Investing.com – Asian stock markets were broadly lower on Wednesday, tracking U.S. losses overnight, as market sentiment was weighed by ongoing concerns over the euro zone’s debt crisis and a report showing that Japan swung to a trade deficit in April.
During late Asian trade, Hong Kong's Hang Seng Index dropped 0.8%, South Korea's Kospi Composite tumbled 1.25%, while Japan’s Nikkei 225 Index slumped 0.6%.
Official data released earlier showed that Japan posted its first trade deficit for the month of April in 31 years as exports slumped at their fastest pace since October 2009 in the aftermath of the March 11 earthquake.
Meanwhile, shares in electronic makers led declines after Applied Materials, the world’s largest producer of chip-making equipment forecast full-year earnings that missed market expectations.
Tokyo Electron, a maker of semiconductor equipment and a rival to Applied Materials, saw shares drop 2.1%, while Elpida Memory saw shares tumble 3.75%.
Consumer electronics giant Sony saw shares fall 1.5% after the company said Sony Ericsson Mobile Communications AB’s Canadian unit had its website hacked and the personal information of customers was stolen.
Losses were contained by gains in automakers, after the Nikkei Newspaper reported that Toyota planned to bring back domestic auto production next month to as much as 90% of targets set before the March 11 earthquake, citing swift improvements in parts supplies.
Toyota saw shares climb 2.15%, while Nissan and Honda saw shares rise 1.5% and 1.3% respectively.
Elsewhere, in Hong Kong, commodities trader Glencore International slumped 2.6% in its trading debut as raw material prices retreated.
Meanwhile, Esprit Holdings, the Hong Kong-based retailer that counts Europe as its largest market saw shares plunge 5%.
The outlook for European stock markets was downbeat. The EURO STOXX 50 futures pointed to a drop of 0.6%, France’s CAC 40 futures shed 0.55%, the FTSE 100 futures declined 0.57%, while Germany's DAX futures indicated a drop of 0.8%.
Later in the day, the U.S. was to publish official data on durable goods orders as well as a government report on crude oil stockpiles.
During late Asian trade, Hong Kong's Hang Seng Index dropped 0.8%, South Korea's Kospi Composite tumbled 1.25%, while Japan’s Nikkei 225 Index slumped 0.6%.
Official data released earlier showed that Japan posted its first trade deficit for the month of April in 31 years as exports slumped at their fastest pace since October 2009 in the aftermath of the March 11 earthquake.
Meanwhile, shares in electronic makers led declines after Applied Materials, the world’s largest producer of chip-making equipment forecast full-year earnings that missed market expectations.
Tokyo Electron, a maker of semiconductor equipment and a rival to Applied Materials, saw shares drop 2.1%, while Elpida Memory saw shares tumble 3.75%.
Consumer electronics giant Sony saw shares fall 1.5% after the company said Sony Ericsson Mobile Communications AB’s Canadian unit had its website hacked and the personal information of customers was stolen.
Losses were contained by gains in automakers, after the Nikkei Newspaper reported that Toyota planned to bring back domestic auto production next month to as much as 90% of targets set before the March 11 earthquake, citing swift improvements in parts supplies.
Toyota saw shares climb 2.15%, while Nissan and Honda saw shares rise 1.5% and 1.3% respectively.
Elsewhere, in Hong Kong, commodities trader Glencore International slumped 2.6% in its trading debut as raw material prices retreated.
Meanwhile, Esprit Holdings, the Hong Kong-based retailer that counts Europe as its largest market saw shares plunge 5%.
The outlook for European stock markets was downbeat. The EURO STOXX 50 futures pointed to a drop of 0.6%, France’s CAC 40 futures shed 0.55%, the FTSE 100 futures declined 0.57%, while Germany's DAX futures indicated a drop of 0.8%.
Later in the day, the U.S. was to publish official data on durable goods orders as well as a government report on crude oil stockpiles.