Asian stocks mixed, ECB predicts ''gradual'' eurozone recovery

HONG KONG: Asian stocks were mixed in early trade Monday after conflicting Chinese manufacturing data, and as European central bank chief Mario Draghi predicted a "very gradual recovery" in the eurozone to start later this year.

Tokyo was down 2.17 percent by the break, continuing volatile trading after rising Friday following several sharp drops.

Hong Kong was up 0.27 percent, Shanghai rose 0.24 percent, Seoul was down 0.14 percent and Sydney was flat, edging up 0.09 percent.

The movements came after data released Saturday showed manufacturing activity in China unexpectedly rebounded in May from the previous month.

The purchasing managers' index (PMI) grew to 50.8 in May, from 50.6 the month before, according to the National Bureau of Statistics, pointing to a stabilisation in the world's second largest economy.

However, according to figures from British bank HSBC Monday, manufacturing activity fell to an eight-month low in May. It said the PMI fell to 49.2 in May, down from 50.4 in April.

A reading above 50 indicates expansion while anything below that points to contraction.

Markets were also eyeing a financial conference in Shanghai, where Draghi said the ECB expected a recovery in the debt crisis-hit eurozone to start later in the year.

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Asian markets mostly lower after US data

HONG KONG: Asian markets were mostly lower on Tuesday following a weak set of data out of the United States that added to recent concerns about the global economy.

The losses came despite a positive lead from Wall Street, which saw the downbeat US figures as a counterweight to talk that the Federal Reserve will start reeling in its monetary easing.

Tokyo was 0.35 percent lower by the break, Hong Kong fell 0.26 percent, Sydney was down 0.19 percent, Seoul lost 0.19 percent.

In Shanghai shares fell again, losing 0.30 percent, after HSBC released the results of a survey showing manufacturing activity in the world's number two economy shrank in May.

In Washington the Institute for Supply Management's purchasing managers index (PMI) on US manufacturing slumped into negative territory in May, for the first time since November.

Also, the Commerce Department said construction spending in April rose 0.4 percent, less than half of the increase expected.

The news put pressure on the dollar, which had earlier in the day fallen back below the 100 yen level.

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Asian equity markets jump on US stimulus hopes

Hong Kong: Asian stocks gained Friday, with Tokyo clawing back some ground after plunging in the previous session as tepid US data eased concerns that the Federal Reserve could begin tapering its aggressive stimulus program.

Tokyo climbed 1.64 percent after the Japanese government released a barrage of economic data just before the market opened, including a stronger-than-expected on-month rise of 1.7 percent in April factory output.

The benchmark Nikkei index on Thursday lost 5.15 percent as jittery investors dumped shares on the back of a stronger yen and mounting concerns over global growth.

In other markets, Hong Kong rose 0.39 percent, Seoul gained 0.56 percent while Sydney and Shanghai traded flat.

The Dow Jones Industrial Average added 0.14 percent at 15,324.53 on Thursday as weaker-than-expected economic news fueled hopes the Federal Reserve will continue to keep its foot on the stimulus pedal.

New claims for unemployment insurance benefits unexpectedly rose in the US last week, by 10,000, and pending home sales edged up 0.3 percent in April, when 1.5 percent was forecast.

The US government's revised estimate of first-quarter economic growth came in barely changed at 2.4 percent. Analysts had expected that it would hold unchanged at 2.5 percent.

In currency markets, the dollar firmed to ¥101.01 in early Asian trade from ¥100.74 in New York late Thursday.

The euro bought $1.3040 and ¥131.85 against $1.3043 and ¥131.39.

Oil was down in Asia, with New York's main contract, light sweet crude for delivery in July dropping eight cents to $93.53 a barrel and Brent North Sea crude for July delivery shedding seven cents to $102.12.

Gold was at $1,419.80 at 0220 GMT from $1,399.52 late Thursday. (AFP)

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Dollar weakens in Asian trade

TOKYO: The dollar weakened in Asian trade Thursday with few trading cues as firms adjust their month-end forex positions, dealers said, while concerns about global growth hung over markets.

The greenback had dropped below the 101-yen level in early Tokyo trade as the Nikkei 225 plunged more than three percent -- yen trade and the benchmark stock index are closely interlinked as the value of the Japanese currency directly affects the competitiveness of the country's exporters.

But by midday, the dollar crept back to 101.07 yen against 101.13 yen in New York late Wednesday.

