{"id":175367,"date":"2023-05-12T07:31:09","date_gmt":"2023-05-12T07:31:09","guid":{"rendered":"https:\/\/precoinnews.com\/?p=175367"},"modified":"2023-05-12T07:31:09","modified_gmt":"2023-05-12T07:31:09","slug":"asian-shares-mixed-on-bank-contagion-worries","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/asian-shares-mixed-on-bank-contagion-worries\/","title":{"rendered":"Asian Shares Mixed On Bank Contagion Worries"},"content":{"rendered":"
Asian stocks ended Friday’s session on a mixed note, as investors fretted about the health<\/span> of U.S. banks and reacted to mixed China data, strong earnings results from Apple and the ECB rate decision. Trading volumes were thin due to holidays in Japan and South Korea.<\/p>\n The dollar traded weak and gold held near record highs ahead of the all-important U.S. jobs report due later in the day that could influence the Federal Reserve’s monetary policy path. Oil prices rebounded but headed for a third straight week of losses on demand worries.<\/p>\n Chinese shares ended lower as data showed a slower pace of recovery in the country’s services sector. China’s service activity grew for a fourth straight month but at a slower pace than March, a private sector survey showed.<\/p>\n The benchmark Shanghai Composite Index dropped 0.5 percent to 3,334.50, while Hong Kong’s Hang Seng Index settled half a percent higher at 20,049.31.<\/p>\n Australian markets<\/span> eked out modest gains after three consecutive sessions of losses. The benchmark S&P\/ASX 200 Index rose 0.4 percent to 7,220, while the broader All Ordinaries Index ended 0.3 percent higher at 7,413.10.<\/p>\n Lender ANZ Group rallied 1.5 percent after reporting strong first-half profit. Gold miners Regis Resources, Northern Star Resources, Evolution Mining and Newcrest climbed 1-2 percent as gold prices steadied near record highs on a weaker dollar.<\/p>\n Across the Tasman, New Zealand’s benchmark S&P\/NZX-50 Index slid 0.7 percent to 11,889.01.<\/p>\n U.S. stocks fell for a fourth straight day overnight on bank worries after PacWest confirmed that it is reviewing strategic options, including a potential sale. Mixed signals from the Fed on the interest rate outlook also weighed on markets. <\/p>\n On the economic front, weekly jobless claims rose along with labor costs, while the trade deficit narrowed in March.<\/p>\n The Dow gave up 0.9 percent to turn slightly negative for 2023, while the S&P 500 declined 0.7 percent and the tech-heavy Nasdaq Composite eased half a percent. <\/p>\n