Asian shares mixed after weak US data
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Asian shares were mixed on Monday, as lingering optimism over the recovery in the global economy was tempered by US data that came in below expectations.
Tokyo added 0.18 per cent by the break, Hong Kong was 0.10 per cent higher, Sydney added 0.44 percent and Seoul rose 0.30 per cent but Shanghai slipped 0.36 per cent.
Global investors have grown bullish in recent weeks after Greece agreed a debt write-down with private creditors that qualified it for a bailout while the United States has also provided weeks of good news that point to a brighter future.
"It seems traders are becoming more bullish with every week that passes," said Justin Harper, markets strategist at IG Markets in Singapore.
"With a total eurozone meltdown in the rearview mirror and a US economic recovery gaining traction there is plenty to be positive about," he said in a note to clients, according to Dow Jones Newswires.
However, a batch of data out of the United States on Friday kept traders in check Monday.
Consumer prices picked up in February, but almost entirely due to surging petrol prices as food prices were flat, and the core consumer price index rose just 0.1 percent -- slower than in January.
The Federal Reserve also said industrial output was flat in February, following a 0.4 per cent rise in January.
And the University of Michigan index of consumer confidence fell slightly, after analysts had forecast a rise.
The Dow index closed flat on Friday after hitting highs not seen since before the global financial crisis took hold.
On currency markets the yen remained under pressure.
The dollar bought 83.48 yen, against 83.45 yen late Friday in New York, while the euro briefly topped 110 yen in early trade -- for the first time since October -- as traders slowly move away from the safe haven unit.
In Tokyo morning trade it bought 109.98 yen, compared with 109.96 yen in New York. The single currency was also at $1.3172 from $1.3175.
On oil markets crude rose due to the ongoing tensions in the Middle East between Iran and the West over Tehran's controversial nuclear programme, which Washington says is being used to develop weapons.
On Sunday a key Iranian lawmaker declared that Tehran would not offer any concessions over the issue.
Iran has been hit with a wave of sanctions on its oil and finance sectors, as the United States and its allies try to force it to abandon its atomic programme, which Tehran insists is for peaceful purposes.
New York's main contract, West Texas Intermediate crude for delivery in April, gained 41 cents to $107.47 per barrel while Brent North Sea crude for May settlement was up 15 cents at $125.96.
Gold was at $1,662.70 an ounce at 0330 GMT, compared with $1,648.90 late on Friday.
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