By Michael Kitchen, MarketWatch
LOS ANGELES (MarketWatch) ? Asia stocks started Friday trading on a lower note, with Japanese exporters suffering from currency headwinds.
In early moves, Japan?s Nikkei Stock Average /quotes/zigman/5986735 JP:NIK -1.41% ? lost 0.8%, Hong Kong?s Hang Seng Index /quotes/zigman/2622475 HK:HSI -1.54% ?lost 0.6%, Australia?s S&P/ASX 200 /quotes/zigman/1653884 AU:XJO -0.83% ?fell 0.6%, South Korea?s Kospi /quotes/zigman/1652118 KR:0100 -1.54% ?dropped 1.3%, and the Shanghai Composite /quotes/zigman/1859015 CN:000001 -0.57% ?traded flat.
An increase in borrowing costs for the French and Italian governments helped send the euro lower overnight, with its cross rate against the Japanese yen falling below the ?99 level overnight.
This weighed on many Japanese exporters with large exposure to Europe. Sony Corp. /quotes/zigman/197500 JP:6758 -2.33% /quotes/zigman/197524/quotes/nls/sne SNE -2.85% ?lost 1.8%, NEC Corp. /quotes/zigman/195976 JP:6701 -1.85% /quotes/zigman/195985 NIPNF +5.21% ?fell 1.9%, Nissan Motor Co. /quotes/zigman/196473 JP:7201 -2.32% /quotes/zigman/202910 NSANY -1.38% ?retreated 1.7%, and Mazda Motor Corp. /quotes/zigman/195040 JP:7261 -2.19% /quotes/zigman/195045 MZDAF +2.41% ?gave up 1.5%.
The losses came despite a somewhat brighter finish for Wall Street on Thursday, where the Dow industrials /quotes/zigman/627449 DJIA -0.02% ?finished almost flat, but the Nasdaq /quotes/zigman/123127 COMP +0.81% ?and S&P 500 /quotes/zigman/3870025 SPX +0.29% ?both made gains. See report on U.S. stock moves.
China's property slowdown spreads to other sectors
China's intervention in the property market may be going too far, as the home furnishing sector is now feeling the pinch.
Attention among both U.S. and Asian investors was on the key U.S. employment report, due out later Friday. See U.S. jobs report preview.
Energy stocks also moved lower in Tokyo on Friday, after benchmark New York Mercantile Exchange crude oil lost ground overnight after data should supplies at higher-than-expected levels.
Inpex Corp. /quotes/zigman/396971 JP:1605 -1.42% /quotes/zigman/396975 IPXHF +10.03% ?moved 0.8% lower, Japan Petroleum Exploration Co. /quotes/zigman/334930 JP:1662 -1.63% /quotes/zigman/334935 JPTXF +2.00% dropped 1.3%, and JX Holdings Inc. /quotes/zigman/575591 JP:5020 -2.54% /quotes/zigman/5625645 JXHGF -10.40% ?was off 1.5%.
However, Chinese energy firms saw strong gains for their shares, after the government raised the threshold for its oil-income windfall tax to $55 a barrel from $40 a barrel previously.
In Hong Kong, Cnooc Ltd. /quotes/zigman/29647 HK:883 +3.01% /quotes/zigman/274848/quotes/nls/ceo CEO +6.91% ?rose 3.1%, PetroChina Co. /quotes/zigman/21986 HK:857 +2.50% /quotes/zigman/257868/quotes/nls/ptr PTR +5.86% /quotes/zigman/1876553 CN:601857 +1.22% added 4.1%, and China Petroleum & Chemical Corp., or Sinopec, /quotes/zigman/22837 HK:386 +1.73% /quotes/zigman/269314/quotes/nls/snp SNP +5.10% ? /quotes/zigman/287863 CN:600028 -0.27% ?was up 2.8%.
In Shanghai, PetroChina improved by 2.1%and Sinopec gained 0.4%.
But strength in the energy stocks couldn?t outpace losses for banks amid the European concerns.
HSBC Holdings PLC /quotes/zigman/13834 HK:5 -2.39% ? /quotes/zigman/207333/quotes/nls/hbc HBC -1.15% ?fell 1.7% in early trade, while Bank of China Ltd. /quotes/zigman/35803 HK:3988 -1.71% /quotes/zigman/529024 BACHY +0.11% /quotes/zigman/1873420 CN:601988 +1.72% dropped 0.7%, and Bank of Communications Co. /quotes/zigman/34374 HK:3328 -2.20% /quotes/zigman/34373 BKFCF 0.00% /quotes/zigman/1875309 CN:601328 +0.88% ?gave up 0.9%.
Australia?s weak spot was also in the financial space, with the National Australia Bank Ltd. /quotes/zigman/181126 AU:NAB -1.39% /quotes/zigman/181125 NAUBF +1.02% falling 1.3%, and Macquarie Group Ltd. /quotes/zigman/482521 AU:MQG -1.22% /quotes/zigman/482522 MCQEF +0.79% ?losing 1.1%, amid the European concerns.
Among other movers, Olympus Corp. /quotes/zigman/196968 JP:7733 +2.72% /quotes/zigman/196973 OCPNF +4.00% lost 2% after former chief executive officer Michael Woodford reportedly ended efforts to wrest the company?s control due to a lack of support from institutions holding the shares. See report on former Olympus CEO?s decision.
