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Asian Shares Pare Losses To End Mixed

Asian stocks reversed early losses to end mixed on Friday as better-than-expected U.S. economic data and higher oil prices offset concerns surrounding deepening political turmoil in Washington and the Brazilian political crisis.

Brazil’s real, stocks and bonds tumbled as President Michel Temer faced calls for impeachment in the wake of a corruption scandal. But Temer said he would not resign and prove his innocence in the Supreme Court.

China’s Shanghai Composite index ended flat at 3,090.63 after official data showed foreign direct investment into China decreased 4.3 percent from last year in April. However, the benchmark index rose 0.2 percent for the week to snap a five-week losing streak. Hong Kong’s Hang Seng index was up 38 points or 0.15 percent at 25,174 in late trade.

Japanese shares closed higher even as the dollar edged lower after a modest recovery overnight. The Nikkei average closed up 36.90 points or 0.19 percent at 19,590.76, but ended the week down about 1.5 percent. The broader Topix index closed 0.30 percent higher at 1,559.73.

Financial stocks saw some bargain hunting after recent heavy losses, with Mitsubishi UFJ Financial, Mizuho Financial and Sumitomo Mitsui Financial all ending up over 1 percent.

Takata Corp soared 20 percent after four automakers agreed to pay $553 million to settle with owners of vehicles for losses linked to defective Takata airbag inflators.

Toshiba rallied 3.3 percent on a Nikkei report that U.S. private equity firm Bain Capital is preparing to tender a bid for a 51 percent stake in its memory chip unit.

Australian shares extended losses from the previous session as banks extended recent declines, offsetting gains in the material sector.

The benchmark S&P/ASX 200 dropped 10.90 points or 0.19 percent to 5,727.40, taking the weekly loss to 1.9 percent. The broader All Ordinaries index slipped 6.60 points or 0.11 percent to finish at 5,768.90.

The big for banks fell between 0.6 percent and 1.9 percent on concerns over the…

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