Asian shares were mixed Thursday after the Dow on Wall Street ticked up another record high in response to strong earnings and a positive outlook on the US economy by the Federal Reserve.
An early rally in response to the US gains fizzled toward the end of the day as profit-takers moved in.
Tokyo ended flat, edging down 9.04 points to finish at 15,370.26 as the yen strengthened against the dollar, while Sydney was marginally higher, adding 3.54 points to 5,522.4 and Seoul gained 0.37 percent, or 7.42 points, to 2,020.90.
Shanghai lost 0.57 percent, or 11.69 points, to 2,055.59 while Hong Kong was a touch lower, dipping 2.41 points to 23,520.87.
The mood remained largely buoyant after China said on Wednesday that the world’s No. 2 economy and key driver of global growth expanded more than expected in the second quarter of the year.
US shares resumed their uptrend on Wednesday as traders welcomed a report from the Fed that said all 12 economic regions of the country continued to expand in the six weeks to July 7.
Pointing to generally higher consumer spending, with strong auto sales outperforming other retail segments, the bank’s Beige Book report is the latest to indicate the world’s top economy is getting back on track.
It also comes weeks after the Labor Department said far more jobs were created in June than forecast while unemployment slipped.
On Wall Street the Dow jumped 0.45 percent to a new record, while the S&P 500 gained 0.42 percent and the Nasdaq added 0.22 percent.
The US market was also cheering better-than-expected earnings from chip giant Intel and a “landmark” IBM partnership with Apple.
On currency markets the dollar dipped to 101.49 yen in Asian trade from 101.69 yen in New York Wednesday.
The greenback had enjoyed a rally on Wednesday after Fed chief Janet Yellen told lawmakers on Capitol Hill that interest rates could rise “sooner and be more rapid than currently envisioned” if the jobs market strengthens further.
The euro bought $1.3530 and 137.33 yen in Tokyo, against $1.3524 and 137.55 yen in US trade.
Oil prices extended gains after a bullish US supply report indicated robust demand in the world’s top crude consumer.
US benchmark West Texas Intermediate for August delivery rose 83 cents to $102.03 while Brent crude for September gained 39 cents to $107.56 in late trade.
Gold was at $1,302.90 by 1040 GMT compared with $1,298.75 late Wednesday.
In other markets:
– Taipei fell 0.81 percent, or 76.49 points, to 9,408.24.
Hon Hai shed 0.93 percent to Tw$106.5 while smartphone maker HTC was 0.73 percent lower at Tw$136.0.
– Wellington was almost unchanged, dipping 1.86 points to 5,112.39.
Contact Energy eased 0.19 percent to NZ$5.34 and Freightways lost 0.59 percent to end at NZ$5.02.
– Manila closed 0.49 percent higher, adding 33.32 points to 6,867.36.
Philippine Long Distance Telephone rose 0.80 percent at 3,030 pesos and Ayala Land added 0.16 percent to 30.85 pesos.
– Bangkok rose 0.34 percent, or 5.24 points, to 1,535.66.
TMB Bank soared 7.41 percent to 2.90 baht, while Bangchak Petroleum gained 4.17 percent to 31.25 baht.
– Singapore was flat, edging up 2.46 points to 3,306.89.
Oil rig maker Keppel Corp eased 0.09 percent to Sg$10.85 while DBS Bank gained 0.76 percent to Sg$17.33
– Kuala Lumpur slipped 3.57 points, or 0.19 percent, to end at 1,883.14.
British American Tobacco rose 2.79 percent to 70 ringgit, and AirAsia gained 2.14 percent to close at 2.39 ringgit, while Astro Malaysia Holdings lost 2.69 percent to end at 3.26 ringgit.
– Jakarta fell 0.84 percent, or 42.73 points, to 5,071.20.
Telecommunications services company Indosat gained 0.13 percent to 3,800 rupiah while state miner Aneka Tambang lost 1.32 percent to 1,125 rupiah.
– Mumbai was flat, closing up 11.44 points at 25,561.16.
Crompton Greaves surged 13.45 percent to 210.85 rupees, while TTK Prestige rose 9.11 percent to 3,812.85 rupees.