Asian stock markets mixed as US economy recovers

Asian stock markets  were mixed Tuesday as traders mulled whether a recovering U.S. economy would allow the region to continue to expand at a breakneck pace.

Australia’s benchmark S&P/ASX 200 index led gainers jumping 0.8 percent to 4,946.50 while Malaysia and Singapore each rose 0.2 percent.

Japan’s benchmark Nikkei 225 stock average fell 1.0 percent while China, South Korea, Indonesia and India were little changed.

Markets in Hong Kong and Thailand were closed for holidays.

In New York on Monday, the Dow Jones industrial average gained 46.48, or 0.4 percent, to 10,973.55 as reports showed strong improvements in demand at services businesses and in the housing market.

“The rest of the world is recovering and that adds some gas to Asia’s fire, both in terms of fundamental demand and improving confidence,” Singapore’s DBS bank said in a report. “The upward surge in industrial output in the region that has been under way for more than a year now shows absolutely no sign of letting up.”

“Things really do have to slow down soon. A turn has to come, it just hasn’t come yet,” the report said.

Asian gross domestic product grew more than 10 percent annualized in each of the last three quarters of 2009, DBS said. Countries will begin announcing preliminary GDP results for the first quarter later this month.

In currencies, the dollar slipped to 93.98 yen on Tuesday from 94.34 on Monday. The euro fell to $1.3431 from $1.3482.

Benchmark crude for May delivery were down 24 cents to $86.38 a barrel.

Source: AP