DHAKA: Asia's markets were largely down on Friday as investors digested news from the European Central Bank (ECB) about its rates and stimulus program.

European and US markets initially cheered the much-anticipated news that the ECB would cut its rates and expand its quantitative easing programme.

But news later that the bank might not cut rates further saw those markets go into reverse, reports the BBC.

Japan's Nikkei 225 was down 1.25% to 16,641.69 in morning trade.

Analysts said investors may have also been reacting to the government's latest business sentiment survey that showed big manufacturers in Japan had a gloomy outlook for business and the future of the global economy.

Shares in Japanese firm Toshiba were up 0.6%, however, as the firm's plans to sell its medical unit to camera maker Canon continued to make progress.

Elsewhere, Australia's benchmark S&P/ASX 200 was down 0.3% to 5,136 points, dragged lower in part by energy-related stocks as the price of iron ore slipped.

Shares in BHP Billiton were down 1.7%, while Rio Tinto shed 0.2%.

South Korea's Kospi index was flat at 1,968.48 points.

In China, investors were wary ahead of some fresh economic data expected out of Beijing on Saturday.

Analysts said retail sales may show some improvement over the combined January and February period, but that they were expecting industrial production and fixed-asset investment numbers to support the outlook for a continued overall economic slowdown in China.

Saturday's numbers will combine January and February activity on the mainland in order to avoid any irregularities that could appear due to the Lunar New Year holiday.

Hong Kong's Hang Seng index was flat at 19,986.04 points, while Shanghai Composite was down 0.25% to 2,796.58.

BDST: 1000 HRS, MAR 10, 2016
RS