Mixed Opening For Asian Markets

(NewsCore) - Asian markets were mixed in early trading Friday after Wall Street closed lower due to weak US housing data.

Japanese shares pulled back from early gains to trade slightly lower, with retailers and banks dragging on the benchmark. The Nikkei Stock Average declined 0.1 percent to 8,837.74.

In the retail sector, J. Front Retailing Co declined 1.6 percent and Fast Retailing Co declined 1.2 percent. Data showed that sales at large scale retailers fell 0.4 percent in December while total retail sales rose 2.5 percent.

Financial firms trading lower included Daiwa Securities Group Inc, which lost 1.6 percent. Other notable decliners included Sony Corp, down 1.6 percent, and Elpida Memory Inc, down six percent.

Meanwhile, Australian shares climbed in early trading, with the S&P/ASX 200 index up 0.4 percent at 4,286.60, as investors returned from a one-day holiday.

Miners were leading the advance, with BHP Billiton up 1.2 percent and Rio Tinto up 1.9 percent, after the US Federal Reserve announced Wednesday that it would keep US rates at ultra-low levels until late 2014.

In the US, stocks squandered early gains to end lower on Thursday, losing steam after the Commerce Department said new home sales fell in December, in contrast to market expectations.

The Dow Jones Industrial Average declined 22.33 points, or 0.2 percent, to 12,734.63. The S&P 500 lost 7.63 points, or 0.6 percent, to 1,318.43. The Nasdaq Composite retreated 13.03 points, or 0.5 percent, to 2,805.28.

Read more: MarketWatch