Asia: Stocks end mixed amid geopolitical crises, after China trade data
Asian stocks finished mixed on Friday as investors weighed geopolitical crises in Ukraine and Iraq and better-than-forecast Chinese trade data.
The Nikkei 225 index fell 2.98% and the Hang Seng dropped 0.23% while the Shanghai Composite rose 0.31%
Weighing on stocks was President Barack Obama's announcement that the US would allow limited US air strikes against Islamic militants in Iraq to protect American personnel and Yazidi refugees who are stranded on a mountain. US planes are dropping food and water for them, Obama said.
Meanwhile, Russia has imposed a ban on food imports from the European Union, the US and other Western countries in retaliation to sanctions against Moscow for its insurgence in Ukraine.
In China, the trade surplus rose to $47.30bn in July from $31.56bn in June, surprising analysts who had expected a $24bn surplus. It was supported by a 14.5% surge in exports, compared to a 1.6% fall in imports.
"Chinese July trade data overnight might have had the ability to help inject a more optimistic tone to the end of the week, with exports rising sharply by 14.5%, however imports slid 1.6% suggesting that internal demand continued to remain weak despite the recent pick up in Chinese economic data," said Michael Hewson at CMC Markets.
Taiyo Yuden, Nippon Electric
Taiyo Yuden slumped in Tokyo as the company lowered its first-half net income target by 83% to 700m yen following an unexpected first-quarter loss.
Nippon Electric Glass declined in Tokyo after the supplier of glass used in electronic devices reduced its nine-month net-income forecast.
Melco Crown retreated in Hong Kong after saying second-quarter adjusted property earnings before interest, taxes, depreciation and amortisation fell 11% from a year earlier to $313.6m, missing analysts' estimates of $358.5m.
RD