Asian shares mixed, Tokyo hit by poor trade data

HONG KONG: Asian stocks were mixed Monday as news that the United States had agreed a budget to avert a shutdown was tempered by profit-taking and weak Japanese pre-quake trade data. Tokyo fell 0.50 percent, or 48.38 points, to 9,719.70 after the index on Friday closed at its highest level since the March 11 quake and tsunami disasters. Hong Kong slipped 0.21 percent in the afternoon and Seoul closed 0.26 percent, or 5.58 points, lower at 2,122.39. But Sydney rose 0.62 percent, or 30.6 points, to 4,971.2 and Shanghai added 0.71 percent in the afternoon. Japan's Nikkei fell after figures Monday showed a steeper-than-expected fall in core machinery orders in February, raising concerns about the severity of the consequences in coming months of the earthquake and tsunami. Core machinery orders fell 2.3 percent in February from January, government data showed. The result compares with the median forecast for a 1.1-percent fall in a poll of economists surveyed by Dow Jones Newswires and the Nikkei.

"The market is feeling quite nervous. If February is this bad, post-quake March will be even more severe," Okasan Securities strategist Hideyuki Ishiguro told Dow Jones Newswires. The Japanese trade figures weighed against relief that lawmakers in Washington had reached an agreement late Friday to avoid a federal government shutdown in the world's biggest economy. The 11th-hour accord, which cuts $38.5 billion in spending over the next six months, will be voted on in Congress later this week but is a done deal. There had been fears that if a deal were not done parts of the government would have been forced to close down, dealing a severe blow to the economy as  it begins to show strong signs of recovery. The Dow closed down 0.24 percent as investors grew nervous before a deal was brokered. On currency markets the euro was at $1.4461 from $1.4480 late Friday in New York. The yen was at 84.77 to the dollar from 84.82, after the greenback earlier rose to 85.16. The Japanese unit was at 122.62 to the euro from 122.73. Shanghai edged up a day after China posted its first quarterly trade deficit in seven years as rising commodity prices pushed manufacturers' costs  higher. China recorded a small trade deficit of $1.02 billion for the first quarter, its first since the beginning of 2004. But analysts said a large trade surplus was expected for the full year as its exports tend to grow later in the year. Exports rose 26.5 percent on year in the first quarter and imports were up 32.6 percent on year. Oil edged down on profit-taking. New York's main contract, light sweet crude for May delivery, was down 36 cents to $112.43 in morning Asian trade after soaring to its highest level in more than two years in US trade on Friday. Brent North Sea crude for delivery in May was off 83 cents to $125.82. Gold opened at $1,475.00-$1,476.00 an ounce in Hong Kong, up from Friday's close of $1,468.50-$1,469.50. The precious metal is sitting at record highs amid concerns over global inflation, unrest in the Middle East and eurozone sovereign debt. In other markets: Taipei closed 0.16 percent, or 14.27 points, lower at 8,880.27. Taiwan Semiconductor Manufacturing Co lost 2.47 percent to Tw$71.1 and leading smartphone maker HTC rose 3.45 percent to Tw$1,200. Manila fell 0.31 percent, or 13.01 points, to 4,227.99. San Miguel fell 7.5 percent to 160.00 pesos and Philippine Long Distance Telephone is off 0.3 percent at 2,340 but International Container Terminal was up 4.6 percent at 49.80. Wellington gained 0.47 percent, or 16.04 points, to end at 3,461.32. Fletcher Building ended up 1.6 percent at NZ$9.52 and Rakon rose 7.6 percent to NZ$1.14 after falling 7.8 percent between March 31 and April 8.