(MENAFN– ecpulse)
Asian stocks were mixed on Friday as caution is rising ahead of the busiest week of earnings and next week’s US Federal Reserve meeting which may give clues on when the United States will start trimming its stimulus program, while Nikkei fell almost 3% on stronger yen.
- MSCI Asia Pacific Index fell 0.7% to 135.12 as of 15:35 in Tokyo.
In Japan, the stronger yen weighed on the benchmark index offsetting gains from positive economic data. The core CPI rose 0.4% in June, the fastest pace of growth in prices in five years, while the yen hit a new two-week high at 98.6 against the dollar.
- Nikkei 225 closed 2.97% lower at 14129.98 .
- Topix closed 2.93% lower at 1167.06 .
In China stocks fell as the rising money market rates added pressure on financials. Some investors overlooked the central bank’s pledge to operate a prudent monetary policy and help improve financing conditions for small firms.
- China’s CSI 300 Index closed 0.61% lower at 2224.01 .
- Hong Kong’s Hang Seng closed 0.31% higher at 21968.95 .
In Australia stocks hit a new two-month high following a rally in banking stocks. Despite the gains in iron ore prices miners fell amid worries of softer demand from China due to its economic slowdown.
- The S&P/ASX 200 closed 0.13% higher at 5042.03 .
- New Zealand’s NZX 50 closed 0.11% higher at 4581.99 .
In South Korea, the stronger yen managed to boost exporter stocks and helped the index trade near a new six-week high. Meanwhile, the stronger-than-expected profit from US General Motors pushed Hyundai and Kia half a percent higher.
- Kospi closed 0.06% higher at 1910.81 .
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