Forexpros – Asian stocks were mixed to lower on Monday as investors sold stock on news Spain has fallen into its second recession in three years and also on lackluster manufacturing data out of the U.S.
During Asian trading on Tuesday, Australia’s S&P/ASX200 was up 0.74%, while Japan’s Nikkei 225 Index was down 1.00%, mainly due to a strong yen, which hurts exporters.
Hong Kong markets were closed on holiday.
Spain reported the country’s gross domestic product shrank by 0.3% in the first quarter of this year, the same amount it contracted during the fourth quarter of 2011, which puts the economy in its second recession since 2009.
The news sent may Asian shares falling on sentiment the economy in Europe, a key export market, may be battling a reanimated debt crisis.
The U.S. didn’t give equities investors room to celebrate.
The Chicago purchasing managers’ index, a key gauge for Midwest manufacturing activity, fell to a seasonally adjusted 56.2 reading for April from 62.2 in March, the worst reading since November of 2009.
Analysts had expected the index to decline to only 61.0 in April.
The Bureau of Economic Analysis, meanwhile, reported that consumer spending jumped 0.3% in March, slowing from 0.9% the previous month and a little below market hopes for a 0.4% gain.
Personal incomes, meanwhile, rose 0.4% in March, outpacing market forecasts for 0.3% growth.
Top Australian gainers included AWE Limited, up 5.44%, GWA Group, up 5.34%, and Woodside Petroleum, up 4.44%.
Top Australian decliners included Ramelius Resources, down 20.78%, Kagara Zinc, down 7.69%, and Wotif.com Holdings, down 6.33%.
European stock futures indicated a mixed to higher opening.
France’s CAC 40 futures pointed to a gain of 0.10%, while Germany’s DAX 30 futures signaled a gain of 0.07%. Meanwhile, in the U.K., the FTSE 100 futures indicated a loss of 0.19%.
Dow Jones Industrial Average futures were up 0.17% while the S&P 500 futures were up 0.18%.
ater Tuesday, the Reserve Bank of Australia is to announce its benchmark interest rate, and release its rate statement. The country is also to publish official data on house price inflation, a key indicator of the housing industry’s health.
New Zealand is to release official data on labor cost inflation, a leading indicator of consumer inflation.
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