HONG KONG (AP) — Asian stocks were mixed Friday after stocks in the United States pulled closer to their record highs following economic reports that came in close to expectations.
U.S. futures were little changed and oil prices rose.
Japan’s benchmark Nikkei 225 slipped 0.7% to close at 36,581.76 after data released Friday showed the nation’s industrial production increased 2.9% year-on-year in July, signaling improved demand in the manufacturing sector.
The dollar fell to 141.36 yen from 141.79 yen, adding pressure on the nation’s exports.
“The Bank of Japan is not expected to make any rate move at its meeting next week, but there may be some hawkish pricing brewing for policymakers to lay the groundwork for further rate hikes in December and beyond,” said IG market analyst Yeap Jun Rong.
Hong Kong’s Hang Seng rose 0.8% to 17,384.40, while the Shanghai Composite was down 0.5% at 2,704.09 after China’s legislature announced Friday that it would raise the retirement age from 60 to 63 years for men and from 50 to 55 or 58 years for women, according to state media. The Chinese Academy of Sciences said the pension system may run out of money by 2035 because of the current economic slump and an aging population.
China is also set to release its monthly economic data on Saturday, with market predictions that the three key indicators — industrial production, fixed asset investment and retail sales — will show a slowdown.
Elsewhere, Australia’s S&P/ASX 200 rose 0.3% to 8,099.90. South Korea’s Kospi picked up 0.1% to 2,575.41.
On Thursday, the S&P 500 rose 0.7% to 5,595.76, climbing back to within 1.3% of its record set in July following a shaky summer. It’s on track for a fourth winning week in the past five.
The Dow Jones Industrial Average added 0.6% to 41,096.77, and the Nasdaq composite gained 1% to 17,569.68.
Nvidia was the strongest force lifting the S&P 500, rising another 1.9% to bring its gain for the week to nearly 16%. The chip company’s stock has stabilized recently after falling more than 20% during the summer on worries investors had taken it too high in their frenzy around artificial intelligence.
One report said the number of U.S. workers applying for unemployment benefits last week ticked up, though it remains low relative to history. Another said prices charged at the wholesale level were 1.7% higher in August than a year before. That’s a slowdown from July’s inflation rate, but an underlying measure that economists see as a better predictor of future trends also ticked up more than expected.
The inflation data was similar to Wednesday’s report on prices at the U.S. consumer level. It kept traders betting the Fed will deliver a traditional-sized cut of a quarter of a percentage point next week, instead of the larger half-point that some had been expecting.
While lower interest rates help goose the economy and investment prices, they can also give inflation more fuel.
In the bond market, the yield on the 10-year Treasury edged up to 3.68% from 3.66% late Wednesday. It’s steadying a bit after sliding since April on expectations for coming cuts to rates. That easing helped pull the average rate on a 30-year mortgage in the U.S. this week to its lowest level in 19 months, according to Freddie Mac.
In energy trading, benchmark U.S. crude gained 37 cents to $69.34 a barrel. Brent crude, the international standard, added 44 cents to $72.41 a barrel.
The euro cost $1.1084, inching up from $1.1074.
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AP Business Writers Stan Choe contributed from New York.
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