Asian shares mixed after US growth data ASIAN markets were mixed while the US dollar slipped after US economic growth data came in below forecast owing to deep federal spending cuts. With Tokyo and Shanghai closed and the May Day bank holiday coming up on Wednesday, trading was quiet on Monday, while there were few other catalysts to drive activity. Hong Kong rose 0.15 per cent, or 33.06 points, to 22,580.77, Sydney closed up 0.56 per cent or 28.3 points, while Seoul ended down 0.20 per cent, or 3.86 points, to 1,940.70. The main focus was Friday's release in Washington of data showing the world's biggest economy expanded 2.5 per cent in the January-March quarter. While the figures from the Commerce Department marked a solid rebound from 0.4 per cent growth in the previous three months, they were lower than the 2.8 per cent economists had predicted. The US economy has been hit by the "sequester" spending cuts worth tens of billions of dollars that kicked in at the start of March and which lawmakers are no closer to resolving owing to political gridlock. However, the results reinforced expectations that the Federal Reserve would not tighten monetary policy in the near future. Investors are now waiting to see what emerges from the Fed's two-day policy board meeting beginning on Tuesday. On Wall Street on Friday, the Dow ended flat, the S&P 500 dipped 0.18 per cent and the Nasdaq lost 0.33 per cent. "Friday's soft reading from the US will strengthen the hand of those at the (Federal Reserve) who want the pace of monetary stimulus maintained," Niall King, a sales trader at CMC Markets, said in a note to clients, according to Dow Jones Newswires. The US dollar sank in New York on Friday to Y97.99 and on Monday, fell further in Asia, buying Y97.80. The euro bought $US1.3094, compared with $US1.3029 in New York late on Friday, while the single currency was at Y128.12, from Y127.76. Dealers will be looking to several events this week, including the release of Chinese manufacturing numbers, a European Central Bank policy meeting and US non-farm payroll figures. Oil prices eased with New York's main contract, light sweet crude for delivery in June, down seven US cents to $US92.93 a barrel. Brent North Sea crude for June shed 32 US cents to $US102.84 in afternoon trade. An ounce of gold fetched $US1,475.03 at 1810 AEST compared with $US1,465.00 late on Friday. Taipei rose 0.10 per cent, or 7.68 points, to 8,029.74. Taiwan Semiconductor Manufacturing Co was 0.46 per cent lower at $Tw108.0 while chip design house MediaTek added 1.83 per cent to $Tw361.5. Manila ended flat, adding 2.91 points to 7,028.35. Philippine Long Distance Telephone Co was 0.20 per cent higher at 2,998 pesos while the LT Group rose 2.90 per cent to 24.80 pesos. Wellington ended 0.71 per cent, or 32.25 points, up at 4,580.96. Xero was 1.7 per cent higher at $NZ14.04, Telecom added 1.2 per cent to $NZ2.60 and Sky Television was up 1.1 per cent at $NZ5.64.