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Asian markets mixed after China, U.S. data

Asian markets mixed after China, U.S. data

Asian markets were mixed on Friday as positive U.S. jobs and export data and an upward revision of Japan's growth were offset by weak Chinese figures.
However, the yen, which hit a 15-year high against the dollar this week, slipped as the U.S. data combined with news of Japan's first bank failure in seven years.
Tokyo added 1.99 percent, Seoul rose 1.09 percent and Taipei 0.34 percent. Japanese traders were given a lift after the government said the economy expanded more than initially thought in the second quarter, soothing fears that a recovery was shuddering to a halt.
Gross domestic product grew an annualised 1.5 percent in the April-June quarter, well above an initial estimate of 0.4 percent and in line with economists' forecasts as firms ramped up capital spending, data showed. Most markets rose early after the U.S. Labor Department said the number of Americans filing new claims for jobless benefits last week fell faster than expected to 451,000, down 27,000 from the previous week's revised figure.
That came as the Department of Commerce said the U.S. trade deficit dropped more than expected in July as exports reached their highest level in two years.
The news lifted confidence in the U.S. economy and - coupled with last week's figures showing fewer people than expected were laid off last month - eased concerns of a double-dip recession. On Wall Street the Dow edged up 0.27 percent.
Asian currency traders used the data to sell the yen.
The dollar rose to 84.29 yen in Tokyo morning trade compared with 83.85 dollars in New York Thursday, while the euro firmed to 106.76 yen from 106.47.
The single currency dropped to US$1.2667 from US$1.2697 in New York. The dollar hit 83.33 to the yen this week, its lowest level since May 1995.
The yen was also pressed after private Incubator Bank of Japan (IBJ) was told to halt operations and was expected to file for bankruptcy Friday. It would be Japan's first bank failure since 2003.


Updated : 2021-03-07 18:04 GMT+08:00