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TheStreet Open House

Asia Stocks Up After Spain Pledges To Cut Spending

Stocks in this article: TM

Mainland Chinese shares rose ahead of an extended holiday next week.

The Shanghai Composite Index gained 1.5 percent to 2,086.17 and the Shenzhen Composite Index rose 1.9 percent to 853.83. Property stocks rose, including industry leader China Vanke, up 2.7 percent.

But Japan's Nikkei 225 index lost 0.9 percent to 8,870.16, sinking on a government report that showed industrial production fell a further 1.3 percent in August. Weak global and domestic demand is weighing on manufacturers, particularly electronics makers, who are facing intense competition from South Korean, Taiwanese and other Asian manufacturers.

The strong yen, which erodes overseas earnings and makes Japanese-made products relatively more expensive, is also eating into profits.

Major Japanese exporters got slammed. Toyota Motor Corp. fell 2.4 percent and Honda Motor Co. shed 2.7 percent. Sharp Corp. lost 3 percent.

Rising gold prices helped related shares. Hong Kong-listed Zijin Mining Co., China's largest gold miner, gained 1.6 percent. Australia's Newcrest Mining Ltd. jumped 3.3 percent.

Benchmark oil for November delivery was up 41 cents to $92.26 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.87 to finish at $91.85 on the Nymex on Thursday.

In currencies, the euro rose to $1.2934 from $1.2917 late Thursday in New York. The dollar fell to 77.59 yen from 77.62 yen.

___

AP researcher Fu Ting contributed from Shanghai.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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