Investing.com - Shares in Asia traded mixed on Friday with Shanghai edging out gains after upbeat figures on services and manufacturing PMIs.
The Shanghai composite rose 0.27%, while Hong Kong's Hang Seng index fell 0.53%. China's semi-official manufacturing PMI rose to 51.8, the China Federation of Logistics & Purchasing (CFLP) said Friday, beating the expected 51.6 level and releasing the figures one day ahead of the normal first of the month release and ahead of the Caixin PMI figures.
Markets are also looking ahead to a meeting between President Donald Trump and China's Xi Jinping in Florida that is seen as high stakes on trade.
Japan's Nikkei 225 gained 0.66% supported by the weaker yen and a mixed set of data.
Japan's core consumer prices rose 0.2 percent in February year-on-year, marking the fastest growth in nearly two years. But household spending fell 3.8 percent in February from a year earlier, missing estimates for a 1.7 percent fall. Meanwhile, Japan's February jobless rate declined to 2.8 percent, its lowest rate since June 1994, and marked an improvement in the labor market.
Toshiba shareholders hurled angry comments at the extraordinary general meeting on Thursday after they agreed to split off its prized NAND flash memory unit, to cover its U.S. subsidiary's multi-billion dollar losses. Toshiba shares were up 3.81%.
Earlier in Japan, household spending for February slumped 3.8% year-on-year, compared to a 1.7% decline seen. On a monthly basis however it rose 2.5%, beating the expected 0.4% rise.
Separately, national core CPI fell 0.2% for February year-on-year as expected, while unemployment dipped to 2.8% from 3.0%. Provisional industrial production for February rose 2.0% month-on-month, beating the expected 1.2% increase.
In Australia, the S&P/ASX 200 was flat. Australia reported private sector credit for February up 0.3%, missing a 0.5% gain expected month-on-month.
Overnight, U.S. stocks closed higher on Thursday, led by financials and energy, after the release of better than expected GDP data and a recovery in crude prices.
Investors poured into U.S. equities, after an upward revision in GDP data lifted sentiment while hawkish comments from several Fed officials drove Financials, mostly banks, higher.
The Commerce Department earlier reported that U.S. gross domestic product grew faster than previously reported in the fourth quarter. Cleveland Federal Reserve reiterated her hawkish view concerning interest rate hikes Thursday, as she said that “further removal of accommodation via increases in the fed funds rate will be needed” should economic conditions “evolve as anticipated”.
Fed President John Williams, tapered some of his bullish rhetoric on the U.S. economy, after he said even though the economy shows “consistent” and “encouraging” signs, “housing still isn’t quite back”.
The Dow Jones Industrial Average closed 0.33% higher at 20,728. The S&P 500 gained 0.31% and the Nasdaq Composite traded 0.28% higher at 5914.34.