Asian shares mixed after weak US data

HONG KONG: Asian shares were mixed on Monday, as lingering optimism over the recovery in the global economy was tempered by US data that came in below expectations.

Tokyo added 0.18 percent by the break, Hong Kong was 0.10 percent higher, Sydney added 0.44 percent and Seoul rose 0.30 percent but Shanghai slipped 0.36 percent.

Global investors have grown bullish in recent weeks after Greece agreed a debt write-down with private creditors that qualified it for a bailout while the United States has also provided weeks of good news that point to a brighter future.

"It seems traders are becoming more bullish with every week that passes," said Justin Harper, markets strategist at IG Markets in Singapore.

"With a total eurozone meltdown in the rearview mirror and a US economic recovery gaining traction there is plenty to be positive about," he said in a note to clients, according to Dow Jones Newswires.

However, a batch of data out of the United States on Friday kept traders in check Monday.

Consumer prices picked up in February, but almost entirely due to surging petrol prices as food prices were flat, and the core consumer price index rose just 0.1 percent - slower than in January.

The Federal Reserve also said industrial output was flat in February, following a 0.4 percent rise in January.

And the University of Michigan index of consumer confidence fell slightly, after analysts had forecast a rise.

The Dow index closed flat on Friday after hitting highs not seen since before the global financial crisis took hold.

On currency markets the yen remained under pressure. (AFP)