-Markets Mixed on China data, Japan GDP.
-Nikkei flat, Hang Seng Index down 0.2%, S&P ASX 200 gains 0.3%.
-Kospi posts first decline in six sessions.
(Rephrases lead, updates prices, adds Australia information)
By Daniel Inman
Asian markets were mixed on Monday after Japan's economy slowed
more-than-expected and as evidence mounts of a worsening slowdown in
China.
Preliminary data showed that Japan's economy grew at an annualized
1.4% in the April to June quarter, lower than an expected 2.7%
predicted by a Dow Jones survey of economists, as exports weakened due
to a the global slowdown and the ongoing European debt crisis.
The growth data out of Japan is the latest sign of struggling
economies in Asia, as China last week posted disappointing industrial
and trade data. Although the recent data has raised hopes that China
might launch some sort of easing to help the economy, most markets
apart from Australia, were taking a break following their recent
gains.
"There are increased hopes of further easing in response to the China
data on Friday," said Stan Shamu, market strategist at IG Markets in
Melbourne.
The yen was unmoved by the news, sticking at Y78.29 to the dollar. The
greenback however, had weakened against the yen by 0.4% on Friday, as
investors moved into the region's safe-haven currency in response to
the Chinese trade data.
Japan's Nikkei was flat, while South Korea's Kospi posted its first
decline in six sessions, down 0.5%, with technology companies shedding
some of their recent gains--Samsung Electronics lost 1.5% and SK Hynix
slipped 1.1%.
Australia's S&P ASX 200 gained 0.3%, coming off earlier highs, as
hopes for China stimulus gave a boost to resource stocks - BHP
Billiton gained 0.9% and Fortescue Metals Group climbed 0.5% - were
offset by some banking stocks, which underperformed ahead of their
results--Commonwealth Bank of Australia dropped 0.3%.
"The increased likelihood of further China policy action occurring
sooner rather than later is a background positive for resources stocks
and the broader market," said Angus Gluskie, managing director of
White Fund Management in Australia.
In China, Hong Kong's Hang Seng Index was 0.2% lower and the Shanghai
Composite slipped 0.6%.
In company news, corporate earnings put gold mining stocks in focus.
In Australia, Newcrest Mining -- the world's fourth largest gold miner
by market value -- gained 4.2% after announcing a 23% rise in net
profit for the year to June 30.
Watchmaker Citizen Holdings gained 4.6% in Tokyo after it raised its
sales target for the year to Y3 billion, in part due to contributions
from the acquired Prothor unit that handles mechanical movements.
In deal news, Dai-ichi Life Insurance gained 1% in Tokyo, after the
insurer announced that it will purchase as much as 20% of Denver-based
asset manager Janus Capital Group.
In a separate Japanese deal, BlueScope Steel deal shot up 34.6% in
Australia after the company agreed to establish a $1.36 billion joint
venture with Japan's Nippon Steel, which was up 0.6% in Tokyo,
targeting Southeast Asia and North American's building sectors.
-Write to Daniel Inman at daniel.inman@wsj.com
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(END) Dow Jones Newswires
August 13, 2012 00:28 ET (04:28 GMT)
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