Investing.com - Asian stock markets were lower during late Asian trade on Wednesday, as market participants locked in gains from a recent rally ahead of a series of upcoming euro zone meetings.
During late Asian trade, Hong Kong's Hang Seng Index slumped 0.9%, Australia’s ASX/200 Index declined 0.2%, while Japan’s Nikkei 225 Index shed 0.3%.
Luxemburg’s Prime Minister Jean-Claude Juncker, who also heads the group of euro zone finance ministers, was to hold talks with Greek Prime Minister Antonis Samaras later Wednesday, to discuss a two-year extension of the country’s economic reform program.
Meanwhile, German Chancellor Angela Merkel is to meet with French President Francois Hollande on Thursday, while Antonis Samaras is to meet with the French and German leaders later in the week.
Investors were also anticipating the minutes of the Fed’s August policy meeting later in the day, amid speculation over how close the U.S. central bank may be to implementing another round of stimulus measures.
Upbeat U.S. economic data released last week indicated that the economy may be stabilizing and tempered expectations for another round of quantitative easing by the Fed.
In Tokyo, the Nikkei came under pressure following the release of government data showing the nation swung to a deficit last month, as exports plunged more-than-expected in the face of weakening global demand.
The trade gap totaled JPY517.4 billion, after posting a JPY60.3 billion surplus in June. Exports fell 8.1%, compared to expectations for a 3.1% decline. The data showed that shipments to China dropped nearly 12%.
Exporters with high exposure to the world’s second largest economy slumped, with Kyocera falling 1.15%, while steel-makers Nippon Steel and Sumitomo Metal Industries retreated 1.7% and 1.55% respectively.
Elsewhere, in Hong Kong, shares in index heavyweight CNOOC slumped 2% after Deutsche Bank downgraded the stock to from "buy" to "hold" a day after reporting a wider-than-expected 19% drop in first half net profit.
Shares in oil major PetroChina traded down 2.85%, as investors sold the stock ahead of the release of earnings after the closing bell.
Meanwhile, shares in Australia edged modestly lower a day after closing at the highest level since early May, as losses in top miners weighed.
BHP Billiton saw shares ease down 0.25%. The company reported a 35% drop in second half net profit after the closing bell in Sydney, as demand from top commodity producer China slowed.
Looking ahead, the outlook for European stock markets was flat to mildly lower, as sentiment remained supported amid persistent hopes for progress on tackling the debt crisis in the euro zone.
The EURO STOXX 50 futures pointed to a loss of 0.25% at the open, France’s CAC 40 futures dipped 0.35%, London’s FTSE 100 futures eased up 0.2%, while Germany's DAX futures pointed to a decline of 0.3% at the open.
Later Wednesday, the U.S. was to release industry data on existing home sales.
During late Asian trade, Hong Kong's Hang Seng Index slumped 0.9%, Australia’s ASX/200 Index declined 0.2%, while Japan’s Nikkei 225 Index shed 0.3%.
Luxemburg’s Prime Minister Jean-Claude Juncker, who also heads the group of euro zone finance ministers, was to hold talks with Greek Prime Minister Antonis Samaras later Wednesday, to discuss a two-year extension of the country’s economic reform program.
Meanwhile, German Chancellor Angela Merkel is to meet with French President Francois Hollande on Thursday, while Antonis Samaras is to meet with the French and German leaders later in the week.
Investors were also anticipating the minutes of the Fed’s August policy meeting later in the day, amid speculation over how close the U.S. central bank may be to implementing another round of stimulus measures.
Upbeat U.S. economic data released last week indicated that the economy may be stabilizing and tempered expectations for another round of quantitative easing by the Fed.
In Tokyo, the Nikkei came under pressure following the release of government data showing the nation swung to a deficit last month, as exports plunged more-than-expected in the face of weakening global demand.
The trade gap totaled JPY517.4 billion, after posting a JPY60.3 billion surplus in June. Exports fell 8.1%, compared to expectations for a 3.1% decline. The data showed that shipments to China dropped nearly 12%.
Exporters with high exposure to the world’s second largest economy slumped, with Kyocera falling 1.15%, while steel-makers Nippon Steel and Sumitomo Metal Industries retreated 1.7% and 1.55% respectively.
Elsewhere, in Hong Kong, shares in index heavyweight CNOOC slumped 2% after Deutsche Bank downgraded the stock to from "buy" to "hold" a day after reporting a wider-than-expected 19% drop in first half net profit.
Shares in oil major PetroChina traded down 2.85%, as investors sold the stock ahead of the release of earnings after the closing bell.
Meanwhile, shares in Australia edged modestly lower a day after closing at the highest level since early May, as losses in top miners weighed.
BHP Billiton saw shares ease down 0.25%. The company reported a 35% drop in second half net profit after the closing bell in Sydney, as demand from top commodity producer China slowed.
Looking ahead, the outlook for European stock markets was flat to mildly lower, as sentiment remained supported amid persistent hopes for progress on tackling the debt crisis in the euro zone.
The EURO STOXX 50 futures pointed to a loss of 0.25% at the open, France’s CAC 40 futures dipped 0.35%, London’s FTSE 100 futures eased up 0.2%, while Germany's DAX futures pointed to a decline of 0.3% at the open.
Later Wednesday, the U.S. was to release industry data on existing home sales.