Most Asian markets fell Friday after a flood of action by central banks highlighted the depth of concern for the global economic outlook, and as a key U.S. jobs report due later in the day kept investors cautious.
Japan’s Nikkei 225 Index fell 59.05 points, or 0.7%, to close the week at 9,020.75
The Hang Seng Index in Hong Kong lost 8.49 points to 19,800.64
In Hong Kong, Bank of Communications Co. dropped 2.5%,
In Tokyo, exporters were pressured by a stronger yen against the euro, after the ECB cut rates overnight.
Among Europe-exposed exporters losing ground, Canon Inc. moved down 2.5%, Fujitsu Ltd. sank 3.1% and Mazda Motor Corp. dropped 1.9%.
Nomura Holdings Inc. lost 1.4%, and Daiwa Securities Group Inc. retreated 0.7%, after a Nikkei news report that Japanese regulators were looking into possible links to insider trading at major brokerages.
News that J. Front Retailing Co. was launching a tender for a controlling stake in shopping-mall operator Parco Co. sent J. Front shares up 1.5%. Parco rose 2.5%.
In Seoul, Samsung Electronics Co. shed 2% despite forecasting record-high operating profit for the second quarter.
Growth-exposed mining and energy stocks were the worst performers in Sydney. Diversified miners BHP Billiton Ltd. lost 1% and Rio Tinto Ltd. dropped 1.5%, while energy firm Santos Ltd. gave up 2.4%.
CHINA
China announced a surprise interest rate cut late on Thursday and the European Central Bank’s decision Thursday to cut interest rates by 0.25 percentage points, as expected. In addition, the Bank of England also bolstered its asset purchases.
Shanghai’s CSI 300 index moved ahead 42.24 points, or 1.7%, to 2,472.61, as a spike in real estate and automobile stocks after the interest rate cut offset losses in banking shares.
Shares of Chinese banks were hit by concern the rate cut would squeeze their interest rate spreads and profitability by lowering lending rates while boosting the cost of deposits.
China Construction Bank Corp. and Industrial & Commercial Bank of China Ltd. lost 0.7% and 1%, respectively, in Shanghai.
But those losses were countered by gains in property, automobile and consumer sector shares on hopes the interest-rate cut would aid their performance.
In Shanghai, Gemdale Corp. jumped 5.3%, Poly Real Estate Group Co. gained 5% and SAIC Motor Corp. advanced 3.3%.
In other markets
Korea’s Kospi Index fell 17.29 points, or 0.9%, to 1,858.20
Singapore's Straits Times Index added 7.08 points, or 0.2%, to 2,978.55
Taiwan’s Taiex Index slipped 19.19 points, or 0.3%, to 7,368.59
New Zealand’s NZX index gave back 5.50 points, or 0.2%, to 3,478.70
Australia’s ASX Index lost 11.39 points, or 0.3%, to 4,157.81
