Asian markets were mixed on Wednesday, with a rally on Wall Street giving Tokyo the impetus to claw back some of its losses in the previous session.
However the dollar slipped against the yen as investors remain on edge about the global economy, following a series of disappointing economic data and the Federal Reserve's decision to reduce its stimulus programme.
Tokyo's Nikkei, which slumped more than four percent on Tuesday, rose 1.23 percent or 171.91 points to 14,180.38. The index was boosted by a surge in Panasonic after the computer giant said it had swung back into profit.
Seoul rose 0.24 percent, or 4.47 points, to 1,891.32 but Sydney lost 0.53 percent, or 26.8 points, to close at 5,070.3. Hong Kong fell 0.60 percent, or 128.39 points, to 21,269.38 as it reversed initial gains.
Shanghai was closed for a public holiday.
Markets around the world have been sent into a tailspin in recent days following worse than expected manufacturing activity data from China and the United States, suggesting softness in the global economy.
But Wall Street's three main indices, which each saw losses of more than two percent at the start of the week, rebounded slightly Tuesday on bargain buying and solid corporate results, including from fast food giant Yum Foods and fashion retailer Michael Kors.
The Dow rose 0.47 percent, the S&P 500 added 0.76 percent and the Nasdaq climbed 0.86 percent.
Eyes are now on the release Friday of US non-farm payrolls data, which will give investors a better handle on the state of the world's number two economy.
Last month's results, showing the number of jobs created in December was less than half that expected, jolted markets as it suggested the economy was not as strong as expected just as the Fed began tapering its bond-buying stimulus.
On currency markets the dollar fell to 101.15 yen from 101.64 yen in New York Tuesday. The greenback is well down from the five-year highs above 105 yen touched at the start of the year.
The euro bought $1.3515 and 136.73 yen against $1.3515 and 137.36 yen.
Despite the stronger yen Japanese shares were higher, bolstered by a 19 percent jump in Panasonic.
The electronics firm -- recovering from combined losses topping $15 billion in the past two fiscal years -- said Tuesday its nine-month net earnings came in at 243.0 billion yen, reversing a net loss of 623.8 billion yen over the same period a year earlier.
Oil prices were higher. US benchmark West Texas Intermediate for March delivery rose 54 cents to $97.73 in afternoon trade while Brent North Sea crude for March added 27 cents to $106.05.
Gold fetched $1,256.99 an ounce at 1050 GMT, compared with $1,253.47 late Tuesday.
In other markets:
-- Bangkok added 0.27 percent, or 3.41 points, to close at 1,280.25.
Coal producer Banpu lost 0.93 percent to 26.50 baht while Bangkok Bank rose 0.58 percent to 173.00 baht.
-- Jakarta gained 0.74 percent, or 32.05 points, to 4,384.31.
Cement maker Semen Indonesia (Persero) gained 3.96 percent to 14,425 rupiah, while paper producer Pabrik Kertas Tjiwi Kimia fell 2.05 percent to 1,670 rupiah.
-- Kuala Lumpur gained 0.40 percent, or 7.05 points, to 1,785.88.
AirAsia rose 0.9 percent to 2.23 ringgit, while CIMB Group Holdings added 0.9 percent to 6.91. Axiata Group lost 0.8 percent to 6.50 ringgit.
-- Manila climbed 0.38 percent, or 22.40 points, to 5,908.41.
Ayala Corp rose 0.10 perent to 520.50 pesos while Philippine Long Distance Telephone dropped 0.08 percent to 2,616 pesos.
-- Mumbai rose 0.24 percent, or 49.10 points, to 20,261.03.
Essar Oil added 7.43 percent to 50.60 rupees while Ranbaxy Laboratories gained 5.69 percent to 340.05 rupees.
-- Singapore dropped 0.19 percent, or 5.71 points, to 2,960.09.
Real estate developer Capitaland lost 0.36 percent to Sg$2.75 while DBS Bank eased 0.80 percent to Sg$16.17.
-- Taipei tumbled 2.34 percent, or 198.09 points, to 8,264.48.
Taiwan Semiconductor Manufacturing Co slipped 4.29 percent to Tw$100.5 while Hon Hai Precision fell 4.24 percent to Tw$81.3.
-- Wellington edged up 0.11 percent, or 5.32 points, to 4,807.94.
Fletcher Building was up 0.22 percent at NZ$8.98 and telecoms infrastructure firm Chorus rose 2.2 percent to NZ$1.38.
