Investing.com - Most Asian stocks traded lower Tuesday, following a down for their U.S. counterparts, as some slack earnings reports and concerns about the next move out of the Federal Reserve weighed on the region’s equities.
In Asian trading Tuesday, Japan’s Nikkei 225 dropped 1.56% as the yen rose against the dollar. Japanese stocks sagged after entertainment giant Sony rebuffed a U.S. hedge fund manager’s overture to split up the company to create shareholder value.
Hong Kong’s Hang Seng plunged 1.65% following a dour earnings report from global banking giant HSBC. The Shanghai Composite lost 0.54%. China National Offshore Oil Corp., the parent company Cnooc, China’s largest offshore oil exploration firm, said it is mulling the sale of USD3 billion in dollar-denominated bonds.
Australia’s S&P/ASX 200 fell 0.2% after the Australian Bureau of Statistics said that Australia’s home price index rose 2.40% in the second-quarter compared with a first-quarter gain of 0.8%. Analysts expected a second-quarter increase of 1%.
In another report, the Australian Bureau of Statistics said that Australia’s trade balance rose to AUD600 million in July from AUD510 million in June. The June reading was revised lower from AUD670 million. Analysts expected Australia’s July trade balance to balance to be AUD800 million.
Traders are awaiting monetary policy news from the Reserve Bank of Australia later Tuesday. Last week, RBA Governor Glenn Stevens said benign inflation data in Australia gives the central bank room to consider further rate cuts even thought Australia’s benchmark interest rate is already at a record low of 2.75%. That is still one of the highest levels in the developed world.
New Zealand’s NZSE 50 fell 0.26% a day after proving resilient in the face of the Fonterra milk powder contamination news. China and Russia have said they halt imports of New Zealand-made milk powder.
South Korea’s Kospi slid 0.96% as the won touched a one-week high. Singapore’s Straits Times Index lost 0.74% while S&P 500 futures were off 0.23%.
In Asian trading Tuesday, Japan’s Nikkei 225 dropped 1.56% as the yen rose against the dollar. Japanese stocks sagged after entertainment giant Sony rebuffed a U.S. hedge fund manager’s overture to split up the company to create shareholder value.
Hong Kong’s Hang Seng plunged 1.65% following a dour earnings report from global banking giant HSBC. The Shanghai Composite lost 0.54%. China National Offshore Oil Corp., the parent company Cnooc, China’s largest offshore oil exploration firm, said it is mulling the sale of USD3 billion in dollar-denominated bonds.
Australia’s S&P/ASX 200 fell 0.2% after the Australian Bureau of Statistics said that Australia’s home price index rose 2.40% in the second-quarter compared with a first-quarter gain of 0.8%. Analysts expected a second-quarter increase of 1%.
In another report, the Australian Bureau of Statistics said that Australia’s trade balance rose to AUD600 million in July from AUD510 million in June. The June reading was revised lower from AUD670 million. Analysts expected Australia’s July trade balance to balance to be AUD800 million.
Traders are awaiting monetary policy news from the Reserve Bank of Australia later Tuesday. Last week, RBA Governor Glenn Stevens said benign inflation data in Australia gives the central bank room to consider further rate cuts even thought Australia’s benchmark interest rate is already at a record low of 2.75%. That is still one of the highest levels in the developed world.
New Zealand’s NZSE 50 fell 0.26% a day after proving resilient in the face of the Fonterra milk powder contamination news. China and Russia have said they halt imports of New Zealand-made milk powder.
South Korea’s Kospi slid 0.96% as the won touched a one-week high. Singapore’s Straits Times Index lost 0.74% while S&P 500 futures were off 0.23%.