Asian markets mixed after Wall St losses

Asian markets mixed after Wall St losses


HONG KONG: Asian markets mostly fell Monday following a weak lead from Wall Street while traders erred on the side of caution on expectations the US Federal Reserve will soon begin reeling in its stimulus programme.

Tokyo rose 0.14 percent by the break, Hong Kong lost 0.10 percent, Sydney was up 0.20 percent and Shanghai dropped 0.11 percent while Seoul eased 0.18 percent.

US shares ended lower Friday, bringing a close to one of Wall Street's worst weeks of 2013, as a consumer confidence report showed weaker sentiment in August than July while retailers also reported poor earnings.

The Dow fell 0.20 percent, the S&P 500 declined 0.32 percent and the Nasdaq was 0.09 percent off.

However, while the latest economic data out of Washington were soft investors feel the US central bank will begin to wind down the $85 billion a month bond-buying scheme that has supported global markets for almost a year.

On forex markets the dollar bought 97.44 yen in early trade, against 97.53 yen in New York Friday.

The euro fetched $1.3339 and 129.95 yen compared to $1.3326 and 130.01 yen, with the single currency getting support from last week's figures showing some economic life returning to the eurozone.

In Tokyo, shares edged up despite figures showing Japan's trade deficit had almost doubled as the weaker yen led to a surge in the cost of energy imports.

However, the data also showed exports the United States jumped 18.4 percent while those to the eurozone were up 9.5 percent.

On oil markets New York's main contract, West Texas Intermediate for delivery in September, was up four cents at $107.50 a barrel in mid-morning trade. Brent North Sea crude for October delivery was up four cents at $110.44.

Gold was down at $1,381.20 at 0230 GMT from $1,362.40 late Friday. (AFP)
HONG KONG: Asian markets mostly fell Monday following a weak lead from Wall Street while traders erred on the side of caution on expectations the US Federal Reserve will soon begin reeling in its stimulus programme.

Tokyo rose 0.14 percent by the break, Hong Kong lost 0.10 percent, Sydney was up 0.20 percent and Shanghai dropped 0.11 percent while Seoul eased 0.18 percent.

US shares ended lower Friday, bringing a close to one of Wall Street's worst weeks of 2013, as a consumer confidence report showed weaker sentiment in August than July while retailers also reported poor earnings.

The Dow fell 0.20 percent, the S&P 500 declined 0.32 percent and the Nasdaq was 0.09 percent off.

However, while the latest economic data out of Washington were soft investors feel the US central bank will begin to wind down the $85 billion a month bond-buying scheme that has supported global markets for almost a year.

On forex markets the dollar bought 97.44 yen in early trade, against 97.53 yen in New York Friday.

The euro fetched $1.3339 and 129.95 yen compared to $1.3326 and 130.01 yen, with the single currency getting support from last week's figures showing some economic life returning to the eurozone.

In Tokyo, shares edged up despite figures showing Japan's trade deficit had almost doubled as the weaker yen led to a surge in the cost of energy imports.

However, the data also showed exports the United States jumped 18.4 percent while those to the eurozone were up 9.5 percent.

On oil markets New York's main contract, West Texas Intermediate for delivery in September, was up four cents at $107.50 a barrel in mid-morning trade. Brent North Sea crude for October delivery was up four cents at $110.44.

Gold was down at $1,381.20 at 0230 GMT from $1,362.40 late Friday. (AFP)