Investing.com – Asian stocks turned negative on Tuesday, erasing early gains amid tepid trade ahead of more corporate earnings reports due later in the week as fears over a slowdown in global growth lingered.
Hong Kong's Hang Seng Index was up 0. 08%; South Korea's Kospi Composite moved down 0.04%; while Japan’s Nikkei advanced 0.07%.
On Monday, FedEx, widely considered a barometer for the U.S. economy, revised up its earnings forecast for the quarter and year but the upbeat report failed to ease fears of a slowdown.
Japanese exporters remained under pressure from the strong yen, while Japanese Finance Minister Yoshihiko Noda has so far refrained from commenting on the yen’s advance.
However, Canon, the world’s largest camera maker, posted its third straight quarterly profit increase. The Tokyo-based company said net income more than quadrupled to JPY 67.6 billion in the second quarter.
In the financial sector Hong Kong based banks were mixed, with the Agricultural Bank of China up 2.29% while the Bank of Communications shed 1.05%.
Meanwhile, oil prices hovered near USD 79 a barrel amid sluggish demand.
The outlook for European equity markets, meanwhile, was optimistic: EURO STOXX 50 futures indicated a jump of 0.74%, France’s CAC 40 futures pointed to a gain of 0.70% and Germany's DAX futures indicated an increase of 0.36%.
Later in the day, the U.S. was to release data on consumer confidence.
Hong Kong's Hang Seng Index was up 0. 08%; South Korea's Kospi Composite moved down 0.04%; while Japan’s Nikkei advanced 0.07%.
On Monday, FedEx, widely considered a barometer for the U.S. economy, revised up its earnings forecast for the quarter and year but the upbeat report failed to ease fears of a slowdown.
Japanese exporters remained under pressure from the strong yen, while Japanese Finance Minister Yoshihiko Noda has so far refrained from commenting on the yen’s advance.
However, Canon, the world’s largest camera maker, posted its third straight quarterly profit increase. The Tokyo-based company said net income more than quadrupled to JPY 67.6 billion in the second quarter.
In the financial sector Hong Kong based banks were mixed, with the Agricultural Bank of China up 2.29% while the Bank of Communications shed 1.05%.
Meanwhile, oil prices hovered near USD 79 a barrel amid sluggish demand.
The outlook for European equity markets, meanwhile, was optimistic: EURO STOXX 50 futures indicated a jump of 0.74%, France’s CAC 40 futures pointed to a gain of 0.70% and Germany's DAX futures indicated an increase of 0.36%.
Later in the day, the U.S. was to release data on consumer confidence.