Investing.com - Asian stock markets remained lower during late Asian hours on Thursday, albeit off the worse levels of the session, as market sentiment picked up following the release of upbeat Chinese manufacturing data.
Markets in the region opened sharply lower amid indications the Federal Reserve could start scaling back its bond buying program by the end of the year.
The Fed’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 was down 0.6%, Australia’s ASX/200 Index ended 0.6% lower, while Japan’s Nikkei 225 Index closed down 0.4%.
Midway through the session, data showed that China’s HSBC Flash Purchasing Managers Index, the earliest indicator of the country's industrial activity, rose to a four-month high of 50.1 in August from a final reading of 47.7 in July, which was an 11-month low.
The measure climbed above the 50.0-mark for the first time since April, indicating expansion in manufacturing activity.
Appetite for riskier assets remained weak after minutes from the Federal Reserve’s most recent policy meeting indicated the central bank may slow or stop buying assets by the end of the year.
In Tokyo, the Nikkei trimmed an earlier loss of as much as 1.5% to end mildly lower as traders continued to eye movements in the yen.
USD/JPY rose to hit a session high of 98.32, moving off the previous session’s low of 97.11. A weaker yen increases the value of overseas income at Japanese companies when repatriated, boosting the outlook for export earnings.
Shares in Tokyo Electric Power Company fell 4.5% to extend the previous session’s decline of nearly 10% amid mounting concerns over its crippled Fukushima Daiichi nuclear plant.
Meanwhile, in Australia, the benchmark ASX/200 Index trimmed losses after hitting a two-week low earlier in the session following the release of stronger-than-expected Chinese manufacturing data.
In earnings news, Fortescue Metals Group saw shares climb 4.2% after the iron ore producer reported a 12% increase in annual profit.
On the downside, Atlas Iron tumbled 10.2% after its underlying full-year net profit came in below market expectations.
Elsewhere, in Hong Kong, the Hang Seng came off the lows as upbeat Chinese manufacturing data eased concerns over slowing growth in China.
Looking ahead, European stock market futures pointed to a mixed open, after the Federal Reserve said it could start scaling back its bond buying program by the end of the year.
The EURO STOXX 50 futures pointed to a gain of 0.1% at the open, France’s CAC 40 futures added 0.1%, London’s FTSE 100 futures pointed to a decline of 0.1%, while Germany's DAX futures pointed to a flat open.
The euro zone was to release data on manufacturing and service sector data later in the session, while the U.S. was to publish a report on initial jobless claims.
Markets in the region opened sharply lower amid indications the Federal Reserve could start scaling back its bond buying program by the end of the year.
The Fed’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 was down 0.6%, Australia’s ASX/200 Index ended 0.6% lower, while Japan’s Nikkei 225 Index closed down 0.4%.
Midway through the session, data showed that China’s HSBC Flash Purchasing Managers Index, the earliest indicator of the country's industrial activity, rose to a four-month high of 50.1 in August from a final reading of 47.7 in July, which was an 11-month low.
The measure climbed above the 50.0-mark for the first time since April, indicating expansion in manufacturing activity.
Appetite for riskier assets remained weak after minutes from the Federal Reserve’s most recent policy meeting indicated the central bank may slow or stop buying assets by the end of the year.
In Tokyo, the Nikkei trimmed an earlier loss of as much as 1.5% to end mildly lower as traders continued to eye movements in the yen.
USD/JPY rose to hit a session high of 98.32, moving off the previous session’s low of 97.11. A weaker yen increases the value of overseas income at Japanese companies when repatriated, boosting the outlook for export earnings.
Shares in Tokyo Electric Power Company fell 4.5% to extend the previous session’s decline of nearly 10% amid mounting concerns over its crippled Fukushima Daiichi nuclear plant.
Meanwhile, in Australia, the benchmark ASX/200 Index trimmed losses after hitting a two-week low earlier in the session following the release of stronger-than-expected Chinese manufacturing data.
In earnings news, Fortescue Metals Group saw shares climb 4.2% after the iron ore producer reported a 12% increase in annual profit.
On the downside, Atlas Iron tumbled 10.2% after its underlying full-year net profit came in below market expectations.
Elsewhere, in Hong Kong, the Hang Seng came off the lows as upbeat Chinese manufacturing data eased concerns over slowing growth in China.
Looking ahead, European stock market futures pointed to a mixed open, after the Federal Reserve said it could start scaling back its bond buying program by the end of the year.
The EURO STOXX 50 futures pointed to a gain of 0.1% at the open, France’s CAC 40 futures added 0.1%, London’s FTSE 100 futures pointed to a decline of 0.1%, while Germany's DAX futures pointed to a flat open.
The euro zone was to release data on manufacturing and service sector data later in the session, while the U.S. was to publish a report on initial jobless claims.