Business

Asia stocks mostly higher after Japan data shows improvement

Posted January 28, 2015 10:00 pm

By KELVIN CHAN

SinoVision correspondent Jing Wang delivers her report from the Nasdaq MarketSite, in New York, Thursday, Jan. 29, 2015. Chinese e-commerce powerhouse Alibaba's Group reported adjusted fourth-quarter earnings that beat expectations as its user base continued to grow and shoppers bought more on mobile phones. (AP Photo/Richard Drew) The Associated Press

HONG KONG (AP) - Asian stock markets were mostly higher Friday after economic data suggested Japan is pulling out of recession while Chinese shares fell ahead of a manufacturing report.

KEEPING SCORE: The benchmark Nikkei 225 in Tokyo added 0.6 percent to 17,717.32 and South Korea's Kospi was up 0.1 percent at 1,953.17. Australia's S&P/ASX 200 gained 0.8 percent to 5,613.60. Southeast Asia markets were also higher. But Hong Kong's Hang Seng shed 0.1 percent to 24,570.01 and China's Shanghai Composite dropped 1 percent to 3,230.66.

JAPAN DATA: Japan's industrial output edged higher in December, suggesting the world's third-largest economy may be turning the corner on a recession brought on by a hefty sales tax hike. Manufacturing output increased 0.3 percent in December from a year earlier and by 1 percent from the month before. Japan's jobless rate dipped to 3.4 percent from 3.5 percent the month before. But stagnant wages meant household spending dropped 3.4 percent from a year earlier.

CHINA FACTORIES: Mainland Chinese investor sentiment weakened ahead of the release of monthly factory data. The country's official purchasing managers' index is due out Sunday, followed by a similar survey by HSBC on Monday but the figures are not expected to show any signs of a big rebound for the No. 2 economy, which is in the midst of a prolonged slowdown.

WALL STREET: U.S. stocks rebounded from a two day losing streak as better-than-expected quarterly earnings reports cheered investors. The Dow Jones industrial average rose 1.3 percent to close at 17,416.85. The S&P 500 index gained 1 percent to 2,021.25 and the Nasdaq composite added 1 percent to 4,683.41

ENERGY: Benchmark U.S. crude rose edged up 1 cent to $44.54 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 8 cents to close at $44.53 on Thursday. Brent crude, a benchmark for oil sold internationally, lost 12 cents to $49.01 in London.

CURRENCIES: The dollar edged lower to 118.00 yen from 118.20 the previous day. The euro slipped to $1.1323 from $1.1327.

A screen at the Nasdaq MarketSite shows a price for Alibaba stock, in New York, Thursday, Jan. 29, 2015. Chinese e-commerce powerhouse Alibaba's Group reported adjusted fourth-quarter earnings that beat expectations as its user base continued to grow and shoppers bought more on mobile phones. (AP Photo/Richard Drew) The Associated Press

Qatar Finance Minister Ali Sheriff Al Emadi, poses for a photo in Times Square after ringing the opening bell at the Nasdaq MarketSite, in New York, Thursday, Jan. 29, 2015. (AP Photo/Richard Drew) The Associated Press

A delegation from Qatar, led by Finance Ali Sheriff Al Emadi, third left, poses for photos in Times Square after opening bell ceremonies at the Nasdaq MarketSite, in New York, Thursday, Jan. 29, 2015. From left, are: Qatari Ambassador to the U.S. Mohammed Jaham Al Kuwari; Governor of Qatar Central Bank Abdullah Bin Saoud Al Thani; Ali Sheriff Al Emadi; and Chief Executive Officer of Qatar Investment Authority Abdullah bin Mohammed Al Thani. (AP Photo/Richard Drew) The Associated Press

The delegation from Qatar, led by Finance Minister Ali Sheriff Al Emadi, center, applauds during opening bell ceremonies at the Nasdaq MarketSite, in New York, Thursday, Jan. 29, 2015. Others participating from Qatar are, front row from left, Chief Executive Officer of Qatar Investment Authority Abdullah bin Mohammed Al Thani; Qatari Ambassador to the U.S. Mohammed Jaham Al Kuwari; Governor of Qatar Central Bank Abdullah Bin Saoud Al Thani. At far right is Nasdaq General Consul Ed Wright. (AP Photo/Richard Drew) The Associated Press

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