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Markets in Asia down after ECB's gloomy economic outlook Asian markets recover after early dip
(about 5 hours later)
Asia's markets were largely down on Friday as investors digested news from the European Central Bank (ECB) about its rates and stimulus program. Markets in Asia largely recovered in late trade, with trading volatile in the wake of the European Central Bank's latest stimulus measures.
European and US markets initially cheered the much-anticipated news that the ECB would cut its rates and expand its quantitative easing programme. On Thursday, markets had initially cheered the ECB's move to cut rates and expand its quantitative easing plan.
But news later that the bank might not cut rates further saw those markets go into reverse. But hints later that the bank might not cut rates further saw European and US markets go into reverse.
Japan's Nikkei 225 was down 1.25% to 16,641.69 in morning trade. In Japan, the Nikkei 225 index fell 1% at first, but then recovered to end the day up 0.5% at 16,938.87.
Analysts said investors may have also been reacting to the government's latest business sentiment survey that showed big manufacturers in Japan had a gloomy outlook for business and the future of the global economy. In China, investors were looking ahead to some fresh economic data expected out of Beijing on Saturday.
Shares in Japanese firm Toshiba were up 0.6%, however, as the firm's plans to sell its medical unit to camera maker Canon continued to make progress.
Elsewhere, Australia's benchmark S&P/ASX 200 was down 0.3% to 5,136 points, dragged lower in part by energy-related stocks as the price of iron ore slipped.
Shares in BHP Billiton were down 1.7%, while Rio Tinto shed 0.2%.
South Korea's Kospi index was flat at 1,968.48 points.
In China, investors were wary ahead of some fresh economic data expected out of Beijing on Saturday.
Analysts said retail sales may show some improvement over the combined January and February period, but that they were expecting industrial production and fixed-asset investment numbers to support the outlook for a continued overall economic slowdown in China.Analysts said retail sales may show some improvement over the combined January and February period, but that they were expecting industrial production and fixed-asset investment numbers to support the outlook for a continued overall economic slowdown in China.
Saturday's numbers will combine January and February activity on the mainland in order to avoid any irregularities that could appear due to the Lunar New Year holiday.Saturday's numbers will combine January and February activity on the mainland in order to avoid any irregularities that could appear due to the Lunar New Year holiday.
Hong Kong's Hang Seng index was flat at 19,986.04 points, while Shanghai Composite was down 0.25% to 2,796.58. Hong Kong's Hang Seng index was up 1% at 20,184.18 in afternoon trade, while the Shanghai Composite rose 0.2% to 2,810.31.
In Australia, the benchmark S&P/ASX 200 fell at first, but then recovered to close up 0.3% at 5,166.40.
South Korea's Kospi index closed up 0.11% to 1,971.41.