Investing.com - Asian stocks were mixed in Friday trade, with technology and export shares turning in uneven performances following the overnight downturn on Wall Street.
During early Asian trade, Hong Kong’s Hang Seng Index was up 0.25% to 20,585.30,
Japan’s Nikkei 225 Index fell 0.7% to 8,999.91, Australia’s S&P/ASX 200 dropped 0.65% to 4,281.69, and South Korea’s Kospi Index added 0.34% to 1,887.07.
Along with the Nikkei, the broader-based Topix Index of all issues listed on the first section of the Tokyo Stock Exchange retreated 0.63% to 773.40.
Earlier Thursday, the U.S. Institute of Supply Management reported that its index of purchasing managers fell to 50.6 in the month of August from 50.9 the month before.
Economists had forecast the ISM index of purchasing managers, to retreat to 48.5 in August.
The ISM index of manufacturing prices dropped to 55.5 in August from 59.0 in July, still signifying contraction but at a slower rate than the market expectation of a fall to 55.0 for the last month.
The ISM index of purchasing managers reflects the amount of U.S. manufacturing activity that took place in the previous month, while the index of manufacturing prices represents business sentiment towards future inflation.
U.S. stocks ended a five day winning streak, as the Dow Jones Industrial Average lost 1.03% to close the day at 11,493.60, the Nasdaq Composite Index declined 1.3% to 2,546.04, and the S&P 500 was lower by 1.19% to finish at 1,204.42.
Among early losers in Tokyo trade, was Sony Corp. which saw shares fall 3.5% after a surge in Thursday’s session as the Japanese government announced plans to invest USD2.6 billion to develop small, flat screen technology in a joint venture with Sony Corp., Toshiba Corp. and Hitachi Ltd.
Flat screen competitor Sharp Corp. also fell, losing 0.94%.
Auto manufacturers also gave up ground in the morning session as Toyota reported a 12.7% decline in August U.S. auto sales, while Honda’s figure fell by 24%. Both firms have struggled to fully recover from disruptions in production following the March 11 earthquake.
Asian exporters were expected to closely watch U.S. labor figures due out later Friday for any indications of improvements in unemployment, and therefore demand.
U.S. unemployment currently stands at 9.2%.
The outlook for European stocks was optimistic. France’s CAC 40 futures was higher by 0.34% to 3,233.80, Britain’s FTSE 100 futures rose 0.29% to 5,357.40, while Germany’s DAX futures was lifted 0.13% to 5,657.50.