Asian shares end lower on US data concerns, but Nikkei bucks trend

Asian stocks ended mostly lower on Monday, with the exception of Japan’s Nikkei, as investors digested some uninspiring US economic figures.

The Shanghai composite index fell 0.6% to 4,283.49 and Hong Kong's Hang Seng closed down 0.8% at 27,591.

Australia's ASX lost 1.3% to end at 5,659 as BHP Billiton’s new spinoff, South 32, made its debut on the Australian Stock Exchange, closing at A$2.05, which was at the lower end of analysts’ expectations.

Data released Friday showed that industrial production in the US unexpectedly fell for a fifth consecutive month in April, while consumer confidence dropped to a seven-month low in May, raising doubts about the health of the US economy.

Japan’s Nikkei 225 bucked the trend, ending up 0.8% at 19890.27, near a three-week high as a slightly stronger dollar and well-received earnings from Japanese companies lent support.

Shares in Mizuho Financial Group rose after the company upped its forecast for the current fiscal year, while Mitsubishi UFJ Financial Group also gained after announcing on Friday a consolidated net profit of Y1.03tln and a Y100bn share buyback.

Data released in Japan showed that core machinery orders grew in March for the first time in two months, but they are seen slipping in the current quarter, suggesting that weak capital spending could further dent momentum.

In China, there were signs that the property downturn may be starting to bottom out. Figures released by the National Bureau of Statistics suggested that overall property prices across 70 cities in China stabilised somewhat in April.

China’s house price index fell 6.1% in April on a year-on-year basis. On a month-on-month basis, however, prices were flat, versus a 0.1% decline in March.

Sticking with China, the State Council announced on Friday that the authorities have relaxed controls on the ability of local governments to raise money by allowing them to tap government-sponsored financing companies.