Investing.com – Asian stocks were broadly lower on Tuesday, amid fears over euro zone sovereign debt contagion and amid concerns that China would introduce monetary tightening measures to curb inflation and cool its rapidly growing economy.
During late Asian trade, Hong Kong's Hang Seng Index was down 0.61%, South Korea's Kospi Composite gained 0.48%, while Japan’s Nikkei 225 Index tumbled 1.87%.
The Nikkei’s losses came as shares in the industrial sector performed poorly after official data showed that industrial production in Japan fell for the fifth consecutive month in October.
Shares in Japan’s largest steel-maker Nippon Steel plunged 4.48%, shares in rivals JFE Holdings tumbled 2.63% after the stock was downgraded, while shares in industrial equipment manufacturer Komatsu plummeted 2.44%.
Meanwhile, shares in the financial sector were broadly lower amid lingering fears over euro zone sovereign debt contagion.
Shares in Japan's second-largest lender Mizuho Financial Group tumbled 1.48%, rivals Sumitomo Mitsui Financial Group saw shares decline 1.31%, while shares in the nation’s biggest bank Mitsubishi UFJ Financial Group plunged 2.22% after the stock was downgraded by UBS.
Elsewhere, in Hong Kong, markets were lower after a member of the People’s Bank of China monetary policy committee said the country must introduce further monetary tightening measures to cool inflation, which hit a 25-month high in October.
Shares in China Construction Bank, the nation’s second-largest lender, tumbled 1.09%, rivals Bank of China Hong Kong shed 0.91%, while shares in HSBC Holdings declined 1.12%.
The outlook for European equity markets, meanwhile, was downbeat. The EURO STOXX 50 futures pointed to a drop of 0.61%, France’s CAC 40 futures indicated a decrease of 0.69%, the FTSE 100 futures pointed to a fall of 0.43% and Germany's DAX futures were down 0.30%.
Later in the day, the U.S. was to publish industry data on house prices, as well as data on consumer confidence. The country was also to release an index of manufacturing growth in the Chicago area, while Federal Reserve Chairman, Ben Bernanke was to speak at a public engagement.
During late Asian trade, Hong Kong's Hang Seng Index was down 0.61%, South Korea's Kospi Composite gained 0.48%, while Japan’s Nikkei 225 Index tumbled 1.87%.
The Nikkei’s losses came as shares in the industrial sector performed poorly after official data showed that industrial production in Japan fell for the fifth consecutive month in October.
Shares in Japan’s largest steel-maker Nippon Steel plunged 4.48%, shares in rivals JFE Holdings tumbled 2.63% after the stock was downgraded, while shares in industrial equipment manufacturer Komatsu plummeted 2.44%.
Meanwhile, shares in the financial sector were broadly lower amid lingering fears over euro zone sovereign debt contagion.
Shares in Japan's second-largest lender Mizuho Financial Group tumbled 1.48%, rivals Sumitomo Mitsui Financial Group saw shares decline 1.31%, while shares in the nation’s biggest bank Mitsubishi UFJ Financial Group plunged 2.22% after the stock was downgraded by UBS.
Elsewhere, in Hong Kong, markets were lower after a member of the People’s Bank of China monetary policy committee said the country must introduce further monetary tightening measures to cool inflation, which hit a 25-month high in October.
Shares in China Construction Bank, the nation’s second-largest lender, tumbled 1.09%, rivals Bank of China Hong Kong shed 0.91%, while shares in HSBC Holdings declined 1.12%.
The outlook for European equity markets, meanwhile, was downbeat. The EURO STOXX 50 futures pointed to a drop of 0.61%, France’s CAC 40 futures indicated a decrease of 0.69%, the FTSE 100 futures pointed to a fall of 0.43% and Germany's DAX futures were down 0.30%.
Later in the day, the U.S. was to publish industry data on house prices, as well as data on consumer confidence. The country was also to release an index of manufacturing growth in the Chicago area, while Federal Reserve Chairman, Ben Bernanke was to speak at a public engagement.