Asia stocks closed mixed Wednesday as Asia digested a disappointing U.S. labor market report. The September U.S. jobs report provided an unclear outlook for the world’s largest economy, increasing market expectations the Federal Reserve will keep its bond-buying program in place.
Although the region started the day higher, most markets lost much of their earlier gains to hang around the breakeven mark. Australia’s S&P ASX 200 rose 0.1%, Hong Kong’s Hang Seng Index dropped less than 0.1%, and South Korea’s Kospi lost 0.7%.
The sharpest move was in China, where the Shanghai Composite fell 1.2% with information-technology companies and telecom companies leading the declines. The ChiNext sank 3.8%.
Mining issues strengthened following a climb in metals futures. Jiangxi Copper Co. tacked on 2.4% and gold miner Zijin Mining Group Co. rose 1.1%.
Shares of Aluminum Corp. of China Ltd., or Chalco picked up 4.4%, following a nearly 9% jump in Alcoa Inc. shares overnight after the aluminum maker said it formed a joint venture with a Russian firm to supply materials for aircraft manufacturers.
Meanwhile, shares of China Eastern Airlines Corp. and China Southern Airlines Co. rose 0.7% each after Chinese data released this week showed Chinese airlines carried 10.9% more passengers in September than in the year-earlier period.
The yen strengthened Wednesday, with the firm currency weighed on the Nikkei, which fell 1.2%.
In corporate news, motor manufacturer Nidec Corp. jumped 5.6% after it increased its net profit forecast for the 2014 fiscal year, citing strong motor-vehicle product sales.
Tokyo Electron Ltd. climbed 0.9% in Tokyo after a Nikkei report said the semiconductor company likely will post a ¥3 billion operating loss in the six-month period that ended in September. This was less than half the amount forecast.
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