Forexpros – Asian stocks were mixed to lower on Tuesday as high oil prices prompted investors to sell stocks and snap up nicely price positions in yen, which has weakened in recent sessions thanks to Bank of Japan easing measures.
Japanese chipmaker Elpida Memory’s decision to declare bankruptcy also sent Japanese stocks falling.
During Asian trading on Tuesday, Hong Kong’s Hang Seng Index was up 0.45%, Australia’s S&P/ASX200 was down 0.13%, while Japan’s Nikkei 225 Index was down 0.54%.
High oil prices sent investors selling stocks on Tuesday despite oil’s retreat, with nerves further on edge after Elpida Memory declared bankruptcy.
The sell-off gave investors in Japan particularly good reason to invest in the yen, which has weakened considerably thanks to Bank of Japan easing measures.
Hong Kong shares bucked the trend, rising following their U.S. counterparts even though many U.S. stocks reversed gains and finished Monday in negative territory.
In neighboring China, Chinese banks reportedly received the green light to lend to local governments to help finance partially completed infrastructure projects.
In Hong Kong, the top gainers included Cathay Pacific, up 2.56%, Hang Seng Bank, up 1.92%, and Bankcomm, up 1.82%.
In Australia, the top decliners included James Hardie Industries, down 3.84%, Aquila Resources, down 3.62%, and Linc Energy, down 3.31%.
European stock futures indicated a mixed opening.
France’s CAC 40 futures pointed to a gain of 0.01%, while Germany ‘s DAX 30 futures signaled a loss of 0.05%. Meanwhile, in the U.K., the FTSE 100 futures indicated a gain of 0.06%.
Dow Jones Industrial Average futures were up 0.02% while the S&P 500 futures were up 0.01%.
Later Tuesday, Japan will release industrial output and manufacturing data.
Also on Tuesday, the U.S. is to produce official data on durable goods orders, a leading indicator of production, followed by industry data on house price inflation and consumer confidence.
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