(RTTNews) – Asian stocks ended mixed on Friday but managed to snap a two-week losing streak following interest-rate cuts from the European Central Bank and Bank of Canada.
Sluggish U.S. economic data also spurred hopes for rate cuts by the Federal Reserve while China reported mixed trade data.
U.S. Treasuries were little changed, and the dollar held near an eight-week low against a basket of currencies ahead of key U.S. jobs data due later in the day that could influence the timing and pace of Fed rate cuts.
Gold held steady near a two-week high and was set for its first weekly gain in three.
Oil prices were little changed after two days of gains as OPEC ministers said the cartel could revise oil supply deal if needed.
China’s Shanghai Composite index finished marginally higher at 3,051.28 after the release of mixed trade data. Hong Kong’s Hang Seng index shed 0.59 percent to close at 18,366.95.
China’s exports posted an annual growth of 7.6 percent following a 1.5 percent rise in April, the Customs Administration reported today while analysts had forecast 6.0 percent growth.
At the same time, growth in imports decelerated to 1.8 percent from 8.4 percent in the previous month.
Japanese markets ended marginally lower amid speculation that the Bank of Japan may drop clues on bond tapering plan when authorities meet next week.
Investors also reacted to data that showed Japanese household spending rose for the first time in 14 months in April from a year earlier, but consumers were reluctant to loosen their purse strings in the face of higher prices.
Mitsubishi UFJ Financial Group fell 1.7 percent while Sumitomo Mitsui Financial Group edged up slightly after reports that they will divest approximately 1.32 trillion yen or $8.5 billion worth of strategic shareholdings in Toyota Motor Corp. Toyota Motor shares declined 1.7 percent.
Seoul stocks rallied, with the Kospi average climbing 1.23 percent to 2,722.67 on increased hopes for U.S. rate cuts.
Heavyweight Samsung Electronics ended slightly lower for the day as the largest union at the company in South Korea went on strike for the first time in the company’s 55-year history.
Australian stocks eked out modest gains, with gold miners leading the charge. Resolute Mining, St Barbara and Regis Resources surged 4-7 percent as bullion prices surged on Fed rate cut hopes.
The benchmark S&P/ASX 200 rose 0.49 percent to 7,860 while the broader All Ordinaries index ended 0.48 percent higher at 8,112.80.
Across the Tasman, New Zealand’s benchmark S&P/NZX-50 index ended down 0.97 percent at 11,856.56.
U.S. stocks ended narrowly mixed overnight as weak jobless claims data and Wednesday’s ADP report spurred rate cut hopes.
While the Dow edged up 0.2 percent, both the tech-heavy Nasdaq Composite and the S&P 500 finished marginally lower.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.