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Asian markets swing between gains and losses
The Nikkei 225 rose less than 0.1% after Japan’s economic growth slowed to an annualised 1.4% pace in the three months through June.
Asian equities oscillated between gains and losses amid optimism the U.S. Federal Reserve will add new stimulus and as sluggish economic growth in Japan and amid optimism the U.S. Federal Reserve will add new stimulus.
The MSCI Asia Pacific Index slid less than 0.1% to 120 as of 10:43 a.m. in Tokyo. The Nikkei 225 rose less than 0.1% today. The Cabinet Office said Japan’s economic growth slowed to an annualised 1.4% pace in the three months through June, down from a revised 5.5% expansion in the first quarter.
South Korea’s Kospi Index retreated 0.4%, while Australia’s S&P/ASX 200 Index gained 0.5%. Singapore’s Straits Times Index slid 0.2%. Hong Kong’s Hang Seng Index fell 0.3%, and China’s Shanghai Composite Index declined 0.7%.
Honda Motor Co. climbed 0.9% after a report the Fed Bank of San Francisco’s president is in favour of taking measures to boost the economy.
In company news, Nexon Co. tumbled 9.6% in Tokyo, sliding for a second day after the developer of online games cut its profit forecast. BlueScope Steel Ltd. surged 37% in Sydney after agreeing to offload some of its operations to Nippon Steel Corp.
Genting Singapore slid 3.1% after the casino-resort operator’s sales missed estimates.
BlueScope Steel surged 37% after the company agreed to sell 50% of its coated products operations in Asia and the U.S. to Nippon Steel for net proceeds of $540 million. Nippon Steel was unchanged in Tokyo.
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by Gavin Lumsden on May 22, 2013 at 16:58