Investing.com – Asian stocks were mixed on Monday, as shares in the commodity sector led markets higher, but gains were limited as Japanese exporters declined amid indications that the U.S. economic recovery was faltering.
During late Asian trade, Hong Kong's Hang Seng Index gained 0.25%, South Korea's Kospi Composite fell 0.18%, while Japan’s Nikkei 225 Index shed 0.11%.
The Nikkei’s losses came as shares in many of the big name Japanese exporters declined amid signals that the U.S. economic recovery was faltering after data showed on Friday that the U.S. unemployment rate unexpectedly increased, rising to a 7-month high.
Shares in the world’s largest maker of digital cameras Canon tumbled 0.97%, electronic giant Sony saw shares fall 0.78%, while shares in the world’s largest maker of plasma televisions Panasonic plunged 1.16%.
Meanwhile, shares in Japan’s second-largest automaker Honda slumped 0.73% after a report said the company planned to dissolve its motorcycle joint venture in India.
But losses were limited as shares in Japan’s largest gold producer Sumitomo Metal Mining soared 3.42% as gold prices advanced. Rivals Mitsui Mining & Smelting saw shares jump 1.55%, while shares in Japan’s second-largest commodities trader Mitsui & Co. added 1.49%.
Elsewhere, in Hong Kong, markets were led higher by shares in the energy sector as crude oil prices rose to the highest level since October 2008.
Shares in China’s largest offshore oil producer Cnooc Limited surged 3.52%, China’s largest oil and gas company PetroChina saw shares jump 2.11%, while shares in Shenhua Energy soared 2.61%.
The outlook for European equity markets, meanwhile, was mixed. The EURO STOXX 50 futures pointed to a decline of 0.07%, France’s CAC 40 futures indicated a gain of 0.02%, the FTSE 100 futures pointed to a rise of 0.10% and Germany's DAX futures were up 0.04%.
Later in the day, euro zone finance ministers were due to meet. The ministers faced pressure to increase the size of a EUR 750 billion safety net for indebted euro members, in order to arrest sovereign debt contagion in the single currency bloc.
During late Asian trade, Hong Kong's Hang Seng Index gained 0.25%, South Korea's Kospi Composite fell 0.18%, while Japan’s Nikkei 225 Index shed 0.11%.
The Nikkei’s losses came as shares in many of the big name Japanese exporters declined amid signals that the U.S. economic recovery was faltering after data showed on Friday that the U.S. unemployment rate unexpectedly increased, rising to a 7-month high.
Shares in the world’s largest maker of digital cameras Canon tumbled 0.97%, electronic giant Sony saw shares fall 0.78%, while shares in the world’s largest maker of plasma televisions Panasonic plunged 1.16%.
Meanwhile, shares in Japan’s second-largest automaker Honda slumped 0.73% after a report said the company planned to dissolve its motorcycle joint venture in India.
But losses were limited as shares in Japan’s largest gold producer Sumitomo Metal Mining soared 3.42% as gold prices advanced. Rivals Mitsui Mining & Smelting saw shares jump 1.55%, while shares in Japan’s second-largest commodities trader Mitsui & Co. added 1.49%.
Elsewhere, in Hong Kong, markets were led higher by shares in the energy sector as crude oil prices rose to the highest level since October 2008.
Shares in China’s largest offshore oil producer Cnooc Limited surged 3.52%, China’s largest oil and gas company PetroChina saw shares jump 2.11%, while shares in Shenhua Energy soared 2.61%.
The outlook for European equity markets, meanwhile, was mixed. The EURO STOXX 50 futures pointed to a decline of 0.07%, France’s CAC 40 futures indicated a gain of 0.02%, the FTSE 100 futures pointed to a rise of 0.10% and Germany's DAX futures were up 0.04%.
Later in the day, euro zone finance ministers were due to meet. The ministers faced pressure to increase the size of a EUR 750 billion safety net for indebted euro members, in order to arrest sovereign debt contagion in the single currency bloc.