Auto sector leads Tokyo lower

Equities markets in Tokyo were lower on Friday, hurt by concerns that US economic problems will hurt the sales of cars and parts as well as other exports. The Nikkei 225 was down 0.72 percent to 13,293.22 while the Topix index was 0.82 percent lower to 1,288.94 and the Mother’s market dropped 1.39 percent to 614.85. The automobile manufacturing sector was lower after Goldman Sachs issued a downgrade for the sector as a whole. Tiremakers and the electronics sector were lower, as were steelmakers.

The rest of the Asia-Pacific region was mixed on the renewed concerns that trouble in the US economy could hurt profits of exporters after new US jobs data hurt sentiment. South Korea’s Kospi index managed to add 0.16 percent to 1,766.49, while in Australia the S&P/ASX200 was up 0.19 percent to 5,619.6 and the Sydney Ordinaries gained 0.32 percent to 5,663.7. On the other hand, the Straits Times Index was down 0.5 percent to 3,155.56 while India’s Sensex dropped 3.09 percent to 15,343.12. Markets in China, Taiwan, and Hong Kong were closed for the day.

European equities saw gains on the session. The FTSE Eurofirst 300 was up 0.48 percent to 1,318.43. The CAC-40 was 0.27 percent higher to 4,900.88 in Paris while the Dax added 0.32 percent to 6,763.39 in Frankfurt and the IBEX gained 0.78 percent to 13.846.4 in Madrid. Utilities saw gains, as did the semiconductors and aerospace sectors and the telecommunications sector. Carmakers and the steel sector were mixed while tire makers were lower. Also seeing declines were airlines, retailers, and the oil and pharmaceuticals sectors.

Markets were mixed in London, where the FTSE 100 added 0.95 percent to 5,947.1 but the FTSE 250 was down 0.12 percent to 10,165.1. Most miners were up on broker upgrades in the sector. Most in the insurance and oil sectors and the pharmaceuticals sector all also saw gains. Real estate developers were down on the session, while most utilities, banks, and retailers saw declines.

Wall Street was up in early afternoon trade despite a Labor Department report that 80,000 US jobs were lost in March, sending the unemployment rate to 5.1 percent. The Dow Jones Industrial Average was up 0.27 percent to 12,660.71 while the Nasdaq Composite added 0.86 percent to 2,383.74 and the S&P 500 gained 0.56 percent to 1,376.96. The internet sector was mostly higher on a broker upgrade. The dollar stores component of the retail sector declined on a disappointing quarterly report and reduced outlook from one retailer, while casinos were lower on dropping property values and falling room rates in Las Vegas. The semiconductors sector also saw declines.

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