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Hong Kong - Asian markets were mixed on Thursday after a record-breaking rally on Wall Street finally came to an end, while China released another batch of disappointing data indicating a slowdown in the economic giant.
Japanese shares extended their run upwards thanks to the weaker yen, with attention turning to Prime Minister Shinzo Abe as speculation swirls that he may put off a planned sales tax hike and call a snap general election.
Tokyo jumped percent 1.14% to 17 392.79 and Hong Kong added 0.34% to 24 019.94.
But Sydney slipped 0.37% to close at 5 442.7, while Seoul gave up 0.36% to 1 960.30.
Shanghai fell 0.35% to 2 485.61.
China's National Bureau of Statistics said growth in industrial output slipped to 7.7% year-on-year in October, from 8.0% the previous month and below forecasts of 8.0%.
In the same month retail sales, a key indicator of consumer spending, increased a less-than-expected 11.5%. Fixed asset investment, a measure of government spending on infrastructure, expanded 15.9% in the first 10 months, below the 16.0% tipped.
The figures are the latest showing the world's number two economy and key driver of global and regional growth is slowing despite easing measures from Beijing.
China headwinds
Nomura economists said the figures suggest "headwinds from the property market correction, severe overcapacity in many upstream industries and an overleveraged corporate sector are very strong".
They added: "The efficacy of policy easing may have lessened."
Wall Street's Dow and S&P 500 dipped on profit-taking and after US, British and Swiss regulators levied more than $4.0bn in fines on six of the world's largest banks - including three US lenders - for manipulation of the foreign exchange market.
READ: Hefty fines for five major banks
But analysts said the losses were not too bad, highlighting the general strength of confidence in US markets at the moment.
The Dow edged down 0.02% and the S&P 500 fell 0.07%. However, the Nasdaq added 0.31% to sit at highs not seen since March 2000.
The Nikkei continued a rally from the end of last month that has been fuelled by the Bank of Japan's widened stimulus programme, which in effect prints money, sending the yen tumbling against the dollar.
On Thursday the dollar bought ¥115.62, compared with ¥115.52 in New York. The US unit on Tuesday touched above 116 yen for the first time since 2007.
The euro bought $1.2463 and ¥144.12 against $1.2438 and ¥143.70.
Traders are keeping tabs on any comments from Abe following reports that he is considering delaying next October's sales tax hike after a similar increase in April put the brakes on a nascent economic recovery.
Major newspapers in Japan reported that he may also call a snap election next month if he decides to put off the second tax increase. His ruling coalition would likely win the poll, which would be greeted positively by the market and trigger fresh yen-selling, analysts said.
On oil markets US benchmark West Texas Intermediate (WTI) for December delivery fell 23 cents to $76.95 while Brent crude was down 52c at $79.86 in afternoon trade.
Gold was at $1 158.06 an ounce, compared with $1 163.87 late on Wednesday.
In other markets:
- Mumbai declined 0.24% to end at 27 940.64.
Sesa Sterlite fell 2.50% to 235.80 rupees, while IT giant Infosys rose 1.77% to 4 181.10 rupees.
- Bangkok rose 0.97% to 1 577.21.
Oil company PTT gained 2.88% to 393.00 baht, while Bangchak Petroleum soared 5.84% to 36.25 baht.
- Singapore closed up 0.65% to 3 304.93.
Singapore Telecom rose 1.30% to Sg$3.90, while DBS Bank gained 1.25% to Sg$19.50.
- Jakarta closed slightly down 0.003% at 5 048.67.
Cement maker Semen Indonesia rose 0.81% to 15 600 rupiah, while Bank Permata fell 0.34% to 1 455 rupiah.
- Kuala Lumpur ended flat at 1 815.81, falling just 0.02%.
Malayan Banking shed 0.4% to 9.61 ringgit, while conglomerate IOI lost 0.8% to 4.74.
- Taipei rose 0.69% to 8 980.67.
Hon Hai added 2.08% to Tw$98.0 while Taiwan Semiconductor Manufacturing was 1.52% higher at Tw$134.0.
- Wellington eased 0.46% to 5 462.74.
Spark was down 1.54% at NZ$3.19 and Contact Energy slipped 1.41% to NZ$6.28.
- Manila was 0.47% lower, easing 34.24 points to 7 198.63.
Philippine Long Distance Telephone was unchanged at 2 996 pesos while Ayala Land fell 0.99% to 35 pesos.
