Asian shares mixed amid pres­sure from stronger yen

The Pak Banker - - International3 -

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

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