ASIA MARKETS: Asia Stocks Downbeat In New Month

By Sarah Turner, MarketWatch

SYDNEY (MarketWatch) -- Asian stock markets fell Friday to start the new month on a broadly downbeat note, though losses were modest.

Japan's Nikkei Stock Average slipped 0.4%, New Zealand's NZSX 50 retreated 0.2%, and Australia's S&P/ASX 200 index lost 0.5%.

South Korean markets were closed for a holiday on Friday.

While Asian stocks surged Thursday, the last session of February, U.S. shares ended with small losses later in the day. Read: U.S. stocks stall in stretch toward record

Mixed economic data dampened sentiment on Wall Street, as markets looked toward draconian government spending cuts set to begin Friday. Read: Sequester cuts near as Senate bills fail

The losses for U.S. equities "suggests that there could be some consolidation ahead, as U.S. automatic spending cuts looks set to kick in," said Crédit Agricole strategist Gary Yau.

Gold futures fell for a second straight session in New York on Thursday, ending February with a fifth straight monthly loss, helping send gold producers falling Friday in Australia. Read: Gold drops, notches 5th straight monthly loss

Newcrest Mining Ltd. (NCMGF) moved down 2%, Perseus Mining Ltd. (PMNXF) tumbled 5.9% and OceanaGold Corp. declined 1.7%.

In Japanese trading, some exporters paused after recent gains, with Toyota Motor Corp. (TM) down 0.2%, Panasonic Corp. (PC) dropping 0.6%, and Mitsubishi Motors Corp. (MMTOY) lower by 1%.

Still, some other top names advanced, with Nissan Motor Co. (NSANY) adding 1.1% and Sony Corp. (SNE) up 0.6%.

Sharp Corp. (SHCAF) rose 1% after a Kyodo News report Thursday saying the electronics firm would soon accept executives from two major banks to secure their financial support. Read: Sharp to accept executives from banks

Tokyo Electric Power Co. (9501.TO) rallied 5.7% after a Nikkei News report that the firm was ordering more than 10 billion yen ($108 million) worth of supplies and equipment to use for decommissioning reactors at its Fukishima plant destroyed in the 2011 nuclear disaster.

Kobe Steel Ltd. (KBSTY) which was reportedly supplying the material, rose 0.8%

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