Dipo Olowookere
By Investors Hub
Asian shares ended mixed on Tuesday as Chinese data disappointed and worries about Turkey eased slightly after the country?s central bank announced a raft of measures aimed at soothing markets.
China?s Shanghai Composite Index eased 4.91 points or 0.2 percent to finish at 2,780.96 after a slew of Chinese data on industrial output, retail sales and fixed asset investment came in slightly below expectations. Hong Kong’s Hang Seng Index closed 183.64 points or 0.7 percent lower at 27,752.93.
Retail sales in China jumped an annual 8.8 percent in July, a tad below expectations for a 9.1 percent gain and down from 9.0 percent in June.
Industrial production advanced an annual 6.0 percent, unchanged from a month earlier but again beneath forecasts for 6.3 percent. Fixed asset investment grew 5.5 percent from a year earlier, missing expectations for 6.0 percent growth.
Meanwhile, Japanese shares rose sharply as the yen pared some of Monday?s rise after Turkey?s central bank pledged to provide liquidity and cut reserve requirements for banks.
The Nikkei 225 Index jumped 498.65 points or 2.3 percent to 22,356.08, snapping a four-day losing streak. The broader Topix index closed 1.6 percent higher at 1,710.95.
Exporters led the surge, with Toyota, Panasonic, Canon, Honda Motor and Sony climbing 1-2 percent. Softbank rallied 3.7 percent on a Bloomberg report that the company is in talks to invest up to $750 million in Zume Inc., a startup that makes fresh pizzas with the aid of robots.
In economic news, Japanese industrial production decreased less than initially estimated in June, figures from the Ministry of Economy, Trade and Industry showed.
Industrial production dropped a seasonally adjusted 1.8 percent sequentially in June, faster than the 0.2 percent fall in the previous month. That was slower than the 2.1 percent decline in the flash data.
Australian markets finished notably higher, led by gains by banks and mining stocks. The benchmark S&P/ASX 200 Index climbed 47.40 points or 0.8 percent to 6,299.60, while the broader All Ordinaries Index ended up 44.90 points or 0.7 percent at 6,386.20.
Higher iron ore prices boosted miners, with heavyweight BHP Billiton climbing 1.5 percent. Shares of Whitehaven Coal advanced 1.3 percent after the miner reported a nearly 30 percent increase in full-year profits on improved volumes and higher prices for thermal coal.
Lender ANZ added 1.6 percent after its impaired assets fell in the third quarter. National Australia Bank gained 1.5 percent despite the bank warning of additional provisions relating to regulatory compliance. Commonwealth Bank rose 1.2 percent and Westpac rallied 2.2 percent.
On the other hand, fast-food chain Domino’s Pizza Enterprises plunged 6.5 percent after its annual profit missed estimates. Hearing implant maker Cochlear tumbled 3 percent and investment management firm Challenger fell almost 7 percent on disappointing earnings results.
