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Asia shares in mixed trading despite US market falls China shares recover ground after weaker-than-expected data
(about 5 hours later)
Shares in Asia were mixed despite a sharp fall in US stocks, as fears of an earlier-than-expected Federal Reserve rate rise in the US worried investors. Shares in China recovered earlier lost ground on Wednesday to close with a small gain.
The benchmark Nikkei 225 reversed earlier losses and moved into positive territory, up 0.48% at 18,755.37 points. A raft of weaker-than-expected data about the state of the mainland's economy hit values but the Shanghai Composite finished up 0.2% at 3,290.90.
Shares were being given a boost as the yen weakened against the US dollar. The latest China data showed factory output rising 6.8% year-on-year in January and February, below some expectations for a rise of nearly 8%.
A weaker yen makes Japan's exports cheaper to buy overseas and gives a boost to company earnings. Hong Kong's Hang Seng index closed down 0.8% at 23,717.97.
The US dollar, which strengthened across the board on Tuesday on the rate-hike expectations, reached an almost eight-year high of 122.04 yen before falling back to 121.15 yen. Together with weaker-than-expected retail sales and fixed-asset-investment (FIA) numbers for the beginning of the year, analysts said the figures supported forecasts that China's economy will see its slowest growth rate in 25 years.
The world's second-largest economy has set its growth target at about 7% for this year.
The mainland combines its January and February numbers for some industries in order to smooth out the effects of the Chinese New Year holiday period.
Other data showed retail sales rose 10.7% for the period, missing expectations for a rise of close to 12%, while FIA, which is an important driver of the economy, rose 13.9% against expectations for a rise of 15%.
Exports
The benchmark Nikkei 225 reversed earlier losses to close up 0.31% at 18,723.52 points.
Shares were given a boost as the yen weakened against the US dollar. A weaker yen is good for Japan's big exporters as it makes their goods cheaper to buy overseas and gives a boost to their earnings.
The US dollar rose to 121.35 yen on Wednesday, from 121.07 yen in US trade. It was close to an eight-year high of 122.04 yen on Tuesday.
The Nikkei was up despite official figures showing Japan's core machinery orders falling 1.7% in January compared to the previous month, as companies remain concerned about the country's long-term economic outlook.The Nikkei was up despite official figures showing Japan's core machinery orders falling 1.7% in January compared to the previous month, as companies remain concerned about the country's long-term economic outlook.
Core machinery orders are seen as a measure of capital spending in the coming six to nine months and the latest figure compares with 1.9% increase in January last year. In Australia, the benchmark S&P/ASX 200 index closed down 0.53% at 5,793.20, following the US, where investor confidence was hurt on Tuesday by worries the US Federal Reserve would raise interest rates sooner than expected.
Elsewhere in Asia South Korea's benchmark Kospi index was down 0.20% at 1,980.83 points.
Hong Kong's Hang Seng index was flat, down just 0.04% at 23,887.30, while on the mainland, the Shanghai Composite was up 0.82% at 3,312.97.
In Australia, the benchmark S&P/ASX 200 index was down 0.42% at 5,799.70, following the US, while analysts said falling oil and metals prices were likely to worry investors holding energy and resource stocks.
South Korea's benchmark Kospi index was down 0.48% at 1,975.17 after closing down 0.40% on Tuesday.