Most Asia-Pacific markets see gains; Tokyo declines

Most Asia-Pacific equities markets were higher on Friday. Australia’s Sydney Ordinaries added 0.2 percent to 6,385.4 and the S&P/ASX200 was up 0.26 percent to 6,306.8. The Taiex was 0.45 percent higher to 8,221.1 in Taiwan. In South Korea, the Kospi gained 0.6 percent to 1,863.9. The Shanghai Composite added 0.78 percent to 5,361.57 while the Straits Times index was up 1.2 percent to 3,437.79 and the Sensex was 1.69 percent to 20,686.89. In Hong Kong, the Hang Seng saw its biggest one-day gain in two weeks as it jumped 2.35 percent to 27,519.69.

The main exception were Tokyo’s markets, where the Topix had its worst opening day of the year in history, falling 4.32 percent to 1,411.91. The Nikkei also saw substantial declines, dropping 4.03 percent to 14,691.41, while the Mothers market of small and mid-caps fell 4.67 percent to 746.58. The declines came on worries that exports will slow due to problems in the US economy. Exporters, including carmakers and the electronics sector were lower. Shippers also saw declines.

European markets dropped after the US Labor Department announced that many fewer jobs were created in December than had been anticipated and that the unemployment rate rose to 5 percent during the month, historically low but still worrisome to investors. The FTSE Eurofirst 300 was down 1.82 percent to 1,457.76. The Dax fell 1.26 percent to 7 ,808.69 in Frankfurt while Madrid’s IBEX was 1.71 percent lower to 14,602.3 and the Paris CAC-40 dropped 1.79 to 5,446.79. The telecommunications sector, utilities and industrial gases groups were higher on the session. Carmakers and the semiconductors sector saw losses.

London’s markets were also lower as the FTSE 100 fell 2.02 percent to 6,348.5 and the FTSE 250 dropped 2.61 percent to 10,265.5. Publishers and the media sector saw gains. Retailers were mixed, while property investors, food processors, and waste management groups all saw declines.

Wall Street was lower in mid-afternoon trade. The Dow Jones Industrial Average had fallen 1.55 percent to 12,854.8 while the Nasdaq Composite was down 2.89 percent to 2,527.45 and the S&P 500 had dropped 1.9 percent to 1,419.67. The declines came on new data showing that only 18,000 new jobs were created in December and that the unemployment rate was at its highest level in over two years. Chipmakers and homebuilders were both lower.

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