ALERT)
DEUTSCHE LUFTHANSA : Lufthansa cuts 2015 forecast on global economic slowdown
ADDUS HOMECARE : posts 3Q profit
PREMIER FARNELL : element14 expands heavy-duty circular connectors portfolio for industrial and military applications in Asia-Pacific
CIGNA : Top Seattle Pain Management Center, Seattle Pain Relief, Now Accepting Over 10 PPO Insurances
Most Read News
1d ago Hiring business drives LinkedIn's revenue beat
1d ago Starbucks Americas sales disappoint on softer traffic
1d ago CHINA MENGNIU DAIRY : Mengniu and Danone Strengthen Strategic Alliance as Danone Subscribes to a Private Placement by Yashili
1d ago ENERGEN : tops Street 3Q forecasts
1d ago FLUOR NEW : ICA Fluor Awarded Fabrication Contract for Shell’s Heavy Oil Extraction Project in Canada
Most recommended articles
23m agoDJWal-Mart Weighs Matching Online Prices During Holidays--Update
26m agoDJFormer Android Leader Andy Rubin Leaving Google
28m ago Danone to buy 25 percent of Chinese dairy firm Yashili for $550 million
32m ago Wal-Mart to expand discounts as retail price war heats up
43m ago Japan coalition Komeito official says hard to raise sales tax as scheduled
Dynamic quotes  
ON
| OFF