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.

View the original article here

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.

View the original article here

Dollar firms in Asia as stocks rebound

TOKYO: The dollar firmed against the yen in Asia Friday, shrugging off weak US growth figures as a rebound in Tokyo stocks boosted risk sentiment and pulled investors away from the safe-haven yen.

The greenback fetched 101.05 yen in Tokyo morning trade from 100.74 yen in New York late Thursday, while the euro also strengthened to 131.79 yen from 131.39 yen. The European single currency was flat at $1.3042.

"Previously the yen's weakening raised expectations for an improvement in corporate profits and pushed Japanese stocks higher, but these days gains in stocks are leading to a weaker yen," a senior dealer at a major Japanese trust bank told Dow Jones Newswires.

Yen trading and Japanese stocks are closely interlinked as the value of the unit affects the competitiveness of the country's exporters overseas.

Tokyo's benchmark Nikkei 225 index was up about two percent Friday morning on the back of buying on dips after tumbling more than five percent the previous day to a five-week low.

View the original article here