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Asia stocks mixed; Nikkei eases off 6-month high

Published 11/26/2013, 02:49 AM
Updated 11/26/2013, 02:49 AM

Investing.com - Asian stock markets were mixed in rangebound trade on Tuesday, with markets in Japan coming off the previous session’s six-month high amid speculation the market moved into overbought territory.

During late Asian trade, Hong Kong's Hang Seng Index inched up 0.1%, Australia’s ASX/200 Index ended 0.08% higher, while Japan’s Nikkei 225 Index closed down 0.67%.

In Tokyo, the Nikkei eased off the highest level since May as traders continued to monitor movements in the currency market.

USD/JPY fell to hit a daily low of 101.32, moving off the previous day’s six-month high of 101.90. A stronger yen reduces the value of overseas income at Japanese companies when repatriated, dampening the outlook for export earnings.

Automakers Toyota and Honda saw shares fall 1.25 and 1.95% respectively, while Sony lost 1.75%.

Elsewhere, in Australia, the ASX/200 Index inched higher as gains in the banking sector supported the benchmark index.

Australia & New Zealand Banking Group and Westpac Banking Group rose 0.5% and 0.75% respectively, while National Australia Bank and Commonwealth Bank of Australia added 0.9% and 0.8%.

The Australian dollar bounced off a three-month low against the U.S. dollar after Reserve Bank of Australia Deputy Governor Phillip Lowe said that the threshold for the central bank intervening in the currency market was “fairly high.”

Meanwhile, in Hong Kong, the Hang Seng swung between small gains and losses amid growing concerns the Federal Reserve could begin to slow its bond-purchasing program as soon as December.

Looking ahead, European stock market futures pointed to a modestly higher open.

The EURO STOXX 50 futures pointed to a gain of 0.15% at the open, France’s CAC 40 futures added 0.1%, London’s FTSE 100 futures indicated a flat open, while Germany's DAX futures pointed to an increase of 0.1%.

Meanwhile in the U.S., equity markets pointed to a flat open. The Dow Jones Industrial Average futures pointed to a 0.05% gain, S&P 500 futures signaled a 0.05% advance, while the Nasdaq 100 futures indicated a rise of 0.1%.

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