Asian stock markets were mostly lower Wednesday as investors pared bets ahead of a key U.S. jobs report on Friday and the Easter long weekend.
The lacklustre trade came despite modest gains in the U.S. on Tuesday after an indicator of consumer confidence rose more than expected in March. The dollar gained against the euro and the yen while oil prices hovered above $82 a barrel.
Analysts expect trading to be erratic Wednesday because of the end of the January—March quarter. Institutional investors typically engage in “window dressing,” or trades intended to boost returns on reports sent to shareholders. Many also refrain from big moves.
Investors are also looking to the U.S. Labour Department’s monthly employment report Friday for a reading on the strength of recovery in the world’s largest economy. Economists expect the report to show employers added 190,000 jobs in March. That would be only the second increase since the recession began in late 2007.
Bucking the down trend, Japan’s benchmark Nikkei 225 stock average climbed 33.84 points, or 0.3 percent, to 11,130.98 as auto stocks advanced on a weaker yen. Wednesday also marks the last day of Japan’s fiscal calendar year.
Hong Kong’s Hang Seng was up 27.20, or 0.1 percent, at 21,401.99 while South Korea’s index fell less than 0.1 percent to 1,699.04.
Elsewhere, Australia’s benchmark dropped 0.2 percent and China’s Shanghai index was off 0.5 percent. Markets in Taiwan, Singapore and Malaysia also fell.
Overnight in New York, the Dow Jones industrials added 0.1 percent to 10,907.42. The Standard & Poor’s 500 index rose less than 0.1 percent to 1,173.27, while the Nasdaq composite index rose 0.3 percent to 2,410.69.
Benchmark crude for May delivery was down 9 cents at $82.27 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 20 cents to settle at $82.37 on Tuesday.
In currencies, the dollar rose to 93.21 yen from 92.82 yen late Wednesday. The euro fell to $1.3404 from $1.3414.
