Markets

Asian stocks mixed in early trade

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However, Tokyo was subdued ahead of the start of the earnings season next week and due to ongoing concerns over the economic impact of last month's devastating earthquake and tsunami.

Shanghai gained 0.41 percent and Hong Kong jumped 0.77 percent as China said the economy grew 9.7 percent on year in the first three months of the year, beating an estimate of 9.5 percent in a Dow Jones Newswires poll.

"The national economy maintained steady and fast development and had a very good beginning (to the year)," National Bureau of Statistics spokesman Sheng Laiyun said.

However, the NBS data also showed the politically sensitive consumer price index rose 5.4 percent in March -- the fastest pace since July 2008 -- and 5.0 percent in the first quarter.

Economists had predicted March inflation at 5.3 percent.

Both readings are well above Beijing's 2011 target of four percent.

While the growth data shows the world's second biggest economy is still in rude health, the inflation reading comes despite leaders' attempts to cool prices with four interest rate hikes since October as well as other measures.

Tokyo fell 0.43 percent by the break, with attention turning to the beginning next week of the corporate earnings season, which will give an early indication of the economic effects of the March 11 quake-tsunami.

Traders were also keeping an eye on the continuing struggle at the crippled Fukushima Daiichi nuclear plant, where workers are still trying to stop radioactive leaks into the Pacific.

There are lingering worries over the impact of radioactive spills on marine life after the health ministry said caesium levels 25 times the legal limit had been detected in young sand lance caught off Fukushima prefecture.

Sydney was 0.40 percent lower, Seoul fell 0.11 percent and Singapore added 0.21.

Asia was given a weak lead from Wall Street, where the Dow gained 0.12 percent, the broader S&P 500 was flat and the tech-heavy Nasdaq edged down 0.05 percent.

Traders digested news that new claims for US unemployment benefits rose unexpectedly, to 412,000 last week, an increase of 27,000 from the previous week.

That was above the 400,000 many economists believe signifies job growth.

However, the Labor Department said the jump was thanks to a cyclical trend that is normal to see towards the end of a quarter, but markets were only partly consoled by that reading.

Sentiment was also weighed by news that Internet giant Google's earnings came in slightly below expectations. The search engine fell 5.36 percent in after-hours trading.

On currency markets the yen was at 83.50 against the dollar, up from 83.64 late Thursday in New York, while it stood at 120.84 to the euro, up from 120.97 in New York Thursday.

The euro was trading at $1.4471 in morning Asian trade, slightly down from $1.4486 in late US trade Thursday.

New York's main contract, light sweet crude for delivery in May, rose 38 cents to $108.49 a barrel.

Brent North Sea crude for May delivery gained 42 cents to $122.42.

Gold closed at $1,476.50-$1,477.50 an ounce in Hong Kong, up from Thursday's close of $1,462.50-$1,463.50.

Copyright AFP (Agence France-Presse), 2011