Investing.com - Most Asian stocks traded lower during Tuesday’s session on continued speculation of global economic weakness, but Japanese shares surged amid continued hopes for a new stimulus program.
In Asian trading Tuesday, Japan’s Nikkei 225 jumped 0.97% following comments from Japan’s economic minister who said that the recent moves in the yen constituted a correction in line with broader fundamentals.
Data on Japanese machine tool orders is expected to be released later on Tuesday. There is no consensus estimate; however, the previous reading indicated a drop of 21.3%. On Wednesday, investors will get information on Japan's core machinery orders; expectations are for an increase of 0.3%.
Broader weakness in Asian stocks might be attributed to continued concerns about the global economy.
A survey released by Politico Monday indicated that more than half of House Republicans were prepared to let the U.S. government default. Such an event could have severe negative effects on the global economy and Asian markets.
Data released on Monday indicated that Eurozone's economy might be more sluggish than expected. Eurozone industrial production dropped 0.3%; economists had been expecting a gain of 0.10%.
Investors may be translating perceived economic weakness in Europe onto shares. Both China and Japan are major trading partners with the European Union.
Elsewhere, Hong Kong’s Hang Seng Index slipped 0.30% to 23,350.49, while the Shanghai Composite rallied 0.42% to 2,321.55. There are no major economic releases from China for traders to look forward to this week. Continued strength in Chinese shares is likely on the hopes that the world’s second largest economy is beginning to grow at a faster pace.
Meanwhile, the S&P/ASX 200 shed 0.24% to trade at 4,711.70. The New Zealand Exchange 50 Gross Index moved up 0.34% to 4,168.
Investors will digest data on new motor vehicle sales and consumer sentiment in Australia on Wednesday. Last month, new motor vehicle orders were flat, while the Westpac consumer sentiment slipped 4.10%.
The South Korea’s KOSPI dropped 0.70% to 1,992.40. Singapore’s Straits Times Index fell 0.67% to 3,184.99.
In Asian trading Tuesday, Japan’s Nikkei 225 jumped 0.97% following comments from Japan’s economic minister who said that the recent moves in the yen constituted a correction in line with broader fundamentals.
Data on Japanese machine tool orders is expected to be released later on Tuesday. There is no consensus estimate; however, the previous reading indicated a drop of 21.3%. On Wednesday, investors will get information on Japan's core machinery orders; expectations are for an increase of 0.3%.
Broader weakness in Asian stocks might be attributed to continued concerns about the global economy.
A survey released by Politico Monday indicated that more than half of House Republicans were prepared to let the U.S. government default. Such an event could have severe negative effects on the global economy and Asian markets.
Data released on Monday indicated that Eurozone's economy might be more sluggish than expected. Eurozone industrial production dropped 0.3%; economists had been expecting a gain of 0.10%.
Investors may be translating perceived economic weakness in Europe onto shares. Both China and Japan are major trading partners with the European Union.
Elsewhere, Hong Kong’s Hang Seng Index slipped 0.30% to 23,350.49, while the Shanghai Composite rallied 0.42% to 2,321.55. There are no major economic releases from China for traders to look forward to this week. Continued strength in Chinese shares is likely on the hopes that the world’s second largest economy is beginning to grow at a faster pace.
Meanwhile, the S&P/ASX 200 shed 0.24% to trade at 4,711.70. The New Zealand Exchange 50 Gross Index moved up 0.34% to 4,168.
Investors will digest data on new motor vehicle sales and consumer sentiment in Australia on Wednesday. Last month, new motor vehicle orders were flat, while the Westpac consumer sentiment slipped 4.10%.
The South Korea’s KOSPI dropped 0.70% to 1,992.40. Singapore’s Straits Times Index fell 0.67% to 3,184.99.