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Nikkei lower as Japanese unemployment rate rises Australian shares hit one-month lows on Tuesday
(about 5 hours later)
Japan's Nikkei 225 opened 0.8% lower on Tuesday following a raft of official data that dented investor sentiment. Stocks in Australia hit near one-month lows on Tuesday as banking shares fell on continued investor concern around bad debt.
After opening lower following an extended break over Easter, Sydney's S&P/ASX 200 closed down 1.6% to 5,004.5.
The country's biggest lenders dragged on the index, with ANZ losing 3.4% and Westpac closing 3% lower.
Commonwealth Bank and National Australia Bank also lost about 2.4%.
In the lead-up to the Easter break, ANZ said its exposure to mining-related firms suffering from lower commodity prices would likely lead to an increase in its bad debts.
The announcement was continuing to hurt investor sentiment this week, analysts said.
In Japan
Japan's Nikkei 225 closed down 0.2% at 17,103.53 following a raft of official data that dented investor sentiment.
One of the first numbers out showed Japan's jobless rate rose slightly to 3.3% in February, up from 3.2% in January, despite labour demand remaining at the highest level in two decades.One of the first numbers out showed Japan's jobless rate rose slightly to 3.3% in February, up from 3.2% in January, despite labour demand remaining at the highest level in two decades.
The unemployment rate had been expected to remain unchanged at 3.2%.The unemployment rate had been expected to remain unchanged at 3.2%.
The Nikkei later recovered slightly to be down 0.4% to 17,074.77 points. However, analysts said Japan could see a fall in the jobless rate in the coming months.
Analysts said Japan could see a fall in the jobless rate in the coming months.
"[Japan's] job-to-applicant suggests that the unemployment rate could fall below 3% in coming months even though the ratio held steady at 1.28 last month," said economist Marcel Thieliant."[Japan's] job-to-applicant suggests that the unemployment rate could fall below 3% in coming months even though the ratio held steady at 1.28 last month," said economist Marcel Thieliant.
Other official numbers released on Tuesday showed that household spending rose 1.2% in February compared with the same month last year, against expectations for a decline of 1.5%. Other official numbers released from Japan on Tuesday showed that household spending rose 1.2% in February compared with the same month last year, against expectations for a decline of 1.5%.
Retail sales rose 0.5% in February against expectations for a year on year rise of 1.7% Retail sales rose 0.5% in February from a year earlier, lower than expectations for an increase of 1.7%.
In Australia, markets opened lower after the extended Easter weekend. Elsewhere, Hong Kong's Hang Seng index was down 0.3% at 20,286.28in afternoon trade, while the Shanghai Composite fell 1.5% to 2,913.59.
Sydney's S&P/ASX 200 was down 0.8% to 5,043.4 points after lunch. South Korea's benchmark Kospi index was the one bright spot in the region, finishing the session up 0.6% at 1,994.91.
In China, the Hang Seng index also opened and was flat in morning trade, down just 0.04% to 20,334.96.
The Shanghai Composite was down 0.24% to 2,950.45.
Meanwhile, South Korea's benchmark Kospi index was the one bright spot in the region, up 0.34% to 1,988.68 points.