Asian shares mixed after Wall Street gains

HONG KONG, China — Asian markets were mixed Wednesday, August 14, following gains on Wall Street, as investors awaited fresh numbers that will give an indication of the health of the US economy.

Tokyo shares opened 0.50% higher as the weak yen continues to support the bourse.

Seoul was flat, up just 0.02%, while Sydney was down a modest 0.08%.

Shanghai was up 0.13% while the opening of morning trade on the Hong Kong stock exchange was delayed following a severe weather warning caused by Typhoon Utor.

Investors are closely watching a string of data releases due this week from the United States. On Tuesday, August 13, retail figures showed a lower-than-expected 0.2% rise but some analysts pointed to overall strength in non-automobile purchases.

Figures for housing and industrial production are expected later in the week.

Wednesday’s rise in Tokyo mirrored gains in the United States which closed in positive territory Tuesday after a US Federal Reserve official stressed that the Fed’s expected taper of its massive $85 billion a month stimulus program would be cautious.

The American market was also buoyed by news that corporate raider Carl Icahn revealed a large stake in Apple, sending the technology titan 4.8% higher.

The billionaire activist took to Twitter to disclose his “large” stake in the company, which he rated “extremely undervalued.”

The Dow Jones Industrial Average gained 0.20% while the tech-rich Nasdaq — which includes Apple — rose 0.39%.

In morning trade the dollar changed hands at 98.21 yen, unchanged from New York but up from 97.43 yen Tuesday afternoon in Tokyo.

The euro unit stood at $1.3264 and 130.34 yen against 1.3262 and 130.26 yen in New York.

In oil markets New York’s main contract, West Texas Intermediate for delivery in September, was down 29 cents at $106.54 a barrel in morning Asian trade, and Brent North Sea crude for September shed 38 cents to $109.44.

Gold was up at $1322.50 an ounce at 0200 GMT, up from $1319.88 late Monday but down from its highs earlier in the day of around $1333. – Rappler.com