Investing.com - Asian stocks trimmed earlier gains Wednesday on news that eurozone financial leaders failed to reach a deal that would free up aid for Greece, sending investors racing to the U.S. dollar.
During Asian trading on Wednesday, Hong Kong's Hang Seng Index was up 0.22%, Australia's S&P/ASX200 was down 0.40%, while Japan’s Nikkei 225 Index was up 0.23%.
Eurozone policymakers wrapped up a meeting on Wednesday failing to free up aid for Greece, which sparked an immediate risk-off trading session that ate away at earlier stock gains.
Investors earlier went long on Asian stocks on hopes the U.S. will find a way to avoid driving over a fiscal cliff at the end of this year, when taxes are scheduled to rise at the same time deep spending cuts are due to kick in.
The combination could send the U.S. economy into a recession next year, though hopes continue to build for many that U.S. lawmakers and the White House will find a compromise over tax and spending reforms.
Greece has pushed through austerity measures needed to tap aid earmarked for the country, though eurozone policymakers will address the issue anew within a week.
The news wiped out optimism stemming from reports that housing data beat expectations in the U.S.
Housing starts rose 3.6% in October to a seasonally adjusted annual rate of 894,000, the biggest gain in four years.
The number of building permits issued in October fell 2.7% to a seasonally adjusted 866,000.
Both figures beat expectations.
In Hong Kong, top gainers included China Petroleum & Chemical, up 1.38%, China Overseas, up 1.11%, and China Mobile, up 0.98%.
In Australia, top decliners included David Jones Ltd., down 6.61%, Cardno, down 5.71%, and AON News & Media, down 5.08%.
European stock futures indicated a lower opening.
France's CAC 40 futures pointed to a loss of 0.34%, while Germany's DAX 30 futures pointed to a loss of 0.31%. Meanwhile in the U.K., FTSE 100 futures were down 0.27%.
Dow Jones Industrial Average futures were down 0.29%, while the S&P 500 futures were down 0.4%.
Later Wednesday, markets will keep an eye out for Chinese manufacturing data.
In the U.S. on Wednesday, the U.S. will release weekly government reports on initial jobless claims and crude oil inventories.
This data is being released one day early ahead of the Thanksgiving holiday on Thursday.
In addition, the University of Michigan is to release revised data on consumer sentiment and inflation expectations.
During Asian trading on Wednesday, Hong Kong's Hang Seng Index was up 0.22%, Australia's S&P/ASX200 was down 0.40%, while Japan’s Nikkei 225 Index was up 0.23%.
Eurozone policymakers wrapped up a meeting on Wednesday failing to free up aid for Greece, which sparked an immediate risk-off trading session that ate away at earlier stock gains.
Investors earlier went long on Asian stocks on hopes the U.S. will find a way to avoid driving over a fiscal cliff at the end of this year, when taxes are scheduled to rise at the same time deep spending cuts are due to kick in.
The combination could send the U.S. economy into a recession next year, though hopes continue to build for many that U.S. lawmakers and the White House will find a compromise over tax and spending reforms.
Greece has pushed through austerity measures needed to tap aid earmarked for the country, though eurozone policymakers will address the issue anew within a week.
The news wiped out optimism stemming from reports that housing data beat expectations in the U.S.
Housing starts rose 3.6% in October to a seasonally adjusted annual rate of 894,000, the biggest gain in four years.
The number of building permits issued in October fell 2.7% to a seasonally adjusted 866,000.
Both figures beat expectations.
In Hong Kong, top gainers included China Petroleum & Chemical, up 1.38%, China Overseas, up 1.11%, and China Mobile, up 0.98%.
In Australia, top decliners included David Jones Ltd., down 6.61%, Cardno, down 5.71%, and AON News & Media, down 5.08%.
European stock futures indicated a lower opening.
France's CAC 40 futures pointed to a loss of 0.34%, while Germany's DAX 30 futures pointed to a loss of 0.31%. Meanwhile in the U.K., FTSE 100 futures were down 0.27%.
Dow Jones Industrial Average futures were down 0.29%, while the S&P 500 futures were down 0.4%.
Later Wednesday, markets will keep an eye out for Chinese manufacturing data.
In the U.S. on Wednesday, the U.S. will release weekly government reports on initial jobless claims and crude oil inventories.
This data is being released one day early ahead of the Thanksgiving holiday on Thursday.
In addition, the University of Michigan is to release revised data on consumer sentiment and inflation expectations.