Asian shares mixed amid pressure from stronger yen
BEIJING: Global stocks were mixed Monday amid pressure on Japanese shares from a stronger yen and investor hopes for more Federal Reserve action to boost the U.S. economy.
Japan's Nikkei 225 lost 0.1 percent to 10,167.23. Exporters including automakers lost ground after a disappointing U.S. jobs report Friday weakened the dollar, which would make Japanese exports more expensive abroad.
China's benchmark Shanghai Composite Index gained 0.5 percent to 2,587.17.
In Europe, London's FTSE 100 lost 0.4 percent to 5,745.32, while Germany's DAX gained 0.2 percent to 6,962.84. France's CAC40 was unchanged at 3,750.43.
South Korea's Kospi fell 0.2 percent to 1,953.64, and Australia's S&P/ASX 200 slipped .12 percent to 4,688.6. Benchmarks in New Zealand, Singapore and Taiwan advanced.
Asian investors were encouraged after Fed chairman Ben Bernanke said the U.S. central bank is prepared to buy even more than $600 billion in Treasury bonds over the next eight months if necessary to lower interest rates. That might trigger an influx of money into the markets of developing Asian economies as investors seek better returns.
Hopes for such a move "will have a good impact, at least in sentiment, because there would be further ' hot money' that will chase tangible assets," said Peter Lai, investment manager for DBS Vickers in Hong Kong.
In New York on Friday, the Dow Jones industrial average spent much of the day in the red but closed up 0.2 percent, to close at 11,382.09 - not far from its post-recession high. The U.S. Labor Department reported November unemployment climbed to a seven-month high of 9.8 percent. Employers added just 39,000 jobs, far below what economists had forecast.
In currencies, the dollar was trading at 82.83 yen from 82.61 yen late Friday. -Ap