By V. Phani Kumar, MarketWatch
HONG KONG (MarketWatch) -- Japanese stocks rose Friday, with a
rebound on Wall Street helping lift several beaten-down shares
after heavy losses in the previous two sessions, while Australian
and South Korean shares fell on caution ahead of the release of a
slew of Chinese data.
Japan's Nikkei Stock Average rose 0.3%, paring its loss so far
this week to about 5.7%.
But Australia's S&P/ASX 200 fell 0.8%, and South Korea's
Kospi slipped 0.3%.
China was expected to report later Friday an acceleration in
July consumer prices to a rate of 2.9% from the year-ago month,
according to estimates compiled by FactSet. Wholesale inflation
figures are also due out, to be followed later in the day with
industrial production, retail sales and fixed-asset investment
numbers.
"We feel even just consensus readings on China data will be
enough to satisfy investors and promote the recovery," said IG
Markets strategist Stan Shamu, noting better-than-expected Chinese
trade figures for July, released Thursday, had helped improve
sentiment in global markets.
U.S. stocks rebounded Thursday to snap a three-day losing streak
after the Chinese trade data, with the action also driven by
further consideration of the Federal Reserve's outlook for its
monthly bond purchases.
In Tokyo on Friday, shares of Mitsubishi Material Corp. (MIMTF)
climbed 6.7%, Softbank Corp. (9984.TO) gained 0.5%, and Trend Micro
Inc. (TMICY) climbed 1.9%.
On the downside, Nikon Corp. (NINOY) plunged 10.8% after its weak first-quarter results.
In Sydney, diversified miner BHP Billiton Ltd. (BHP) gained
1.6%, and rival Rio Tinto Ltd. (RIO) added 1.2%, while gold company
Newcrest Mining Ltd. (NCMGF) leapt 3.4%.
But losses in the financial and retail sectors weighed on the
market, with Commonwealth Bank of Australia (CBAUY) losing 1.1%,
and Wesfarmers Ltd. (WFAFY) shedding 1.4%.
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