Asia: Stocks mostly higher ahead of Jackson Hole
Asian stock markets closed mostly higher on Friday with Tokyo being the only exception, though indices remained rangebound ahead of the Jackson Hole symposium of central bankers.
The positive bias was helped by upbeat economic data from the US, with jobless claims, housing and manufacturing indicators beating expectations.
These helped to repair market sentiment in Asia after Chinese factory figures disappointed the previous session, with manufacturing activity falling to a three-month low.
The Hang Seng Index in Hong Kong climbed 0.47% to 25,112 as it neared the six-year high set on Wednesday. The Shanghai Composite also rose 0.47% to 2,241, while Australia's S&P ASX 2000 finished 0.12% higher at 5,646.
However, Japan's Nikkei 225 fell 0.30% to 15,539 as investors took profits after a nine-day winning streak.
Markets were waiting cautiously for the Jackson Hole summit and keynote speech from Federal Reserve chair Janet Yellen.
"Unlike some of the previous Jackson Hole symposiums, this is likely not one that will serve as a precursor of any monetary policy changes but the tone of Yellen's speech may still have a market impact and set the mood for busier times ahead in September," said analysts at Deutsche Bank.
In corporate news, Hong Kong-based consumer goods supplier Li & Fund dropped after first-half sales disappointed analysts and the company said that the backdrop remains challenging in key US and European markets.
China Rongsheng Heavy Industries gained after buying a stake in oilfields in Kyrgyzstan.
Australia-listed mineral sands miner Iluka Resources jumped despite reporting a 66% slide in profits in the first half.
BC