Investing.com - Asian stock markets were mixed to lower on Wednesday, as renewed concerns over the global economic outlook weighed on investor sentiment, while corporate earnings results were also in focus.
During late Asian trade, Hong Kong's Hang Seng Index shed 0.4%, Australia’s ASX/200 Index slumped 0.87%, while Japan’s Nikkei 225 Index eased up 0.08%.
Asian equities were higher after the open following the release of China's official manufacturing purchasing managers’ index, which rose to 50.5 in January from 50.3 in December.
However, much of those gains were lost after a separate report from HSBC indicated that manufacturing activity in the world’s second largest economy contracted for the third consecutive month.
Disappointing U.S. economic data on consumer confidence, housing and manufacturing activity released Tuesday renewed concerns over the strength of the world’s largest economy.
Lingering worries over talks between Greece and its bondholders aimed at restructuring the country’s debt also weighed on market sentiment.
Shares in Japanese exporters performed poorly, amid the downbeat global outlook. Consumer electronics giant Sony saw shares drop 1.95%, while shares in rival Sharp tumbled 4.3%.
Toshiba shares came under pressure, slumping 1.25% after reporting a 72% drop in quarterly earnings. Profits sagged on the back of a strengthening yen and a struggling global economy.
Automaker Honda added 0.3% despite releasing worse-than-expected earnings. The company also slashed its full-year profit outlook, citing the effects of a strong yen and the cost of natural disasters.
On the upside, All Nippon Airways jumped 6.75% after raising its full-year operating profit forecast by 29% JPY90 billion as it speeds cost cuts.
Elsewhere, property developers led shares in Hong Kong lower after Hong Kong’s Financial Secretary John Tsang proposed in his annual budget address that the government increase the supply of land.
Sino Land saw shares drop 3.65%, while Cheung Kong Holdings retreated 1%.
Raw material producers were also lower, tracking losses in oil and metal prices. Aluminum Corporation of China saw shares fall 1.35%, while copper producer Jiangxi Copper Company slumped 0.5%.
Looking ahead, the outlook for European stock markets was upbeat. The EURO STOXX 50 futures pointed to a gain of 0.45%, France’s CAC 40 futures added 0.55%, London’s FTSE 100 futures rose 0.25%, while Germany's DAX futures climbed 0.25%.
Later in the day, the euro zone was to publish preliminary data on consumer price inflation. Meanwhile, the U.S. was to release industry data on non-farm employment change, as well as a report by the Institute for Supply Management on manufacturing activity.
During late Asian trade, Hong Kong's Hang Seng Index shed 0.4%, Australia’s ASX/200 Index slumped 0.87%, while Japan’s Nikkei 225 Index eased up 0.08%.
Asian equities were higher after the open following the release of China's official manufacturing purchasing managers’ index, which rose to 50.5 in January from 50.3 in December.
However, much of those gains were lost after a separate report from HSBC indicated that manufacturing activity in the world’s second largest economy contracted for the third consecutive month.
Disappointing U.S. economic data on consumer confidence, housing and manufacturing activity released Tuesday renewed concerns over the strength of the world’s largest economy.
Lingering worries over talks between Greece and its bondholders aimed at restructuring the country’s debt also weighed on market sentiment.
Shares in Japanese exporters performed poorly, amid the downbeat global outlook. Consumer electronics giant Sony saw shares drop 1.95%, while shares in rival Sharp tumbled 4.3%.
Toshiba shares came under pressure, slumping 1.25% after reporting a 72% drop in quarterly earnings. Profits sagged on the back of a strengthening yen and a struggling global economy.
Automaker Honda added 0.3% despite releasing worse-than-expected earnings. The company also slashed its full-year profit outlook, citing the effects of a strong yen and the cost of natural disasters.
On the upside, All Nippon Airways jumped 6.75% after raising its full-year operating profit forecast by 29% JPY90 billion as it speeds cost cuts.
Elsewhere, property developers led shares in Hong Kong lower after Hong Kong’s Financial Secretary John Tsang proposed in his annual budget address that the government increase the supply of land.
Sino Land saw shares drop 3.65%, while Cheung Kong Holdings retreated 1%.
Raw material producers were also lower, tracking losses in oil and metal prices. Aluminum Corporation of China saw shares fall 1.35%, while copper producer Jiangxi Copper Company slumped 0.5%.
Looking ahead, the outlook for European stock markets was upbeat. The EURO STOXX 50 futures pointed to a gain of 0.45%, France’s CAC 40 futures added 0.55%, London’s FTSE 100 futures rose 0.25%, while Germany's DAX futures climbed 0.25%.
Later in the day, the euro zone was to publish preliminary data on consumer price inflation. Meanwhile, the U.S. was to release industry data on non-farm employment change, as well as a report by the Institute for Supply Management on manufacturing activity.