Forexpros – Asian stocks were mixed on Tuesday, caught in a tug-of-war between hopes that China remains committed to growth and slightly higher-than-expected unemployment rates in Japan pressured stocks down there.
During Asian trading on Tuesday, Hong Kong’s Hang Seng Index was up 0.07%, Australia’s S&P/ASX200 was up 0.46%, while Japan’s Nikkei 225 Index was down 0.36%.
The Chinese economy has shown signs of cooling this year, although Beijing reiterated recently it will adhere to accommodative policies to ensure growth returns closer to prior levels, which sent some stocks gaining on Tuesday.
However, fears that Spain will come under pressure to find ways to finance a EUR19 billion recapitalization of the Bankia financial institution sent stocks falling worldwide, offsetting hopes
Greece will likely support candidates in June 17 parliamentary elections that support sticking with the euro.
Meanwhile in Asia, Japan’s unemployment rate crept up 4.6% in April from 4.5% in March, slightly worse than expected, as markets were expecting the rate to come in unchanged, which sent Japanese equities dipping in early Tuesday trading.
Year-on-year household spending rose 2.6% in April, slightly better than forecasts for a 2.4% gain.
In Hong Kong, the top gainers included CITIC Pacific, up 4.28%, CHALCO, up 4.05%, and China Shenhua, up 2.80%.
In Australia, the top gainers included Linc Energy, up 19.15%, Aquila Resources, up 11.78%, and Aquarius Platinum, up 9.09%.
European stock futures indicated a higher opening.
France’s CAC 40 futures pointed to a gain of 0.11%, while Germany’s DAX 30 futures signaled a gain of 0.16%. Meanwhile, in the U.K., the FTSE 100 futures indicated a gain of 0.02%.
Dow Jones Industrial Average futures were up 0.43% while the S&P 500 futures were up 0.54%.
Later Tuesday, the U.S. Conference Board’s consumer confidence index will be released.
Markets will keep an eye down the road to Friday’s U.S. jobs report as well.
Forexpros
