Market Update
Japanese markets reversed early gains Friday as many markets around the region closed for the Lunar New Year holiday and ring in the Year of the Horse.
The Nikkei was down 1.1%. The Shanghai Composite and the Hang Seng were shut. The Sensex edged up 0.2%. The All Ordinaries traded flat.
Earlier today, data showed December consumer prices in Japan rose 1.3% from a year earlier, just above expectations for a 1.2% rise, marking its sharpest rise in over five years. Also, industrial production expanded 1.1%, missing estimates for a 1.2% growth.
Employment data released showed the economy is recovering with the jobless rate down to 3.7% from 4% in November, and at its lowest since December 2007. The ratio of available jobs to applicants also rose improved to 1.03, or 103 jobs for every 100 job seekers.
The markets were also shut in Taiwan, South Korea, Indonesia, Malaysia, and Vietnam.
Stocks on the Move
Among the big movers, NEC Corp. rallied almost 10% after the company said it plans to book a gain of 27 billion yen in the financial year ending March on the sale of its internet services operations Biglobe Ltd. to Japan Industrial Partners.
Fujitsu also moved up 12.7% after announcing results.
In Mumbai, the Sensex was slightly higher after five straight days of losses. Hero MotoCorp was down a percent after missing its third-quarter profit estimates.
A string of state-run banks are due to report results today.
In Sydney, Department-store operator Myer confirmed reports it had spoken to David Jones about an A$3 billion merger. Dow Jones Newswires reported back in October David Jones had rejected the offer as being too low. David Jones shares were up 4.2% while Myer reversed early gains and was down 1.4%.