Asian stocks were mixed Friday as oil traded near four-year lows and as the U.S. and China agreed to provide loans to finance trade by developing countries.
Japan's Nikkei 225 stock average rose 0.8% to 7987.85, while the Hang Seng index in Hong Kong rose 1.9%. The S&P/ASX 200 index in Australia declined by 1.2%.
Light, sweet crude for January delivery rose 44 cents to $44.11 a barrel in electronic trading on the
New York Mercantile Exchange
in Asia. The contract fell $3.12 Thursday to settle at $43.67, the lowest since January 2005, on the heels of more bad economic news from the U.S.
Oil prices have fallen about 70% since peaking at $147.27 in July.
Secretary Henry Paulson announced the U.S. and China will provide $20 billion in loans to finance trade by developing countries amid a global crisis that has battered credit markets.
The Shanghai composite index in China fell 0.8% Friday.
Shares of electronics companies in Asia , such as
, were higher, on hopes lower oil prices could spur consumer spending.
Premarket futures in the U.S. were indicating a mixed open for stocks on Wall Street Friday.
After fluctuating throughout much of Thursday, stocks on Wall Street sold off because of the uncertain future of U.S. automakers and as traders shied away from buying stocks in advance of the November jobs report Friday.
Dow Jones Industrial Average
sank 215.45 points, or 2.5%, to 8376.24, and the
lost 25.52 points, or 2.9%, to 845.22. The
fell 46.82 points, or 3.1%, to 1445.56.
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