By Daniel Inman
Asian markets were mostly higher on Thursday with Sydney hitting
a fresh five-year intraday high, though a stronger yen weighed on
Tokyo shares.
With a positive lead from the U.S., Asia was able to move
slightly higher despite the absence of major trading cues. Stocks
were moderating after strong gains earlier in the week brought
about by further signs of a Chinese economic recovery and reduced
expectations of a military intervention in Syria.
After rising 0.6% Wednesday to close at a multiyear high, the
S&P/ASX 200 hit the highest intraday level in more than five
years at 5,252.10. The market ended up 0.2% at 5,242.50.
The Australian dollar (AUDUSD) however, which hit a ten-week
high overnight against its U.S. counterpart, tumbled after the
Australian Bureau of Statistics said that number of people employed
fell 10,800 in August, compared with an expected 10,000 rise. The
Aussie recently changed hands at 92.58 U.S. cents, compared with
93.43 U.S. cents earlier in the session.
The yen (USDJPY) strengthened overnight -- below Yen100 to the
dollar mark -- and continued to firm in Asia. It was last at
Yen99.54 to the dollar, compared with Yen99.89 late Wednesday in
New York.
The stronger Japanese currency weighed on Tokyo stocks, with the
Nikkei closing down 0.3%.
Shares in Mitsubishi Motors (MMTOY) fell 8.1% in Tokyo after a
Nikkei report said the auto maker is planning a Yen200 billion ($2
billion) public offering this fiscal year, in order to buy back
preferred shares owned by four Mitsubishi group companies.
Electronics firm Sharp Corp. (SHCAF) was also under pressure,
losing 6%, after news reports said the company plans to raise up to
Yen200 billion through an offering of shares in order to help cover
a shortfall in its corporate pension plan in the current fiscal
year and pay for bond redemptions in 2014.
Regional suppliers to Apple (AAPL) remained under pressure after
Apple shares fell 5.4% overnight, following disappointment
surrounding the firm's latest iPhones. Foster Electric Company lost
4.1% in Japan and AAC Technologies Holdings dropped 4.2% in Hong
Kong.
Chinese companies listed in Hong Kong managed to add to their
gains, with the Shanghai Composite ending up 0.6%. Chinese stocks
in Hong Kong took pause, with the Hang Seng Index up less than
0.1%.
Elsewhere in the region, South Korea's Kospi was flat at
2,004.06 and Singapore's Straits Times Index was last up 0.4%.
More generally, markets were looking ahead to next week, when
the U.S. Federal Reserve will hold its policy meeting, which some
expect will result in the central bank reducing the scale of its
bond-buying program.
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