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-- Nikkei down 0.1%, Hang Seng Index up 0.9%, S&P ASX 200
up 0.6%.
-- Stronger yen weighs Japanese equities.
-- Australia
higher on Fed minutes.
(updates market levels)
By Daniel Inman
Asian markets were mixed early on Thursday, as hopes for
stimulus out of the U.S. lifted stocks in the region, but a stronger yen weighed
on the Japanese market.
There was caution ahead of China manufacturing
data coming out later in the morning, which will be used to gauge the health of
Asia's largest economy.
In China, Hong Kong's Hang Seng Index was up
0.9% ahead of the data, as coal and oil stocks led the gains, while the Shanghai
Composite was flat. The Hong Kong market was also anticipating Bank of China's
results, which is the first of the big four banks to report earnings.
Minutes from the U.S. Federal Reserve's most recent meeting showed that
many members of the central bank's policy-setting committee were in favor of
introducing more stimulus if there is no recovery in economic growth.
The minutes were "a reasonably strong statement that they are thinking
about QE [Quantitative Easing] and that they are thinking of doing it this
year," said Joe Bracken, head of macro strategies at BT Investment Management in
Australia, which has $36 billion worth of assets under management. "It was
surprising on the positive side, because the market had discounted the Fed
launching anything."
Hints of stimulus in the U.S. pushed the dollar
lower against a range of currencies, which stabilized early Thursday. The euro
was at $1.2551 after gaining 0.5% against the dollar overnight, the Australian
dollar was at $1.0540, and the U.S. dollar softened against the South Korean won
to 1,127.
The dollar was at Y78.55, after losing 0.9% against the yen
overnight, because when the Fed attempts to push down U.S. bond yields, it
reduces the incentive to hold dollars over yen.
The stronger yen weighed
on the Nikkei, which down 0.1%, though recovering from its earlier losses.
"The market is reacting in knee-jerk fashion to the stronger yen, but as
long as the dollar holds around the Y78 mark, stock prices should not be
adversely affected," said Tatsunori Kawai, chief strategist at kabu.com
Securities in Japan.
Exporters fell on the firmer currency: Honda Motor
lost 1.5% and industrial robotics company Fanuc was 0.2% lower. Troubled
electronics company Sharp Corp. advanced 3.9% after a NHK report said the
company's creditors are considering providing loans worth more than Y200
billion.
The Fed minutes were good for the Australian market, where the
S&P ASX 200 gained 0.6%, with the materials sector leading the broad gains.
A stronger gold price helped Newcrest Mining go 2.9% higher and Fortescue Metals
Group added 2.4% after its annual results met expectations. Another local
company to report was Qantas Airways, up 6% as the market was impressed by the
company's underlying profit.
South Korea's Kospi was up 0.3%, reversing
its earlier losses.
Gold climbed on Thursday to $1659.30, up 1.3%, in
response to the increased hopes of quantitative easing.
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