Asian Markets Mixed as Investors Await Key Economic Events

Asian markets have presented a mixed response with the Tokyo and Shanghai markets remain closed ahead of a bunch of economic data during the week and central bank policy meetings in the eurozone and the US.

Australia's S&P/ASX 200 rose 0.5% or 22.89 points to 5,120.4, while South Korea's KOSPI fell 0.3% or 4.77 points to 1,939.8. In Hong Kong, the benchmark Hang Seng index edged up 0.03%or 6.99 points at 22,554.7.

The dollar lost ground against the yen following a report from the US government, which showed that the world's largest economy expanded less than economists' forecasts. The dollar is currently trading at 97.5 yen, down 0.56%.

The US Federal Reserve will start a two-day policy meeting on 30 April , and analysts expect the central bank to keep its current pace of bond buying at $85bn per month.

The European Central Bank has scheduled its policy meeting on 2 May, and it is widely expected that the bank will cut interest rates, given the downbeat economic news from the region.

In a Reuters poll of 76 economists, 43 expect the central bank to cut interest rates by 25 basis points.

Other major economic data to be released in the week include the US manufacturing output and the influential payrolls survey.

Manufacturing and services output data from China and retail sales, industrial output and employment data from Japan are expected in Asia.

Major Movers

In Australia, financial stocks led the rally as Commonwealth Bank of Australia shares gained 0.9%, Australia & New Zealand Banking rose 0.6% and Westpac Banking jumped 1.1%. Financial results from ANZ and Westpac are due for release in the week.

In Hong Kong utilities major China Resources Power Holdings rose 3% and China Life Insurance was up 0.5%.

In Korea, conglomerates KEC Holdings and STX Corp. lost 14% and 10%, respectively. Hanjin Shipping declined by 9%.