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Asian markets open higher following US gains Asian shares mixed on Chinese data
(about 4 hours later)
Asian markets traded mostly higher, following gains on Wall Street after US government data showed strength in the world's largest economy. Asian markets experienced mixed fortunes after two contrasting pieces of economic data emerged from China.
Retail sales in November beat forecasts, while weekly jobless claims fell in a stronger labour market. China's industrial output grew by a less-than-expected 7.2% in November from a year ago, but retail sales rose 11.7%, beating forecasts.
That led the Dow Jones to close up 0.4%, while the broader S&P 500 gained 0.5%. Fixed-asset investment, an important economic driver, grew 15.8% in the first 11 months of the year, in line with expectations.
In Japan, the benchmark Nikkei 225 was up 1.3% at 17,479.62 after losing nearly 4% in the last three days. The data seemed to have little impact on Chinese shares which traded flat.
The dollar was at 119.20 yen in early trade compared to 118.65 yen in the New York session. Hong Kong's Hang Seng index was at 23,318.19, while on the mainland, the Shanghai Composite was at 2,926.69.
Eye on elections
In Japan, the benchmark Nikkei 225 closed up 0.7% at 17,371.58 after losing nearly 4% in the previous three days.
The dollar was at 119.55 yen in afternoon trade compared with 118.65 yen in the New York session.
Investors are also keeping a close eye on elections this weekend as Prime Minister Shinzo Abe seeks a mandate to delay another increase to the country's sales tax.Investors are also keeping a close eye on elections this weekend as Prime Minister Shinzo Abe seeks a mandate to delay another increase to the country's sales tax.
Shares of Canon surged 4.1%, to their highest since May 2013, after an upward revision to its year-end dividend forecast. Shares of Canon surged as much as 4.1%, to their highest since May 2013, after an upward revision to its year-end dividend forecast. It closed up 3.9%.
China's markets opened higher as investors awaited retail sales data, due later in the day, anticipating signs of growth in the economy. Australia's market fell with shares in mining companies being hit after iron ore prices fell to their lowest level in more than five years.
Hong Kong's Hang Seng index was up 0.4% at 23,413.5, while on the mainland, the Shanghai Composite was up 0.5% at 2,939.74. Benchmark 62% grade iron ore for immediate delivery to China's Tianjin port fell to $68.80 a tonne on Thursday, just a touch off a five-and-a-half year low of $68 reached in November.
Australian shares were down 0.4% with the S&P/ASX 200 at 5,212.8 after it closed down for third consecutive day on Thursday. The S&P/ASX 200 closed down 0.2% at 5,219.60 - marking its fourth consecutive session of declines.
In South Korea, the benchmark Kospi index was up 0.4% at 1,923.55. It was the market's worst weekly performance in three weeks, falling 2.2%.
In South Korea, the benchmark Kospi index ended up 0.3% at 1,921.71.