Investing.com – Asian stocks were mixed on Tuesday, with the Nikkei lower amid uncertainty following a leadership contest by Japan's ruling party while elsewhere stocks were broadly higher.
Hong Kong's Hang Seng Index was up 0.39%; South Korea's Kospi Composite fell 0.20%; while Japan’s Nikkei 225 Index shed 0.24%.
Japan's leadership vote saw incumbent prime minister Naoto Kan re-elected as president of his ruling Democratic Party. Following the result, the yen surged to a fresh 15-year high against the U.S. dollar.
Shares in auto-makers Toyota fell 1.66% while shares in electronics giant Toshiba fell 1.00%.
However financial shares continued to perform strongly after the Basel Committee's decision on new global banking regulations over the weekend. Shares in Mitsubishi Financial Group were up 1.7% while shares in Sumitomo Mitsui Financial Group jumped 2.2%.
In Hong Kong, the Hang Seng's gains came as Chinese financial stocks advanced, with Bank of China gaining 0.2% and Industrial and Commercial Bank of China advancing 1.4%
Australia's benchmark S&P/ASX 200 Index was up 0.25% with miners emerging as the top performers. Shares in BHP Billiton, the world's largest miners, rose 1.3% while shares in Macarthur Coal jumped 5.9% after a takeover bid.
The outlook for European equity markets, meanwhile, was downbeat: EURO STOXX 50 futures indicated a fall of 0.11%, France’s CAC 40 futures pointed to a dip of 0.50% and Germany's DAX futures indicated a decrease of 0.05%.
Later in the day, the euro zone was to release key data on German economic sentiment.
Hong Kong's Hang Seng Index was up 0.39%; South Korea's Kospi Composite fell 0.20%; while Japan’s Nikkei 225 Index shed 0.24%.
Japan's leadership vote saw incumbent prime minister Naoto Kan re-elected as president of his ruling Democratic Party. Following the result, the yen surged to a fresh 15-year high against the U.S. dollar.
Shares in auto-makers Toyota fell 1.66% while shares in electronics giant Toshiba fell 1.00%.
However financial shares continued to perform strongly after the Basel Committee's decision on new global banking regulations over the weekend. Shares in Mitsubishi Financial Group were up 1.7% while shares in Sumitomo Mitsui Financial Group jumped 2.2%.
In Hong Kong, the Hang Seng's gains came as Chinese financial stocks advanced, with Bank of China gaining 0.2% and Industrial and Commercial Bank of China advancing 1.4%
Australia's benchmark S&P/ASX 200 Index was up 0.25% with miners emerging as the top performers. Shares in BHP Billiton, the world's largest miners, rose 1.3% while shares in Macarthur Coal jumped 5.9% after a takeover bid.
The outlook for European equity markets, meanwhile, was downbeat: EURO STOXX 50 futures indicated a fall of 0.11%, France’s CAC 40 futures pointed to a dip of 0.50% and Germany's DAX futures indicated a decrease of 0.05%.
Later in the day, the euro zone was to release key data on German economic sentiment.