{{Asian stock markets were mixed in holiday-thinned trading Friday as investors digested a slew of disappointing economic data and corporate results from the U.S.
Applications for unemployment benefits jumped to their highest level in six weeks, the U.S. Labor Department reported Thursday, while manufacturing slowed in the mid-Atlantic region.}}
The bright spot was applications for new construction, which reached a five-year peak, reinforcing “the patchy nature of the US economic recovery,” Michael Hewson of CMC Markets said in a commentary.
Japan’s Nikkei 225 index rose 0.6% to 15,119.53, reversing a lower opening. Australia’s S&P/ASX 200 rose 0.5% to 5,189.70, pushed up by gains in BHP Billiton, the world’s largest mining company.
The stock rose 2.4% on bargain-hunting. Australia & New Zealand Banking Group rose 1.5%.
Benchmark in mainland China and Indonesia also rose while those in Taiwan, India, Singapore, New Zealand and the Philippines fell. Markets in Hong Kong and South Korea were closed for public holidays.
Evan Lucas of IG Markets in Melbourne said market declines could be explained by investors cashing in their gains following strong rallies. Japan’s benchmark Nikkei 225 index has returned 45% so far this year.
The Standard & Poor’s 500 has delivered a terrific first four months. It’s up 16 percent.
“There is always an uneasy feeling underlying the markets when they start making all-time highs,” Lucas said.
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