Dipo Olowookere
By Investors hub
Asian stocks turned in a mixed performance on Friday as fresh concerns over the prospects for a long-term U.S.-China trade deal offset upbeat data from China.
Chinese shares rallied on the back of upbeat data from IHS Markit showing Chinese manufacturing activity expanded at the fastest pace since early 2017 in October. The manufacturing PMI rose to 51.7 from 51.4 in September, signaling an improvement in operating conditions for three months running.
The benchmark Shanghai Composite Index jumped 29.14 points, or 1 percent, to 2,958.20, while Hong Kong’s Hang Seng Index climbed 194.04 points, or 0.7 percent, to 27,100.76.
Meanwhile, Japanese shares slipped after survey data from IHS Markit showed that Japan’s manufacturing sector moved deeper into contraction in October largely due to a sharp drop in new orders. At 48.4, the reading reached its lowest level in nearly three-and-a-half years.
The Nikkei 225 Index dropped 76.27 points, or 0.3 percent, to 22,850.77, after falling to as low as 22,705.60, its lowest since October 24, earlier in the day. The broader Topix finished marginally lower at 1,666.50.
Exporters and other cyclical stocks were among the prominent decliners after the dollar hit a three-week low of 107.92 yen overnight on renewed doubts over a U.S.-China trade deal.
Factory automation equipment maker Keyence jumped 8.2 percent after announcing a stock split plan.
Gaming company Nintendo soared 7.5 percent after its operating profit doubled both on a year-on-year and quarter-on-quarter basis.
Australian markets ended little changed with a positive bias after a survey showed the country’s manufacturing sector continued to expand in October, albeit at a slower rate.
Lender ANZ fell 2.1 percent to extend losses from the previous session after posting disappointing financial results. Commonwealth, NAB and Westpac ended down between half a percent and 1.2 percent
Macquarie Group edged up slightly despite the investment bank reiterating a weak outlook for fiscal 2020.
Mining stocks such as BHP, Fortescue Metals Group and Rio Tinto fell between 0.4 percent and 1 percent on concerns about a potential U.S.-China trade deal.
Gold miner Evolution Mining rallied 2.7 percent, Newcrest climbed 2.8 percent and Northern Star Resources advanced 1.4 percent after gold prices rose overnight on dollar weakness following the Fed’s interest rate cut.
Seoul stocks rose despite weak exports data and fresh uncertainty surrounding the U.S.-China trade deal. The benchmark Kospi advanced 16.72 points, or 0.8 percent, to 2,100.20, with tech heavyweights such as Samsung Electronics and SK Hynix leading the surge.
South Korea’s exports dipped 14.7 percent from a year earlier in October, extending their slump to a 11th consecutive month on weak chip exports amid global trade tensions, according to preliminary data released by the trade ministry.
