Hong Kong stocks traded lower Thursday, as some financials weakened, while Japanese shares managed to cling on to gains.
In Japan, the Nikkei 225 average advanced 29.71 points, or 0.3%, to finish at 8,793.12
Hong Kong’s Hang Seng Index eased back 135.18 points, or 0.7%, to 19,912.80
Global stock markets rallied on Wednesday amid "expectations that more fiscal and monetary stimulus is on the way and some relief that European policy makers took constructive steps on fiscal issues," said Yelena Shulyatyeva, a strategist at BNP Paribas.
Details emerged on the U.S. president’s job-creation proposals to be unveiled later Thursday and Federal Reserve Chairman Ben Bernanke is also slated to speak.
Investors are hoping for some clues about how the U.S. central bank intends to support the economy, with Shulyatyeva at BNP Paribas noting that "Fedspeak is strongly hinting at further easing measures at the extended Federal Open Market Committee meeting on Sept. 20-21."
With rate decisions and commentary from the Bank of England and the European Central Bank also on tap for Thursday, some strategists are doubtful about continued gains for equity markets.
Banking shares declined in Hong Kong, where Industrial & Commercial Bank of China Ltd. lost 1%, and China Merchants Bank Co. shed 0.7%.
Chinese monetary policy has been on a tightening bias, and UBS analysts said Thursday they "do not see signs of a loosening in monetary or industrial policy in the short term."
HSBC Holdings PLC -- a heavyweight on the Hang Seng Index -- bucked the Chinese markets’ down trend, however, gaining 0.1% after announcing plans for 3,000 job cuts in its Hong Kong operations.
Australian banks couldn’t hold onto early gains after the weaker-than-expected jobs data, with Commonwealth Bank of Australia down 0.8% and Westpac Banking Corp. down 0.2%.
Retailers also came under pressure in Sydney following the data, with department store Myer Holdings Ltd. trading down 0.9%.
Hong Kong-listed retailer Belle International Holdings Ltd. dropped 8.5% after announcing that its chairman and management placed $471 million U.S. of shares.
On the plus side, some oil and gas companies advanced after benchmark Nymex-crude futures hit a five-week high in regular trading Wednesday.
Japan’s Inpex Corp. jumped 4.5%, and Caltex Australia Ltd. jumped 9.3% in Sydney
In other markets:
Shanghai’s CSI 300 Index slid 22.99 points, or 0.8%, to 2,756.10
Korea’s Kospi Index picked up 13.18 points, or 0.7%, to 1,846.64
Taiwan’s Taiex Index tacked on 19.36 points, or 0.3%, to 7,548.37
Singapore’s Straits Times Index gathered 24.77 points, or 0.9%, to 2,856.90
New Zealand’s NZX 50 Index gained 7.10 points, or 0.2%, to 3,308.05
Australia’s S&P/ASX 200 Index inched up 4.60 points, or 0.1%, to 4,188