Samsung Electronics Co. /quotes/zigman/189555 SSNGY 0.00% /quotes/zigman/189457 KR:A005930 -1.80% ?failed to get a bump from a fourth-quarter outlook, tipping a 73% rise in operating profit. The shares lost 1.1%, with Dow Jones Newswires reporting net selling by foreign investors on the Seoul bourse. See report on Samsung Electronics? earnings outlook.
/quotes/zigman/5986735
Volume: 0.00
Jan. 6, 2012 2:30p
/quotes/zigman/2622475 Volume: 0.00
Jan. 6, 2012 1:35p
/quotes/zigman/1653884 Volume: 0.00
Jan. 6, 2012 4:10p
/quotes/zigman/1652118 Volume: 416.48M
Jan. 6, 2012 2:30p
/quotes/zigman/1859015 Volume: 29.67M
Jan. 6, 2012 1:35p
/quotes/zigman/197500 ? 1,341.00
-32.00 -2.33%
Volume: 4.27M
Jan. 6, 2012 2:30p
/quotes/zigman/197524/quotes/nls/sne Volume: 1.46M
Jan. 5, 2012 4:02p
/quotes/zigman/195976 Volume: 6.11M
Jan. 6, 2012 2:30p
/quotes/zigman/195985 Volume: 1,195
Jan. 4, 2012 1:26p
/quotes/zigman/196473 Volume: 21.84M
Jan. 6, 2012 2:30p
/quotes/zigman/202910 Volume: 22,422
Jan. 5, 2012 3:53p
/quotes/zigman/195040 Volume: 7.41M
Jan. 6, 2012 2:29p
/quotes/zigman/195045 Volume: 400.00
Dec. 30, 2011 9:32a
/quotes/zigman/627449 Volume: 158.44M
Jan. 5, 2012 4:30p
/quotes/zigman/123127 Volume: 0.00
Jan. 5, 2012 5:30p
/quotes/zigman/3870025 Volume: 661.07M
Jan. 5, 2012 4:44p
/quotes/zigman/396971 Volume: 5,157
Jan. 6, 2012 2:30p
/quotes/zigman/396975 $ 5,750.00
+524.06 +10.03%
Volume: 6.00
March 15, 2011 12:00a
/quotes/zigman/334930 ? 3,010.00
-50.00 -1.63%
Volume: 128,800
Jan. 6, 2012 2:29p
/quotes/zigman/334935 Volume: 100.00
Aug. 1, 2011 12:00a
/quotes/zigman/575591 Volume: 7.31M
Jan. 6, 2012 2:30p
/quotes/zigman/5625645 Volume: 500.00
Oct. 21, 2011 12:00a
/quotes/zigman/29647 Volume: 95.32M
Jan. 6, 2012 1:35p
/quotes/zigman/274848/quotes/nls/ceo Volume: 467,121
Jan. 5, 2012 4:02p
/quotes/zigman/21986 Volume: 113.46M
Jan. 6, 2012 1:35p
/quotes/zigman/257868/quotes/nls/ptr Volume: 833,100
Jan. 5, 2012 4:02p
/quotes/zigman/1876553 Volume: 28.60M
Jan. 6, 2012 1:35p
/quotes/zigman/22837 Volume: 108.82M
Jan. 6, 2012 1:35p
/quotes/zigman/269314/quotes/nls/snp Volume: 420,818
Jan. 5, 2012 4:03p
/quotes/zigman/287863 Volume: 28.73M
Jan. 6, 2012 1:35p
/quotes/zigman/13834 Volume: 5.24M
Jan. 6, 2012 1:35p
/quotes/zigman/207333/quotes/nls/hbc Volume: 2.01M
Jan. 5, 2012 4:01p
/quotes/zigman/35803 Volume: 120.14M
Jan. 6, 2012 1:35p
/quotes/zigman/529024 Volume: 8,700
Jan. 5, 2012 1:14p
/quotes/zigman/1873420 Volume: 38.96M
Jan. 5, 2012 3:05p
/quotes/zigman/34374 Volume: 10.48M
Jan. 6, 2012 1:34p
/quotes/zigman/34373 Volume: 7,550
Dec. 15, 2011 12:00a
/quotes/zigman/1875309 Volume: 59.48M
Jan. 6, 2012 1:35p
/quotes/zigman/181126 Volume: 5.42M
Jan. 6, 2012 4:10p
/quotes/zigman/181125 Volume: 1,000
Jan. 4, 2012 12:03p
/quotes/zigman/482521 Volume: 1.90M
Jan. 6, 2012 4:10p
/quotes/zigman/482522 Volume: 600.00
Dec. 30, 2011 11:23a
/quotes/zigman/196968 ? 1,059.00
+28.00 +2.72%
Volume: 7.02M
Jan. 6, 2012 2:30p
/quotes/zigman/196973 Volume: 9,200
Dec. 29, 2011 3:55p
/quotes/zigman/189457 Volume: 316,926
Jan. 6, 2012 2:30p
Michael Kitchen is Asia editor for MarketWatch and is based in Los Angeles.
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