HONG KONG (AP) – Asian shares were mostly higher Friday as investors awaited the release later in the day of key U.S. jobs data.
KEEPING SCORE: Japan’s benchmark Nikkei 225 index lost 0.4 percent to 19,454.33 while South Korea’s Kospi added 0.4 percent to 2,050.70. Hong Kong’s Hang Seng advanced 0.2 percent to 22,501.92 and the Shanghai Composite index slipped 0.3 percent to 3,155.65. Australia’s S&P/ASX 200 was nearly unchanged at 5,755.60. Benchmarks in Southeast Asia were mixed.
SAMSUNG SURPRISE: The South Korean electronics maker posted its fattest quarterly profit in three years, boosting shares by 2 percent and shoring up stock market sentiment. The company said operating profit surged 50 percent to 9.2 trillion won ($7.8 billion), surpassing even the most bullish analyst forecasts.
TRUMP AND TOYOTA: Toyota Motor Corp. stock fell 1.5 percent after President-elect Donald Trump said on Twitter that the Japanese automaker would face a “big border tax” if it goes ahead with plans on a new Mexico plant. Toyota in Japan had no further comments beyond saying that it has been in the U.S. for six decades and its Mexico plant will not affect jobs or production in the U.S.
DOLLAR DRIFT: Investors are refocusing on currencies after the greenback hit 14-year highs against its peers. The yen’s strength this week has pulled Japanese export-oriented shares lower. Now markets are closely watching the yuan, which has surged against the dollar in what some see as a sign that Beijing wants to stem the closely controlled currency’s recent decline. Authorities on Friday set the midpoint of the narrow band in which the yuan is allowed to fluctuate 639 basis points higher at 6.8668 to the dollar – its biggest increase in years. In Hong Kong, the costs for banks to borrow yuan from each other overnight jumped to a staggering 38.3 percent on Thursday.