Asian markets mixed; economic data in focus

Asian equity indexes were mixed on Thursday, putting an end to February with losses, while market participants prepared for a batch of fresh economic data later in the day.

The Nikkei 225 was down 1.46 percent, or 321.94 points, with automakers, technology and financials pushing to the downside.

In Australia, the S&P/ASX 200 lost 0.8 percent, with energy-related stocks plunging on the back of a stronger dollar and as US crude inventories showed an unexpected build last week.

Chinese Shanghai composite and the Shenzhen composite were both trading up following upbeat data. Caixin manufacturing PMI for Feb was at 51.6, outperforming a forecasted 51.3.

Choppiness in Asian markets followed a weak close in Wall Street, with major stock indexes giving up previous day gains. The Dow Jones industrial average finished the session 380 points lower at 25,029.20. The S&P 500 fell 0.9 percent to 2,713.83, while the Nasdaq composite pulled back 0.8 percent to 7,273.01.

The US fourth-quarter gross domestic product came in line with analysts’ expectations at a quarterly growth rate of 2.5 percent against a prior 2.6 percent.

In other news, pending home sales plunged 4.7 percent in January. This result took investors by surprise as economists had estimated a 0.4 percent build.

<<< Asian Stock Indexes >>>

Australia ASX S&P -41.60 -0.68% 6,075.70

Shanghai Composite +14.35 +0.44% 3,273.75

Hong Kong Hang Seng +65.99 +0.21% 30,910.71

Japan Nikkei 225 -343.77 -1.56% 21,724.47

Taiwan TSEC 50 Index -29.68 -0.27% 10,785.79

<<< Next in Europe >>>

Traders will be paying attention the German manufacturing PMI for February as of 08:55 GMT. The EU manufacturing PMI will be out as of 09:00 GMT. The unemployment rate for January is scheduled one hour later.

<<< Next in United States >>>

In today’s session, attention will be directed to the PCE price index, initial jobless claims and personal spending figures at 13:30 GMT, followed by a fresh look at the manufacturing PMI at 14:45 GMT and ISM manufacturing PMI fifteen minutes later.

Also, the Federal Reserve will release its Beige Book at 19:00 GMT. Fed Chair Jerome Powell will testify before Congress for the second time this week as of 15:00 GMT.

FortFS