AFP

Tokyo

Asian markets were mixed yesterday at the end of a painful week for global shares, as strong US retail sales lifted spirits and Wall Street, while China released another batch of data indicating weakness in the world’s number two economy.

Oil prices continued to tumble after New York’s main contract sank through the $60-a-barrel mark in US trade for the first time in more than five years.

Tokyo rose 0.66%, or 114.18 points, to close at 17,371.58 as the yen eased after a recent pick-up, while Seoul added 0.27%, or 5.12 points, to 1,921.71 and Sydney slipped 0.22%, or 11.37 points, to 5,219.6.

Shanghai ended 0.42% higher, adding 12.43 points to 2,938.17 on hopes for further Beijing stimulus after a disappointing set of industrial output figures. However, Hong Kong eased 0.27%, or 63.34 points, to 23,249.20.

In other markets, Wellington rose 0.23%, or 12.89 points, to 5,514.95; Chorus climbed 1.53% to NZ$2.65 and Fletcher Building added 0.50% to NZ$8.10.

Taipei added 0.16%, or 14.26 points, to 9,027.33; smartphone maker HTC fell 1.35% to Tw$146.0 but Taiwan Semiconductor Manufacturing Co rose 0.37% to Tw$135.0.

Manila jumped 2.15%, or 152.11 points, to 7,224.21; mall operator SM Prime Holdings was up 2.8% at 16.18 pesos, Universal Robina gained 2.86% to 194 pesos and Banco de Oro added 4.17% to 107.30 pesos.

Bangkok fell 0.78%, or 11.86 points, to 1,514.95; Bangkok Bank dropped 1.28% to 192.50 baht while Bumrungrad Hospital gained 2.87% to 143.50 baht.

Jakarta ended up 0.15%, or 7.74 points, at 5,160.43; miner Aneka Tambang gained 1.57% to 970 rupiah, while lender Bank Permata slipped 2.58% to 1,510 rupiah. Singapore rose 0.16%, or 5.43 points, to 3,324.13; United Overseas Bank fell 0.82% to Sg$24.35, while agribusiness company Wilmar International gained 1.25% to Sg$3.24.

Kuala Lumpur slipped 0.66%, or 11.58 points, to close at 1,732.99; Malaysia Airlines fell 1.85% to 0.265 ringgit, while food group PPB gained 0.86% to 14.10 ringgit.

Global markets have been buffeted by profit-taking this week, while Shanghai has swung wildly after racking up more than 20% since the middle of November.

However, spirits were lifted by a rally on Wall Street that came in reaction to a healthy US consumer report.

The Commerce Department said retail sales in November, when the holiday shopping season starts, rose 0.7% month-on-month and 5.1% over the year. The figures are closely watched as consumer spending accounts for almost three quarters of output in the world’s biggest economy.

In New York the Dow gained 0.36%, the S&P 500 added 0.45% and the Nasdaq rose 0.52%.

Thursday’s news was the latest to indicate the US is on a strong recovery track and will add to pressure on the Federal Reserve to hike interest rates sooner than later, buoying the dollar.

The dollar—which slipped to as low as ¥117.67 Thursday—bought ¥118.80 in Tokyo trade yesterday, compared with ¥118.65 in late New York trade. China said industrial output expanded at its slowest pace in three months in November, while fixed asset investment, a measure of government spending on infrastructure, was also easing.

The figures come in the same weak as data showing November inflation at a five-year low, imports shrinking and exports growth sharply slower.

However, the news did little to fuel a sell-off in Shanghai, which has surged by about a fifth since the middle of last month as investors bet on fresh government measures to kickstart the economy—on top of a November 21 interest rate cut.

On oil markets the US benchmark, West Texas Intermediate for January delivery, fell 55 cents at $59.40 in Asia. The contract fell below $60 in New York for the first time since July 2009 in reaction to a report showing US stockpiles were more than expected, adding to an already oversupplied global market. Brent crude eased 28 cents at $63.40.

“There just doesn’t seem to be any relief for oil prices at the moment,” Michael McCarthy, chief market strategist at CMC Markets in Sydney, told AFP.

“The bearish sentiment is unlikely to change until the end of the year unless we see a significant drop in global production levels or a supply disruption,” he said.

The euro was struggling after losing ground to the dollar following a disappointing take-up for the European Central Bank’s latest round of cheap loan offers to banks aimed at boosting the economy.

The news added to speculation the Bank will launch a more aggressive monetary easing drive early next year, further pressing down the euro.

In forex trade the common European currency slipped to $1.2398 yesterday from $1.2410 in US trade, although it firmed to ¥147.30 from ¥147.24.

Gold was at $1,225an ounce compared with $1,221.25 late Thursday.