"No news are behind the move, just flows," a senior dealer at a major Japanese bank told Dow Jones Newswires.

"The correlation between movements in the Nikkei and the dollar/yen appear to be gradually weakening. I think support at the 100-yen level remains strong."

Japanese firms are major currency sellers and buyers as part of running their overseas operations with euro trade also affected by such deals on Thursday, dealers said.

The European single currency gained to $1.2960 from $1.2942 in US trade, while it strengthened against the Japanese unit to 131.01 yen from 130.87 yen.

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Dollar slips in Asian trade after US rally

TOKYO: The dollar lost ground in early Asian trade on Wednesday after flying on fresh data that showed US consumer confidence and home prices were on the rise.

The figures are the latest evidence that the world's biggest economy could be mounting a recovery, paving the way for the US Federal Reserve to roll back its huge bond-buying programme known as quantitative easing.

Dollar trade has been influenced by differing views over comments from Fed chairman Ben Bernanke last week, although dealers generally viewed the central bank chief as saying the Fed needed to see a few months' more data before it would tighten policy.

In Tokyo morning trade, the dollar bought 102.14 yen, slipping from 102.32 yen in New York late Tuesday.

"The dollar is becoming the main driver of the (dollar/yen) pair and focus will increasingly be on the Fed's stance toward its bond buying and indicators like US jobs data," Kengo Suzuki, forex strategist at Mizuho Securities, told Dow Jones Newswires.

The greenback jumped Tuesday following the release of the S&P/Case-Shiller report on March US housing prices, showing they were up 10.9 percent in over March 2012, the largest year-on-year increase since April 2006.

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Asian stocks mixed after upbeat US data

HONG KONG: Asian shares were mixed Wednesday after upbeat US economic data sent Wall Street soaring to a fresh all-time high and pushed the greenback to notch up strong gains against the yen.

Trading remained volatile in Tokyo, with the Nikkei swinging between positive and negative territory before edging up 0.10 percent by noon.

Japanese stocks have made sharp intraday movements since the index plunged 7.3 percent last Thursday as investors rushed to book profits after poor Chinese manufacturing data.

In other markets, Hong Kong was down 0.71 percent, Seoul was up 0.54 percent, Shanghai gained 0.18 percent while Sydney traded flat.

In post-holiday New York trading the Dow Jones Industrial Average closed up 0.69 percent at 15,409.39, a new all-time high on strong gains in US home prices and consumer confidence.

The widely watched S&P/Case-Shiller index of US home prices showed the price of a home in the 20 largest cities rose 10.9 percent in the year to March, the largest year-on-year increase since 2006.

Consumer confidence in the US -- a key barometer of the health of the world's largest economy -- surged to 76.2 in May, up from 69.0 in April, hitting the highest level since February 2008.

Stocks were also boosted by indications of continued monetary policy support, with some market watchers expressing confidence that the US Federal Reserve would maintain its bond-buying program.

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Oil turns higher in Asian trade

SINGAPORE: Oil prices rose in Asian trade Thursday, boosted by stronger US demand but caution over a slowing Chinese economy limited gains, analysts said.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in July, added 30 cents to $94.04 a barrel in the afternoon and Brent North Sea crude for July delivery gained 17 cents to $103.21.

"Prices have bounced up in reaction to a drop in US inventories," Kelly Teoh, market strategist at IG Markets in Singapore, told.

"While the market has been very data-sensitive, the overall tone for commodities still remains soft."

The US Department of Energy on Wednesday said stockpiles in the United States plunged 6.3 million barrels in the week ended May 31, much more than analysts expected, with the average estimate pegged at a 400,000 drop.

A decline in stockpiles supports crude prices as it suggests a pick-up in demand, which traditionally rises during the US summer driving season when Americans take to the roads for their holidays.

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Oil prices up in Asian trade

SINGAPORE: Oil prices rose in Asia on Wednesday, with dealers buying cheaper crude ahead of key economic releases from the United States, analysts said.

New York's main contract, West Texas Intermediate (WTI) light sweet crude

for delivery in July added 43 cents to $93.74 a barrel and Brent North Sea

crude for July increased 13 cents to $103.37.

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Oil up in Asian trade

SINGAPORE: Oil was up in Asia on Friday, with dealers buying up the commodity after a drop in prices over the past few days, analysts said.

New York's main contract, light sweet crude for delivery in July increased two cents to $93.63 a barrel and Brent North Sea crude for July delivery added ten cents to $102.29 in mid-morning trade.

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