Investing.com - Asian stock markets were mixed in thin holiday trade on Tuesday, as markets continued to eye talks between Greece and its bondholders on restructuring the country’s debt.
During late Asian trade, Australia’s S&P/ASX200 eased down 0.1%, while Japan’s Nikkei 225 Index edged 0.2% higher.
Trading in the region was subdued due to the Chinese Lunar New Year holiday. Markets in Hong Kong, mainland China, South Korea, Taiwan, Singapore, Malaysia and Vietnam remained closed Tuesday.
European finance ministers on Monday rejected a proposal by Greece’s creditors aimed at restructuring Greece’s debt in order to avert a default. However, Olli Rehn, the European Commissioner for Economic and Monetary Affairs, said he expected a deal on the debt swop to be struck "within days".
In Japan, the Nikkei’s gains were limited after the country’s central bank cut its economic outlook for the current fiscal year, due to the effects of a stronger yen and sluggish conditions abroad.
Shares in the financial sector came under pressure, with investment bank heavyweights Nomura Holdings and Daiwa Securities slumping 2.1% and 1.1% respectively.
On the upside, chip maker Elpida Memory saw shares rally 4.55% boosted by media reports that that the firm was in merger talks with U.S. counterpart Micron Technology and Taiwan’s Nanya Technology.
Automaker Toyota saw shares jump 2.7% after announcing that it would cut 350 jobs at a plant in Australia, in part due to the high Australian dollar.
Elsewhere, shares in Australia swung between modest gains and losses as gains for commodity-linked shares were countered by a drop in lenders.
Mining giant Rio Tinto saw shares rise 0.8%, while gold producer Newcrest Mining jumped 2%. On the downside, National Australia Bank retreated 0.8%, while Commonwealth Bank of Australia declined 0.5%.
Also adding to downward pressure, nickel producer Mirabela Nickel tumbled 13.2% after a number of analysts downgraded the stock, following increased production costs at its Brazilian mine.
Looking ahead, the outlook for European stock markets was downbeat ahead of a second day of meeting between EU finance ministers in Brussels.
The EURO STOXX 50 futures pointed to a loss of 0.75%, France’s CAC 40 futures shed 0.55%, London’s FTSE 100 futures fell 0.35%, while Germany's DAX futures pointed to 0.8% drop.
Later in the day, the euro zone was to publish preliminary data activity in the manufacturing and service sectors, while France and Germany were to produce individual reports. The euro zone was also to release official data on industrial new orders.
During late Asian trade, Australia’s S&P/ASX200 eased down 0.1%, while Japan’s Nikkei 225 Index edged 0.2% higher.
Trading in the region was subdued due to the Chinese Lunar New Year holiday. Markets in Hong Kong, mainland China, South Korea, Taiwan, Singapore, Malaysia and Vietnam remained closed Tuesday.
European finance ministers on Monday rejected a proposal by Greece’s creditors aimed at restructuring Greece’s debt in order to avert a default. However, Olli Rehn, the European Commissioner for Economic and Monetary Affairs, said he expected a deal on the debt swop to be struck "within days".
In Japan, the Nikkei’s gains were limited after the country’s central bank cut its economic outlook for the current fiscal year, due to the effects of a stronger yen and sluggish conditions abroad.
Shares in the financial sector came under pressure, with investment bank heavyweights Nomura Holdings and Daiwa Securities slumping 2.1% and 1.1% respectively.
On the upside, chip maker Elpida Memory saw shares rally 4.55% boosted by media reports that that the firm was in merger talks with U.S. counterpart Micron Technology and Taiwan’s Nanya Technology.
Automaker Toyota saw shares jump 2.7% after announcing that it would cut 350 jobs at a plant in Australia, in part due to the high Australian dollar.
Elsewhere, shares in Australia swung between modest gains and losses as gains for commodity-linked shares were countered by a drop in lenders.
Mining giant Rio Tinto saw shares rise 0.8%, while gold producer Newcrest Mining jumped 2%. On the downside, National Australia Bank retreated 0.8%, while Commonwealth Bank of Australia declined 0.5%.
Also adding to downward pressure, nickel producer Mirabela Nickel tumbled 13.2% after a number of analysts downgraded the stock, following increased production costs at its Brazilian mine.
Looking ahead, the outlook for European stock markets was downbeat ahead of a second day of meeting between EU finance ministers in Brussels.
The EURO STOXX 50 futures pointed to a loss of 0.75%, France’s CAC 40 futures shed 0.55%, London’s FTSE 100 futures fell 0.35%, while Germany's DAX futures pointed to 0.8% drop.
Later in the day, the euro zone was to publish preliminary data activity in the manufacturing and service sectors, while France and Germany were to produce individual reports. The euro zone was also to release official data on industrial new orders.