Investing.com – Asian stock markets were broadly lower on Tuesday, as a lack of progress over raising the U.S. debt ceiling and lingering concerns over the euro zone’s debt crisis prompted investors to shun riskier assets.
During late Asian trade, Hong Kong's Hang Seng Index slumped 0.75%, Australia’s ASX/200 Index edged 0.1% lower, while Japan’s Nikkei 225 Index retreated 0.9%.
U.S. Treasury Secretary Tim Geithner said on Monday that the U.S. government was “running out of time” in regards to negotiations over lifting the country’s USD14.3 trillion debt ceiling before an August 2 deadline.
Meanwhile, Spanish government bond yields rose to a euro-lifetime high of 6.32% on Monday, approaching the 7% mark that prompted peripheral euro zone nations, Greece, Portugal and Ireland to seek bailouts.
Shares in Japanese exporters performed poorly, amid the global uncertainty. Consumer electronics giant Sony saw shares drop 2.5%, digital camera maker Canon slumped 2.8%, while shares in Honda sank 2%.
Shares in the financial sector declined, tracking their global counterparts lower. Japan’s largest lender Mitsubishi UFJ Financial Group saw shares slide 2.55%, Mizuho Financial retreated 2.3%, while Sumitomo Mitsui Financial Group fell 1.3%.
In Hong Kong, shares in retailer Li & Fung, which receives most of its revenue from Europe tumbled 4.8%, while Cosco Pacific, an operator of container facilities in Greece sank 3.15%.
Hong Kong-listed shares of HSBC Holdings shed 1.6%, Industrial and Commercial Bank of China fell 1.1%, while China Merchants Bank declined 0.5% after it said that it planned to raise as much as USD5.4 billion by issuing new shares.
The outlook for European stock markets was modestly higher. The EURO STOXX 50 futures pointed to a gain of 0.25%, France’s CAC 40 futures edged 0.1% higher, the FTSE 100 futures eased up 0.08%, while Germany's DAX futures advanced 0.15%.
Later in the day, the ZEW Centre for Economic Research was to publish a report on German economic sentiment, while the U.S. was to release official data on building permits as well as a report on housing starts.
During late Asian trade, Hong Kong's Hang Seng Index slumped 0.75%, Australia’s ASX/200 Index edged 0.1% lower, while Japan’s Nikkei 225 Index retreated 0.9%.
U.S. Treasury Secretary Tim Geithner said on Monday that the U.S. government was “running out of time” in regards to negotiations over lifting the country’s USD14.3 trillion debt ceiling before an August 2 deadline.
Meanwhile, Spanish government bond yields rose to a euro-lifetime high of 6.32% on Monday, approaching the 7% mark that prompted peripheral euro zone nations, Greece, Portugal and Ireland to seek bailouts.
Shares in Japanese exporters performed poorly, amid the global uncertainty. Consumer electronics giant Sony saw shares drop 2.5%, digital camera maker Canon slumped 2.8%, while shares in Honda sank 2%.
Shares in the financial sector declined, tracking their global counterparts lower. Japan’s largest lender Mitsubishi UFJ Financial Group saw shares slide 2.55%, Mizuho Financial retreated 2.3%, while Sumitomo Mitsui Financial Group fell 1.3%.
In Hong Kong, shares in retailer Li & Fung, which receives most of its revenue from Europe tumbled 4.8%, while Cosco Pacific, an operator of container facilities in Greece sank 3.15%.
Hong Kong-listed shares of HSBC Holdings shed 1.6%, Industrial and Commercial Bank of China fell 1.1%, while China Merchants Bank declined 0.5% after it said that it planned to raise as much as USD5.4 billion by issuing new shares.
The outlook for European stock markets was modestly higher. The EURO STOXX 50 futures pointed to a gain of 0.25%, France’s CAC 40 futures edged 0.1% higher, the FTSE 100 futures eased up 0.08%, while Germany's DAX futures advanced 0.15%.
Later in the day, the ZEW Centre for Economic Research was to publish a report on German economic sentiment, while the U.S. was to release official data on building permits as well as a report on housing starts.