Investing.com - Asian stocks were largely mixed during Friday’s Asian session following the release of economic data from China, Japan, South Korea and Australia.
In Asian trading Friday, Japan’s Nikkei 225 rose 0.39% after Japan’s unemployment rate came in higher than expected at 4.2%, economists had anticipated only 4.1%.
Japan’s newly elected Prime Minister Shinzo Abe has promised to jumpstart the Japanese economy by encouraging the Bank of Japan to aggressively weaken the yen. But economic data, including Friday’s unemployment figure, indicates that it may take some time for Japan’s economy to recover.
With the jobless rate worse than expected, the BoJ may be more likely to follow Abe’s policy.
In other Japanese economic news, household spending on a year-over-year basis dropped 0.7%, significantly lower than the prior reading of a 0.2% gain, and worse than the consensus estimate of a 0.3% decline.
Hong Kong’s Hang Seng shed 0.44%, while the Shanghai Composite was modestly lower, dropping 0.02%.
China’s official manufacturing PMI came in at 50.40, worse than the 50.90 estimate. Still, any reading over 50 signals economic expansion, so the losses on the Shanghai Composite were limited.
Elsewhere, Australia’s S&P/ASX 200 rallied 0.85%, while New Zealand’s NZSE 50 shed 0.19%.
In Australia, the producer price index rose only 0.2%, economists had forecast a gain of 0.4%. The PPI is considered to be a leading indicator of inflation.
Meanwhile, South Korea’s Kospi shed 0.29% and Singapore’s Straits Times Index fell 0.04%.
HSBC’s South Korean manufacturing PMI printed at 49.90 -- less than the prior reading of 50.08. Of note, it fell below the key 50 mark, suggesting that South Korea's manufacturing sector may be contracting.
At the same time, however, South Korea's trade balance beat expectations at USD0.87 billion -- economists had anticipated USD0.84 billion.
The South Korean consumer price index was largely in line with expectations. On a monthly basis, it rose 0.6%, which was exactly what was expected. Yet, on a yearly basis it was up only 1.5%; the consensus estimate was for a gain of 1.6%.
In Asian trading Friday, Japan’s Nikkei 225 rose 0.39% after Japan’s unemployment rate came in higher than expected at 4.2%, economists had anticipated only 4.1%.
Japan’s newly elected Prime Minister Shinzo Abe has promised to jumpstart the Japanese economy by encouraging the Bank of Japan to aggressively weaken the yen. But economic data, including Friday’s unemployment figure, indicates that it may take some time for Japan’s economy to recover.
With the jobless rate worse than expected, the BoJ may be more likely to follow Abe’s policy.
In other Japanese economic news, household spending on a year-over-year basis dropped 0.7%, significantly lower than the prior reading of a 0.2% gain, and worse than the consensus estimate of a 0.3% decline.
Hong Kong’s Hang Seng shed 0.44%, while the Shanghai Composite was modestly lower, dropping 0.02%.
China’s official manufacturing PMI came in at 50.40, worse than the 50.90 estimate. Still, any reading over 50 signals economic expansion, so the losses on the Shanghai Composite were limited.
Elsewhere, Australia’s S&P/ASX 200 rallied 0.85%, while New Zealand’s NZSE 50 shed 0.19%.
In Australia, the producer price index rose only 0.2%, economists had forecast a gain of 0.4%. The PPI is considered to be a leading indicator of inflation.
Meanwhile, South Korea’s Kospi shed 0.29% and Singapore’s Straits Times Index fell 0.04%.
HSBC’s South Korean manufacturing PMI printed at 49.90 -- less than the prior reading of 50.08. Of note, it fell below the key 50 mark, suggesting that South Korea's manufacturing sector may be contracting.
At the same time, however, South Korea's trade balance beat expectations at USD0.87 billion -- economists had anticipated USD0.84 billion.
The South Korean consumer price index was largely in line with expectations. On a monthly basis, it rose 0.6%, which was exactly what was expected. Yet, on a yearly basis it was up only 1.5%; the consensus estimate was for a gain of 1.6%.