Investing.com – Asian stock markets declined in holiday-thinned trade on Tuesday, as shares in commodity producers slipped and as corporate earnings results disappointed.
During late Asian trade, Hong Kong's Hang Seng Index shed 0.1%, South Korea's Kospi Composite sank 1%, while Japan’s Nikkei 225 Index was closed for a public holiday.
Shares in raw material producers were broadly lower after oil and metal prices retreated from multi-year highs. Oil and gas giant PetroChina saw shares fall 1.2%, rival China Shenhua Energy dropped 1.15%, while copper producer Jianxgi Copper Company saw shares slump 1.35%.
However, shares in China’s largest offshore oil driller CNOOC climbed 1.45% after Goldman Sachs reiterated its “buy” rating on the stock, saying the company was not likely to be affected by a possible resource tax.
Elsewhere, Australia’s S&P/ASX 200 Index closed 0.78% lower as shares in the nation’s third largest lender ANZ Banking Group said first half net income rose to AUD2.66 billion, falling short of expectations for income of AUD2.77 billion.
Shares in Fairfax Media, Australia’s second largest newspaper publisher plunged 8% after it said fiscal second half revenue slipped 4.5% from a year earlier, while costs rose 1%. The media group lowered its full-year earnings outlook to AUD600 million, lower than market expectations for earnings of AUD647 million.
Meanwhile, mining giant BHP Billiton saw shares slip 1.25%, rival Rio Tinto sank 1%, while gold producer Newcrest Mining declined 1.5%.
Earlier in the day, the Reserve Bank of Australia kept its benchmark interest rate unchanged at 4.75% in May, broadly in line with expectations.
The outlook for European equity markets was modestly lower. The EURO STOXX 50 futures pointed to a decline of 0.1%, France’s CAC 40 futures shed 0.11%, the FTSE 100 futures dipped 0.15%, while Germany’s DAX futures edged 0.08% lower.
Later Tuesday, the euro zone was to publish official data on producer price inflation, while the U.S. was to release government data on factory orders.
During late Asian trade, Hong Kong's Hang Seng Index shed 0.1%, South Korea's Kospi Composite sank 1%, while Japan’s Nikkei 225 Index was closed for a public holiday.
Shares in raw material producers were broadly lower after oil and metal prices retreated from multi-year highs. Oil and gas giant PetroChina saw shares fall 1.2%, rival China Shenhua Energy dropped 1.15%, while copper producer Jianxgi Copper Company saw shares slump 1.35%.
However, shares in China’s largest offshore oil driller CNOOC climbed 1.45% after Goldman Sachs reiterated its “buy” rating on the stock, saying the company was not likely to be affected by a possible resource tax.
Elsewhere, Australia’s S&P/ASX 200 Index closed 0.78% lower as shares in the nation’s third largest lender ANZ Banking Group said first half net income rose to AUD2.66 billion, falling short of expectations for income of AUD2.77 billion.
Shares in Fairfax Media, Australia’s second largest newspaper publisher plunged 8% after it said fiscal second half revenue slipped 4.5% from a year earlier, while costs rose 1%. The media group lowered its full-year earnings outlook to AUD600 million, lower than market expectations for earnings of AUD647 million.
Meanwhile, mining giant BHP Billiton saw shares slip 1.25%, rival Rio Tinto sank 1%, while gold producer Newcrest Mining declined 1.5%.
Earlier in the day, the Reserve Bank of Australia kept its benchmark interest rate unchanged at 4.75% in May, broadly in line with expectations.
The outlook for European equity markets was modestly lower. The EURO STOXX 50 futures pointed to a decline of 0.1%, France’s CAC 40 futures shed 0.11%, the FTSE 100 futures dipped 0.15%, while Germany’s DAX futures edged 0.08% lower.
Later Tuesday, the euro zone was to publish official data on producer price inflation, while the U.S. was to release government data on factory orders.