Asian markets were mixed on Wednesday, with a rally on Wall Street giving Tokyo the impetus to claw back some of its losses in the previous session.
However the dollar slipped against the yen as investors remain on edge about the global economy, following a series of disappointing economic data and the Federal Reserve’s decision to reduce its stimulus programme.
Tokyo’s Nikkei, which slumped more than four percent on Tuesday, rose 1.23 percent or 171.91 points to 14,180.38. The index was boosted by a surge in Panasonic after the computer giant said it had swung back into profit.
Seoul rose 0.24 percent, or 4.47 points, to 1,891.32 but Sydney lost 0.53 percent, or 26.8 points, to close at 5,070.3. Hong Kong fell 0.60 percent, or 128.39 points, to 21,269.38 as it reversed initial gains.
Shanghai was closed for a public holiday.
Markets around the world have been sent into a tailspin in recent days following worse than expected manufacturing activity data from China and the United States, suggesting softness in the global economy.
But Wall Street’s three main indices, which each saw losses of more than two percent at the start of the week, rebounded slightly Tuesday on bargain buying and solid corporate results, including from fast food giant Yum Foods and fashion retailer Michael Kors.
The Dow rose 0.47 percent, the S&P 500 added 0.76 percent and the Nasdaq climbed 0.86 percent.
Eyes are now on the release Friday of US non-farm payrolls data, which will give investors a better handle on the state of the world’s number two economy.
Last month’s results, showing the number of jobs created in December was less than half that expected, jolted markets as it suggested the economy was not as strong as expected just as the Fed began tapering its bond-buying stimulus.
On currency markets the dollar fell to 101.15 yen from 101.64 yen in New York Tuesday. The greenback is well down from the five-year highs above 105 yen touched at the start of the year.
The euro bought $1.3515 and 136.73 yen against $1.3515 and 137.36 yen.
Despite the stronger yen Japanese shares were higher, bolstered by a 19 percent jump in Panasonic.
The electronics firm — recovering from combined losses topping $15 billion in the past two fiscal years — said Tuesday its nine-month net earnings came in at 243.0 billion yen, reversing a net loss of 623.8 billion yen over the same period a year earlier.
Oil prices were higher. US benchmark West Texas Intermediate for March delivery rose 54 cents to $97.73 in afternoon trade while Brent North Sea crude for March added 27 cents to $106.05.
Gold fetched $1,256.99 an ounce at 1050 GMT, compared with $1,253.47 late Tuesday.
In other markets:
— Bangkok added 0.27 percent, or 3.41 points, to close at 1,280.25.
Coal producer Banpu lost 0.93 percent to 26.50 baht while Bangkok Bank rose 0.58 percent to 173.00 baht.
— Jakarta gained 0.74 percent, or 32.05 points, to 4,384.31.
Cement maker Semen Indonesia (Persero) gained 3.96 percent to 14,425 rupiah, while paper producer Pabrik Kertas Tjiwi Kimia fell 2.05 percent to 1,670 rupiah.
— Kuala Lumpur gained 0.40 percent, or 7.05 points, to 1,785.88.
AirAsia rose 0.9 percent to 2.23 ringgit, while CIMB Group Holdings added 0.9 percent to 6.91. Axiata Group lost 0.8 percent to 6.50 ringgit.
— Manila climbed 0.38 percent, or 22.40 points, to 5,908.41.
Ayala Corp rose 0.10 perent to 520.50 pesos while Philippine Long Distance Telephone dropped 0.08 percent to 2,616 pesos.
— Mumbai rose 0.24 percent, or 49.10 points, to 20,261.03.
Essar Oil added 7.43 percent to 50.60 rupees while Ranbaxy Laboratories gained 5.69 percent to 340.05 rupees.
— Singapore dropped 0.19 percent, or 5.71 points, to 2,960.09.
Real estate developer Capitaland lost 0.36 percent to Sg$2.75 while DBS Bank eased 0.80 percent to Sg$16.17.
— Taipei tumbled 2.34 percent, or 198.09 points, to 8,264.48.
Taiwan Semiconductor Manufacturing Co slipped 4.29 percent to Tw$100.5 while Hon Hai Precision fell 4.24 percent to Tw$81.3.
— Wellington edged up 0.11 percent, or 5.32 points, to 4,807.94.
Fletcher Building was up 0.22 percent at NZ$8.98 and telecoms infrastructure firm Chorus rose 2.2 percent to NZ$1.38.
