Stocks gain in Tokyo, retreat in Hong Kong
BANGKOK — Asian shares were mixed Friday after a rebound on Wall Street broke a three-day losing streak.
Benchmarks rose in Tokyo, Taipei and Singapore but fell in Hong Kong and Shanghai.
Investors were encouraged by the latest U.S. jobs data showing fewer Americans filing for unemployment benefits, another sign that the economic recovery is underway.
A preliminary survey of manufacturing sentiment in Japan, the purchasing managers index or PMI, showed a weakening in May from the month before. A similar trend was seen in services, which are most affected by precautions ordered recently to counter the country’s worst-ever surge in coronavirus outbreaks. States of emergency have been declared in Tokyo and some other cities and regions, with more expected to follow.
“The plunge in the services PMI from 49.5 to 45.7 marked by far the largest drop since the first state of emergency last April and left the index at a nine-month low,” Marcel Thieliant of Capital Economics said in a commentary.
“It suggests that the more draconian measures imposed during the third state of emergency, including the closure of department stores, bars and restaurants, are weighing on activity.”
Still, Tokyo’s Nikkei 225 index NIK, +0.78% gained 0.5%. Australia’s S&P/ASX 200 XJO, +0.15% was almost unchanged. In Hong Kong, the Hang Seng HSI, +0.03% slipped 0.2%, while the Kospi 180721, -0.19% in Seoul declined 0.2%. The Shanghai Composite index SHCOMP, -0.58% lost 0.5%. Stocks dipped in Indonesia JAKIDX, -0.42%, rose in Taiwan Y9999, +1.62% and were flat in Singapore STI, 0.26%.
On Thursday, the S&P 500 SPX, +1.06% gained 1.1% to 4,159.12. The Dow Jones Industrial Average DJIA, +0.55% added 0.6% to 34,084.15. The technology heavy Nasdaq COMP, +1.77% fared better than the rest of the market, climbing 1.8%, to 13,535.74.
Treasury yields mostly fell, despite the positive economic data. The yield on the 10-year Treasury note was steady at 1.63%.
The price of bitcoin BTCUSD, 1.11% regained ground lost earlier in the week, adding 7.2% to $40,868.10, according to the online brokerage Coinbase.
n other trading, U.S. benchmark crude oil CLM21 picked up 15 cents to $62.09 per barrel in electronic trading on the New York Mercantile Exchange. It lost $1.94 to $61.94 per barrel on Thursday.
Brent crude BRNN21, 0.43%, the international standard, added 3 cents to $65.14 per barrel.
The U.S. dollar USDJPY, -0.14% rose to 108.86 Japanese yen from 108.78 yen late Thursday.