Investing.com – Asian stock markets were mixed on Wednesday, amid renewed concerns over the euro zone’s debt woes, while shares in Chinese lenders slumped on reports Singapore’s Temasek Holdings sold shares to trim its exposure to the sector.
During late Asian trade, Hong Kong's Hang Seng Index slumped 0.35%, Australia’s ASX/200 Index rose 0.31%, while Japan’s Nikkei 225 Index jumped 1.1%.
On Tuesday, ratings agency Moody's downgraded Portugal's credit rating by four notches to Ba2, or junk grade, on the growing risk the country will need a second round of financing.
Meanwhile, Singapore’s state-owned investment firm Temasek Holdings said it was seeking to raise up to USD3.67 billion by selling parts of its stakes in Chinese lenders Bank of China and China Construction Bank.
Bank of China shares tumbled 3.4%, China Construction Bank saw shares drop 3%, while shares in the nation’s largest lender Industrial and Commercial Bank of China sank 2.1%.
Elsewhere, commodity-linked shares drove the Nikkei to a four-month high after crude oil and metal prices traded broadly higher on the New York Mercantile Exchange, boosting earnings prospects for miners and energy explorers.
Japan’s biggest oil producer Inpex saw shares climb 1.7%, rival Japan Petroleum Exploration Company rallied 3.85%, while shares in the nation’s largest gold producer Sumitomo Metal Mining advanced 1.6%.
Shares in Nippon Paper Group surged 5.2% after it said it planned to increase prices on printing paper by at least 10% to pass on higher fuel costs.
Rivals Hokuetsu Paper Mills saw shares jump 4.85%, while Oji Paper Company shares gained 2.25%.
The outlook for European stock markets was mixed. The EURO STOXX 50 futures pointed to a gain of 0.1%, France’s CAC 40 futures dipped 0.1%, the FTSE 100 futures eased up 0.1%, while Germany's DAX futures edged 0.05% higher.
Later in the day, the euro zone was to publish final data on first quarter gross domestic product, while Germany was to publish official data on factory orders. Also Tuesday, the U.S. Institute of Supply Management was to publish a report on service sector growth.
During late Asian trade, Hong Kong's Hang Seng Index slumped 0.35%, Australia’s ASX/200 Index rose 0.31%, while Japan’s Nikkei 225 Index jumped 1.1%.
On Tuesday, ratings agency Moody's downgraded Portugal's credit rating by four notches to Ba2, or junk grade, on the growing risk the country will need a second round of financing.
Meanwhile, Singapore’s state-owned investment firm Temasek Holdings said it was seeking to raise up to USD3.67 billion by selling parts of its stakes in Chinese lenders Bank of China and China Construction Bank.
Bank of China shares tumbled 3.4%, China Construction Bank saw shares drop 3%, while shares in the nation’s largest lender Industrial and Commercial Bank of China sank 2.1%.
Elsewhere, commodity-linked shares drove the Nikkei to a four-month high after crude oil and metal prices traded broadly higher on the New York Mercantile Exchange, boosting earnings prospects for miners and energy explorers.
Japan’s biggest oil producer Inpex saw shares climb 1.7%, rival Japan Petroleum Exploration Company rallied 3.85%, while shares in the nation’s largest gold producer Sumitomo Metal Mining advanced 1.6%.
Shares in Nippon Paper Group surged 5.2% after it said it planned to increase prices on printing paper by at least 10% to pass on higher fuel costs.
Rivals Hokuetsu Paper Mills saw shares jump 4.85%, while Oji Paper Company shares gained 2.25%.
The outlook for European stock markets was mixed. The EURO STOXX 50 futures pointed to a gain of 0.1%, France’s CAC 40 futures dipped 0.1%, the FTSE 100 futures eased up 0.1%, while Germany's DAX futures edged 0.05% higher.
Later in the day, the euro zone was to publish final data on first quarter gross domestic product, while Germany was to publish official data on factory orders. Also Tuesday, the U.S. Institute of Supply Management was to publish a report on service sector growth.