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Asia stocks struggle to advance, Japan rallies ahead of parliament dissolution

Investors check the stock price at a private securities company in Shanghai, China on Tuesday Nov. 13, 2012. Asian stock markets fell Tuesday, after Europe's finance ministers postponed approval of an urgently needed aid payment for debt-mired Greece. (AP Photo/Eugene Hoshiko)

BANGKOK - Asian stock markets mostly struggled to advance Friday after data showed Europe slipped back into recession and several big U.S. retailers disappointed investors with weak forecasts.

The European Union's statistics agency said Thursday that the combined economy of the 17 countries that use the euro contracted 0.1 per cent in the third quarter from the previous quarter. Surveys pointing to difficult conditions ahead suggest the recession could deepen.

"Although unsurprising, data in Europe confirmed that the region fell back into recession, an outcome that will do little to ease tensions," analysts at Credit Agricole CIB in Hong Kong said in an email commentary.

In the U.S., investors were dealt dual blows: worse-than-expected revenue from global retailing giant Wal-Mart and data showing that manufacturing weakened in the Philadelphia and New York regions, reflecting damage from Superstorm Sandy. Wal-Mart, Ross Stores and Limited Brands, the owner of Victoria's Secret, also disappointed investors by issuing profit forecasts that fell short of expectations.

Hong Kong's Hang Seng rose 0.4 per cent to 21,193.50. South Korea's Kospi fell 0.2 per cent to 1,868,06. Australia's S&P/ASX 200 lost 0.2 per cent at 4,341.70. Benchmarks in Taiwan and Singapore fell. Thailand and the Philippines rose.

But Japan's Nikkei 225 stock index jumped 1.9 per cent to 8,998.76, rallying for a second straight day on expectations that the opposition Liberal Democratic Party may win elections next month and pursue more aggressive stimulus policies than the current leadership.

LDP leader Shinzo Abe has said he is determined to push for such policies and to find ways to weaken the yen, whose strength against other currencies has hammered exporters.

The Dow Jones industrial average closed down 0.2 per cent to 12,542.38. The Standard & Poor's 500 index fell 0.2 per cent to 1,353.33. The Nasdaq composite index lost 0.4 per cent to 2,836.94.

Benchmark oil for December delivery was up 4 cents to $85.49 in electronic trading on the New York Mercantile Exchange. The contract fell 87 cents to close at $85.45 a barrel in New York on Thursday.

In currencies, the dollar weakened to 81.06 yen from 81.21 yen late Thursday in New York. The euro was unchanged at $1.2773.


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