A weaker yen helped Japanese stocks lead gains in Asia on Thursday, while losses in mining stocks kept Australia in negative territory.
The Nikkei 225 index in Japan gained 156.87 points, or 1.1% to 14,194.71
Hong Kong’s Hang Seng Index dropped off 82.67 points, or 0.4%, to 22,951.30
Asian markets have proved resilient this week against a backdrop of Wall Street declines, with the region more receptive to good news. Although the region started Tuesday and Wednesday lower, on both days, many markets were able to reverse early losses and end the day with gains.
Thursday was a little more mixed, with Australia, China and South Korea staying in the red.
The Nikkei was helped by weakness in the yen, with the dollar gaining 0.7% against its Japanese counterpart on Wednesday and pushing higher Thursday. The greenback last changed hands at ¥97.71, compared with ¥97.35 late Wednesday in New York.
Australian stocks failed to join the regional gains, with the market weighed by declines in mining stocks, which fell on the back of overnight falls in commodity prices. Australia’s S&P/ASX 200 fell, with BHP Billiton and Rio Tinto down 1% and 0.5%, respectively.
There was some support from Bank of Queensland , which shot up 6.6% after announcing that it had returned to a A$185.8-million profit for the 2013 financial year compared with a A$17.1-million loss in the year before.
The Australian dollar got a short boost after a surprise fall in the unemployment rate, with the currency rising as high as 94.72 U.S. cents as improving jobs situation reduced expectations that the Reserve Bank of Australia will cut rates again.
It was a short-lived bounce, with the currency sliding to 94.06 U.S. cents, as investors digested that employment had actually grown less than expected.
CHINA
Chinese stocks dipped ahead of economic data scheduled to be released over the coming days.
Shanghai’s CSI 300 slid 24.26 points, or 1%, to 2,429.32
Trade and inflation data out over the weekend and early next week will provide investors a chance to see whether the economic recovery seen in recent months has carried on to September.
China’s September exports are likely to grow by 5.5% according to a Wall Street Journal survey of 10 economists, suggesting that the country’s trade remains healthy.
In other markets;
Korea’s Kospi Index returned after holiday to slip 1.36 points, or 0.1%, to 2,001.40
Markets in Taiwan were shuttered for a holiday
The Singapore Straits Times Index advanced 15.07 points, or 0.5%, to 3,169.91
In New Zealand, the Exchange 50 Gross Index took on 6.75 points, or 0.1%, to 4,717.38
In Australia, the S&P/ASX 200 fell 5.85 points, or 0.1%, to 5,147.14
