Investing.com - Asian stock markets were mixed on Thursday, amid concerns tougher sanctions against Russia will hurt global growth.
During late Asian trade, Hong Kong's Hang Seng Index shed 0.2%, China’s Shanghai Composite Index slumped 0.83%, Australia’s S&P/ASX 200 Index closed 0.5% lower, while Japan’s Nikkei 225 Index reversed earlier losses to up 1.01%.
Asia was given a negative lead from the U.S., where markets ended lower after President Barack Obama urged Europe not to get complacent over Russia's recent annexation of Crimea.
Speaking in Brussels on Wednesday, Obama told allies complacency against Russia could have serious consequences, including stiffer sanctions slapped on Russia if Moscow makes new incursions into Ukraine.
Economic sanctions could threaten Russia with a recession that could drag on the global economy.
In Tokyo, the Nikkei shook off earlier weakness to end at a two-week high as investors monitored movements in the currency market.
USD/JPY fell to a daily low of 101.70 earlier in the session, before turning higher to trade at 102.27.
Index heavyweights Fast Retailing (9983.TOK) and Fanuc (6954.TOK) saw shares climb 3.3% and 1.7% respectively.
Meanwhile, in Australia, the ASX/200 Index closed lower as losses in the mining sector weighed on the benchmark index.
Gold producers Newcrest Mining (NCM.ASX) and Kingsgate Consolidated (KCN.ASX) slumped 3.3% and 2% respectively, while Fortescue Metals Group (FMG.ASX) dropped 1.3%.
Elsewhere, shares in mainland China and Hong Kong declined as ongoing concerns over the health of China’s economy weighed.
Index heavyweight Tencent (0700.HK) tumbled 5.8%, while Citic Pacific (0267.HK) surged 14.7%.
Looking ahead, European stock market futures pointed to a modestly lower open. The DJ Euro Stoxx 50 futures pointed to a loss of 0.2%, France’s CAC 40 futures shed 0.2%, London’s FTSE 100 futures indicated a decline of 0.35%, while Germany's DAX futures dipped 0.15%.
Across the Atlantic, U.S. equity markets pointed to a firm open. The Dow 30 futures pointed to a gain of 0.12%, S&P 500 futures inched up 0.07%, while the Nasdaq 100 futures indicated a rise of 0.15%.
The U.S. is to publish final data on fourth quarter economic growth. The nation is also to release the weekly report on initial jobless claims and private sector data on pending home sales.