Asian stocks mixed as slump in factory output fuels concern over recovery in the United States

Published November 17, 2014

TOKYO (AP) — Asian stock markets were mixed Friday as a drop in U.S. factory output fueled concern over the strength of a recovery in the world's biggest economy.

Japan's benchmark Nikkei 225 stock index lost 155.04 points, or 1.6 percent, to 9,530.49 in the morning session.

Investors dumped exporters because of a strong yen and were also reluctant to chase gains ahead of a long weekend in Japan. The country's financial markets will be closed Monday because of a public holiday.

South Korea's Kospi shed 0.6 percent to 1,740.62, and Australia's S&P/ASX 200 was down 0.2 percent at 4,445.90.

Elsewhere, Hong Kong's Hang Seng index climbed 0.2 percent to 20,293.80 and stocks in Singapore edged up 0.1 percent. Markets in mainland China and Taiwan retreated in Friday trading.

Sentiment was sluggish across Asia as the U.S. government said Thursday its factory output dropped 0.4 percent in June, the most in a year, because of a slump in production of automobiles, home-building materials and processed food.

The disappointing output figure, marking the first decline in four months, sent U.S. stocks falling overnight as the Dow Jones industrial average lost 7.41 points, or 0.07 percent, to 10,359.31 on Thursday.

Apart from falling factory output, two U.S. regional manufacturing indexes sank in July, raising concern the U.S. economic recovery may be stalling.

Benchmark crude for August delivery fell 42 cents to settle at $76.62 a barrel Thursday on the New York Mercantile Exchange.

In currencies, the dollar declined to 87.23 yen in Tokyo from 87.42 yen in New York late Thursday. The euro slipped to $1.2917 from $1.2928.

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https://www.foxnews.com/world/asian-stocks-mixed-as-slump-in-factory-output-fuels-concern-over-recovery-in-the-united-states