Asian shares mixed as market awaits OPEC stance on output

Investing.com - Stocks in Asia were mixed on Thursday with the Nikkei down on a stronger yen and the region looking ahead to an OPEC meeting in Vienna and U.S. markets shut for the holidays.

Stocks in Japan edged lower early Thursday, ahead of a closely-watched OPEC meeting and after a quiet trading session in the U.S.

The Nikkei 225 fell 0.3% at 17339.95 while the rest of the region was mixed. Australia's S&P/ASX 200 was flat and Korea's Kospi was up 0.3%.

Shares in Japan weakened as the U.S. dollar traded at ¥117.54, down from ¥117.74 late Wednesday in New York.

Auto-parts maker Takata Corp (OTC:TKTDY) plunged 7.2% on its regulatory troubles in the U.S. Japanese officials in charge of automotive-safety recalls said Wednesday that they learned of a new case in which an air bag made by Takata Corp. exploded in a vehicle in Japan, an indication that auto makers may have to expand vehicle recalls.

On Wednesday, Saudi Arabia's oil minister hinted he wouldn't push for a cut in OPEC's production targets. OPEC members have engaged in an unusually frantic round of shuttle diplomacy ahead of this week's gathering, with some poorer countries calling for deep supply cuts to boost oil prices.

Overnight, U.S. stocks finished Wednesday higher after investors shrugged off an overall mixed bag of economic indicators and applauded choppy but noteworthy data out of the housing sector.

The Dow 30 rose 0.07%, the S&P 500 index rose 0.28%, while the Nasdaq Composite index rose 0.61%.

The National Association of Realtors reported pending home sales fell 1.1% in October, missing forecasts for a 0.9% gain, though official data revealed that new home sales rose 0.7% in October to an annual rate of 458,000 units, in line with market forecasts.

Also on Wednesday, the Thomson Reuters/University of Michigan's final consumer sentiment index hit 88.8 from 86.9 in October, still below the preliminary estimate of 89.4 though a positive number nonetheless, investors concluded, shrugging off disappointments elsewhere.

The Labor Department reported earlier that the number of individuals filing new applications for unemployment benefits rose to 313,000 last week, a gain of 21,000. It was the highest level since early September, confounding market calls for a decrease of 5,000.

The number of continuing claims fell to a 14-year low of 2.31 million, indicating that the jobs market is still recovering.

At the same time, the Commerce Department reported that U.S. personal spending rose 0.2% in October, below forecasts for an increase 0.4%. Personal income also rose 0.2%, falling short of forecasts of 0.4%.

Elsewhere, the Census Bureau reported that durable goods orders rose 0.4% last month, beating expectations for a decline of 0.4%, but core durable goods orders, which are stripped of volatile transportation components, fell 0.9%, against forecasts for a 0.5% gain.

Industry data revealed that the Chicago purchasing managers’ index fell from 66.2 in October to 60.8 this month, below expectations of a figure of 63.1.

Elsewhere, falling oil prices drew applause on Wall Street by stoking expectations that less money spent at the gasoline pump will translate into more consumer spending this holiday season and boost retail stocks.

U.S. markets will be closed on Thursday for the Thanksgiving holiday.