Asian stocks and oil dipped after an unexpected drop in U.S. services industries damped demand for risky assets and lifted concerns that economic growth may slow.
In Tokyo, the Nikkei 225 Index progressed 44.92 points, or 0.5%, to surmount the 10,000 mark at 10,022.59.
In Hong Kong, the Hang Seng Index slid 55.92 points, or 0.3%, to end the week at 22,498.15.
James Hardie Industries NV, which gets more than 75% of its revenue from North America, sank 3.8%. Li & Fung Ltd., the biggest supplier of clothes and toys to Wal-Mart Stores Inc., fell 4.3% in Hong Kong.
Rio Tinto Group dropped 2.26%. The London Metal Exchange Index, a measure of six metals including copper and zinc, dropped 1% yesterday, breaking a three-day winning streak. Korea Zinc Co. lost 1.4%. BHP Billiton Ltd., the world’s largest mining company and Australia’s number-one oil producer, lost 2.5%.
The advance in Asia stocks this week has come as Chinese manufacturing grew at the fastest pace in five years and amid optimism the region’s companies will be sheltered from losses related to Dubai World, which last week sought to restructure its debt. Dubai World is seeking to delay payments on less than half its liabilities, easing the potential damage to banks recovering from $1.7 trillion U.S. of losses and writedowns from the global crisis.
Goldman Sachs Group Inc., BNP Paribas, Citigroup Inc., UBS AG and Credit Suisse Group AG this week forecast that Asian stocks ex-Japan will rally again in 2010.
Sony Corp. rose 1.2% following a 6% gain yesterday. The Japanese electronics maker saw "very positive signs" for sales of TVs, personal computers, PlayStation 3 game consoles and Blu-ray discs during the U.S. Thanksgiving week, Chairman Howard Stringer said yesterday.
South Korea’s won rose, headed for its biggest weekly gain in seven months, as a government report today showed the economy expanded at a faster pace than initially estimated in the third quarter. It traded at 1,152.6 per U.S. dollar, headed for a weekly gain of 2%.
Gross domestic product increased 3.2% in the three months ended Sept. 30, more than the initial 2.9% estimate reported in October, the central bank said in Seoul today.
The yen and the dollar were little changed against the euro before the release of the U.S. jobless report. The yen traded at 132.93 per euro in Tokyo from 132.87 in New York yesterday.
Japan’s currency fetched 88.25 per dollar from 88.26. The dollar bought $1.5062 U.S. per euro from $1.5053 U.S.
Elsewhere;
The Shanghai 300 Composite Index added 52.62 points, or 1.5%, to 3,643.49
Taiwan’s Taiex index gave back 33.76 points, or 0.4% to 7,650.91
Singapore’s Straits Times index took off 17.17 points, or 0.6%, to 2,791.01
Korea’s Kospi index tacked on 9.76 points, or 0.6%, to 1,624.76
New Zealand’s NZX Index finished 7.47 points lower to 3,146.46
Australia’s S&P/ASX 200 let go of 72.40 points, or 1.5%, to 4,702.20
