Investing.com - Asian stock markets were mixed on Tuesday, as ongoing uncertainty over the direction of U.S. monetary policy kept investors in a cautious mood.
The Federal Reserve’s stimulus program is viewed by many investors as a key driver in boosting the price of global equities.
During late Asian trade, Hong Kong's Hang Seng Index inched up 0.2%, Australia’s ASX/200 Index ended 0.59% lower, while Japan’s Nikkei 225 Index closed down 0.25%.
Investors are turning their attention to the minutes of the Fed’s October meeting, as well as a speech by Chairman Ben Bernanke on Wednesday for further indications on the future course of U.S. monetary policy.
New York Fed President William Dudley said Monday he was growing more hopeful that the economy is improving, and added that the fiscal uncertainties that acted as a drag on growth are likely to abate in the coming months.
In Tokyo, the Nikkei inched lower as traders continued to monitor movements in the currency market.
USD/JPY fell to hit a daily low of 99.56, moving off the previous session’s high of 100.34. A stronger yen decreases the value of overseas income at Japanese companies when repatriated, dampening the outlook for export earnings.
Automakers Toyota and Honda saw shares fall 0.85% and 1.1% respectively, while Sharp declined 1.8%.
Japanese megabanks were also lower with shares of the nation’s largest lender Mitsubishi UFJ Financial Group shedding 0.9%, while Sumitomo Mitsui Financial Group dropped 1.8%.
Meanwhile, in Australia, the ASX/200 Index fell to a four-day low as losses in the banking sector weighed on the benchmark index.
Minutes of the Reserve Bank of Australia’s most recent policy-setting meeting released earlier said there was still some scope to ease, but also noted that a record low cash rate of 2.5% is working through the economy
ANZ Banking Group and Westpac Banking Group shed 0.6% and 1% respectively, while National Australia Bank slumped 0.9%.
Shares of Commonwealth Property Office Fund surged 5% after private investment fund GPT Group made an offer for the firm, valuing it at AUD3 billion.
Elsewhere, in Hong Kong, the Hang Seng traded near a nine-month high as market sentiment remained underpinned after China outlined proposals for a series of broad economic reforms, reinforcing investor confidence in the country.
State-owned companies such as PetroChina and Industrial and Commercial Bank of China climbed 2.8% and 0.5% respectively.
Looking ahead, European stock market futures pointed to a steady open.
The EURO STOXX 50 futures pointed to a loss of 0.1% at the open, France’s CAC 40 futures fell 0.1%, London’s FTSE 100 futures indicated a gain of 0.1%, while Germany's DAX futures pointed to a flat open.
Meanwhile in the U.S., equity markets also pointed to a flat open. The Dow Jones Industrial Average futures pointed to a 0.01% gain, S&P 500 futures signaled a 0.02% advance, while the Nasdaq 100 futures indicated a rise of 0.05%.
Overnight, U.S. shares ended mixed to lower after noted investor Carl Icahn said he was cautious on stocks, which broke into record-high territory earlier on sentiments the Federal Reserve will keep its stimulus programs in place to bolster the economy.
The Federal Reserve’s stimulus program is viewed by many investors as a key driver in boosting the price of global equities.
During late Asian trade, Hong Kong's Hang Seng Index inched up 0.2%, Australia’s ASX/200 Index ended 0.59% lower, while Japan’s Nikkei 225 Index closed down 0.25%.
Investors are turning their attention to the minutes of the Fed’s October meeting, as well as a speech by Chairman Ben Bernanke on Wednesday for further indications on the future course of U.S. monetary policy.
New York Fed President William Dudley said Monday he was growing more hopeful that the economy is improving, and added that the fiscal uncertainties that acted as a drag on growth are likely to abate in the coming months.
In Tokyo, the Nikkei inched lower as traders continued to monitor movements in the currency market.
USD/JPY fell to hit a daily low of 99.56, moving off the previous session’s high of 100.34. A stronger yen decreases the value of overseas income at Japanese companies when repatriated, dampening the outlook for export earnings.
Automakers Toyota and Honda saw shares fall 0.85% and 1.1% respectively, while Sharp declined 1.8%.
Japanese megabanks were also lower with shares of the nation’s largest lender Mitsubishi UFJ Financial Group shedding 0.9%, while Sumitomo Mitsui Financial Group dropped 1.8%.
Meanwhile, in Australia, the ASX/200 Index fell to a four-day low as losses in the banking sector weighed on the benchmark index.
Minutes of the Reserve Bank of Australia’s most recent policy-setting meeting released earlier said there was still some scope to ease, but also noted that a record low cash rate of 2.5% is working through the economy
ANZ Banking Group and Westpac Banking Group shed 0.6% and 1% respectively, while National Australia Bank slumped 0.9%.
Shares of Commonwealth Property Office Fund surged 5% after private investment fund GPT Group made an offer for the firm, valuing it at AUD3 billion.
Elsewhere, in Hong Kong, the Hang Seng traded near a nine-month high as market sentiment remained underpinned after China outlined proposals for a series of broad economic reforms, reinforcing investor confidence in the country.
State-owned companies such as PetroChina and Industrial and Commercial Bank of China climbed 2.8% and 0.5% respectively.
Looking ahead, European stock market futures pointed to a steady open.
The EURO STOXX 50 futures pointed to a loss of 0.1% at the open, France’s CAC 40 futures fell 0.1%, London’s FTSE 100 futures indicated a gain of 0.1%, while Germany's DAX futures pointed to a flat open.
Meanwhile in the U.S., equity markets also pointed to a flat open. The Dow Jones Industrial Average futures pointed to a 0.01% gain, S&P 500 futures signaled a 0.02% advance, while the Nasdaq 100 futures indicated a rise of 0.05%.
Overnight, U.S. shares ended mixed to lower after noted investor Carl Icahn said he was cautious on stocks, which broke into record-high territory earlier on sentiments the Federal Reserve will keep its stimulus programs in place to bolster the economy.