Investing.com - Asian stocks were mixed on Tuesday as investors digested surprisingly weak German business confidence figures, which fueled concerns that a cooling global economy may be getting even chillier.
During Asian trading on Tuesday, Hong Kong's Hang Seng Index was up 0.03%, Australia's S&P/ASX200 was down 0.16%, while Japan’s Nikkei 225 Index was up 0.32%.
Stocks saw largely downward pressure after the Ifo institute said its business climate index for Germany fell to its lowest level since March 2010, stoking concerns that the European debt crisis is fraying nerves in Europe's largest economy.
The Ifo index fell to 101.4 in September from 102.3 in August, the fifth consecutive monthly decline and well below expectations for a 102.5 reading.
The numbers added to growing sentiments across Asia that the global economy is facing building headwinds, which could cut into business across the region's vital export sector.
Some investors began to look past the number, which allowed for bottom fishing to send some stock prices reversing losses.
In Hong Kong, top gainers included New World Development, up 1.32%, China Resources, up 1.30%, and Hengan INTL, up 1.30%.
In Australia, top decliners included Gindalbie Metals, down 7.46%, Arrium, down 6.90%, and Energy World Corporation, down 4.26%.
European stock futures indicated a higher opening.
France's CAC 40 futures pointed to a gain of 0.29%, while Germany's DAX 30 futures pointed to a gain of 0.37%. Meanwhile in the U.K., FTSE 100 futures indicated a gain of 0.22%.
Dow Jones Industrial Average futures pointed to a gain of 0.24% while the S&P 500 futures were up 0.29%.
Later Tuesday, European Central Bank President Mario Draghi is due to speak.
Germany, meanwhile, is to release data on consumer climate, an important indicator of consumer spending.
The U.S. will release data on consumer confidence as well as industry data on housing prices.
During Asian trading on Tuesday, Hong Kong's Hang Seng Index was up 0.03%, Australia's S&P/ASX200 was down 0.16%, while Japan’s Nikkei 225 Index was up 0.32%.
Stocks saw largely downward pressure after the Ifo institute said its business climate index for Germany fell to its lowest level since March 2010, stoking concerns that the European debt crisis is fraying nerves in Europe's largest economy.
The Ifo index fell to 101.4 in September from 102.3 in August, the fifth consecutive monthly decline and well below expectations for a 102.5 reading.
The numbers added to growing sentiments across Asia that the global economy is facing building headwinds, which could cut into business across the region's vital export sector.
Some investors began to look past the number, which allowed for bottom fishing to send some stock prices reversing losses.
In Hong Kong, top gainers included New World Development, up 1.32%, China Resources, up 1.30%, and Hengan INTL, up 1.30%.
In Australia, top decliners included Gindalbie Metals, down 7.46%, Arrium, down 6.90%, and Energy World Corporation, down 4.26%.
European stock futures indicated a higher opening.
France's CAC 40 futures pointed to a gain of 0.29%, while Germany's DAX 30 futures pointed to a gain of 0.37%. Meanwhile in the U.K., FTSE 100 futures indicated a gain of 0.22%.
Dow Jones Industrial Average futures pointed to a gain of 0.24% while the S&P 500 futures were up 0.29%.
Later Tuesday, European Central Bank President Mario Draghi is due to speak.
Germany, meanwhile, is to release data on consumer climate, an important indicator of consumer spending.
The U.S. will release data on consumer confidence as well as industry data on housing prices.