A man talking on a mobile phone walks past an electronic board showing stock prices outside a securities company in Tokyo Thursday, March 7, 2013. Japan's Nikkei 225 index topped 12,000 for the first time in more than four years, but stock markets elsewhere in Asia flagged following Wall Street's eye-popping performance this week. (AP Photo/Shuji Kajiyama)
A man talking on a mobile phone walks past an electronic board showing stock prices outside a securities company in Tokyo Thursday, March 7, 2013. Japan's Nikkei 225 index topped 12,000 for the first time in more than four years, but stock markets elsewhere in Asia flagged following Wall Street's eye-popping performance this week. (AP Photo/Shuji Kajiyama)
Passersby are reflected on an electronic board showing Japan's Nikkei 225 index, top, that gained 72.10 points to reach 12,004.37 outside a securities company in Tokyo Thursday, March 7, 2013. Japan's Nikkei 225 index topped 12,000 for the first time in more than four years, but stock markets elsewhere in Asia flagged following Wall Street's eye-popping performance this week. (AP Photo/Shuji Kajiyama)
BANGKOK (AP) ? Japan's Nikkei 225 index topped 12,000 for the first time in more than four years, but stock markets elsewhere in Asia flagged following Wall Street's eye-popping performance this week.
Investors shied away from stocks even though the Dow Jones industrial average reached a new high for a second day Wednesday and the Federal Reserve said the U.S. economy grew in the first two months of the year.
The Nikkei in Tokyo was up 0.6 percent at 12,005.55 as investors waited for the Bank of Japan to wrap up a two-day meeting. It was to be the last headed by Masaaki Shirakawa, who steps down March 19. The incoming chief, Haruhiko Kuroda, is expected to ease monetary policy to support the policies of new Prime Minister Shinzo Abe.
A former vice minister of finance, Kuroda has long voiced his support for bolder central bank policies and for a weaker currency to help boost export manufacturers by making their products cheaper in overseas markets.
"The BOJ will remain under pressure to ease policy throughout 2013. The next round of substantive easing is likely to come in April at the earliest, after the new governor takes office," said analysts at DBS Bank Ltd. in Singapore.
Disappointing trade figures pulled Australian stocks down. Australia's trade deficit widened to 1.06 billion Australian dollars in January, official figures show. Economists had expected a deficit of about half that.
On top of that, data on Australia's economy released Wednesday showed 0.6 percent growth in the fourth quarter compared to the previous three-month period. But there were also worrisome signs, analysts said, with a cooling mining sector expected to weigh on stocks in the coming months.
"Yesterday's GDP data wasn't all rosy. Business investment fell sharply, sending another signal that the mining boom is coming to an end. Today's trade data was bit worse than expected, and that probably explains most of today's pull back," said Daniel Martin of Capital Economics in Singapore.
Australia's S&P/ASX 200 fell 0.2 percent to 5,108.60. Hong Kong's Hang Seng rose 0.1 percent at 22,800.18. South Korea's Kospi fell 0.8 percent to 2,004.81.
The Dow Jones industrial average rallied to new high Wednesday, blowing past the record set just the day before, after a Federal Reserve survey showed moderate expansion of the U.S. economy for the first two months of the year. The "Beige Book" survey noted that 10 of the Fed's 12 banking districts reported moderate or modest growth, while the Boston and Chicago districts reported slow growth.
The gains on Wall Street were also fueled by a positive jobs report. Payroll processor ADP said Wednesday that private employers added 198,000 jobs in February. The figure suggests that Friday's February employment report from the U.S. government may come in above economists' forecasts.
The Dow rose 0.3 percent to close at 14,296.24. The Standard & Poor's 500 index rose 0.1 percent to 1,541.46. The Nasdaq fell less than 0.1 percent to 3,222.36.
Benchmark oil contract for April delivery was down 14 cents to $90.29 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 39 cents to finish at $90.43 on the Nymex on Wednesday.
In currencies, the euro was unchanged at $1.2994 from late Wednesday in New York. The dollar fell to 93.88 yen from 94.06 yen.
___
Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson
Associated Presstour de france Magic Mike Anderson Cooper Gay NBA draft 2012 alicia sacramone Don Grady ann curry
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.