-- Asian markets mixed ahead of Bernanke speech.
-- Nikkei down 0.8%, S&P ASX 200 up 0.1%, Kospi flat.
-- Below-view industrial output data weighs on Japan.
Asian markets were mixed early Friday, ahead of Federal Reserve Chairman Ben Bernanke's speech at Jackson Hole later in the day, while Japanese stocks softened after the release of weak industrial output data.
Tensions in Europe flared overnight as Spanish Prime Minister Mariano Rajoy said that Spain will postpone a decision on a bailout until the terms of the rescue are clear. The prime minister of Slovakia also dampened sentiment when said that the chance of a euro-zone break up was 50%.
The euro was $1.2515 early Friday, compared to $1.2506 late Thursday in New York.
Investors were also getting ready for Mr. Bernanke's long-awaited speech at Jackson Hole later in the day, where many expect he could provide signals over the chances of a new round of quantitative easing.
Pinning hopes on central bankers has been a dominant theme throughout August, which has proven to be a month of two halves. In the first two weeks of August most of the major regional indices climbed, as European Central Bank President Mario Draghi's pledge to save the euro boosted sentiment. But over the last two weeks, markets have edged back slightly, due to a lack of catalysts and low participation during the holiday season.
Although Hong Kong's Hang Seng Index has already given up its August gain, several markets look likely to post gains for the month -- Japan's Nikkei was up 2.6% month-to-Thursday, while Australia's S&P ASX 200 up 1.4%.
On Friday the Nikkei was down 0.8%, as the dollar weakened against the yen -- the greenback was at Y78.55 compared to 78.62 on Thursday. Local sentiment was damaged following the release of worse-than-expected industrial output data for July, which dragged exporters. Honda Motor lost 1.7% and Nikon retreated 1.9%.
Troubled electronics company Sharp tumbled 8.4% in Tokyo after there was no new announcement between it and Hon Hai Precision Industry, the Taiwanese company with which it is negotiating a partnership.
Australia's S&P ASX 200 managed to remain positive, up 0.1%, despite another fall in iron ore prices to fresh multi-year lows. Iron producers, which have fallen heavily in line with declines in price of the metal, actually rose Friday as the rate of iron's drop lessened. Fortescue Metals Group added 1.8% and Atlas Iron advanced 2.2%.
South Korea's Kospi was flat, wish Samsung Electronics dropping 0.2%.
Write to Daniel Inman at Daniel.Inman@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
click here to return to the top of the pagebuckeye west side story final four 2012 bridesmaids winning lottery numbers megamillions winner kansas jayhawks
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.