Asian markets mixed as slowdowin in Japan growths add to evidence of cooling world recovery

Asian markets mixed as Japan’s growth slows

BANGKOK — Asian stocks markets were mixed Monday as a sharp slowdown in Japan’s growth added to evidence the global economy is losing momentum.

Recent figures on the U.S. and Chinese economies have also suggested global growth is facing headwinds as the initial burst of expansion in the wake of the global recession cools.

Japan’s Nikkei 225 stock average was down 78.64 points, or 0.9 percent, at 9,174.82 amid strength in the yen and after government figures showed the economy grew an annualized 0.4 percent in the second quarter after a 5 percent expansion in the first three months of the year.

Consumer spending, which accounts for about 60 percent of Japan’s gross domestic product, was flat from the previous quarter. Analysts said the outlook for the third quarter is uncertain as a cooling global economy is dampening production and exports — a mainstay of the Japanese economy.

Hong Kong’s Hang Seng was off less than 0.1 percent at 21,066.40 and South Korea’s Kospi declined 0.9 percent to 1,730.90. Markets in Singapore, Indonesia, Australia and Thailand also fell.

Among the gainers was China’s Shanghai Composite Index, up 1.3 percent at 2,640.84, and India’s Sensex, which added 0.1 percent to 18,183.70. Markets in Taiwan, Malaysia and the Philippines gained as well.

U.S. stocks extended their losing streak to four days Friday after a mixed batch of readings on consumers further muddled investors’ sense of the economy.

One of the biggest obstacles to a strong recovery in the world’s biggest economy is weak consumer spending. Friday’s reports about consumers’ attitudes and spending didn’t point to a shopping rebound anytime soon.

The Dow fell 16.80, or 0.2 percent, to 10,303.15. The Standard & Poor’s 500 index fell 4.36, or 0.4 percent, to 1,079.25. The Nasdaq composite index fell 16.79, or 0.8 percent, to 2,173.48.

In currencies, the dollar fell to 85.81 yen from 86.18 yen. The euro rose to $1.2791 from $1.2755.

Benchmark crude for September delivery was up 30 cents at $75.69 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 35 cents on Friday to settle at $75.39 a barrel, its lowest level in a month.