Asian stocks lackluster ahead of more US earnings

January 19, 2010 10:16 am | Updated 10:17 am IST - HONG KONG

Asian stock markets were mostly lower Tuesday as investors awaited a batch of earnings from major U.S. companies that could yield clues about the pace of economic recovery.

The lackluster trade came after Wall Street was closed for a holiday Monday and European shares advanced as investors focused on possible corporate mergers. Oil prices hovered above $78 a barrel, while the dollar slipped against the yen and the euro.

This week brings another round of quarterly results from bellwethers like Citigroup Inc. and Wells Fargo & Co., both of which are seeking to bolster their finances after being bailed out with tens of billions in taxpayer money during the crisis. Starbucks Corp. will also release results. In each case, investors will be paying close attention to what company results indicate about the state of consumer demand.

A number of markets fluctuated in Asia.

In Tokyo, the Nikkei 225 stock average slipped 36.30 points, or 0.3 percent, to 10,818.78 amid expectations Japan Airlines would file for bankruptcy protection Tuesday, ending months-long speculation about its fate and launching a massive overhaul to shed the fat and inefficiency that hobbled Asia’s biggest airline.

Elsewhere, Hong Kong’s Hang Seng lost 36.52 points, or 0.2 percent, to 21,422.05. Markets in Taiwan and Singapore also lost ground but South Korea’s market was up 3.43 points, or 0.2 percent, to 1,715.21.

China’s market also bucked the trend, with Shanghai’s main index rising 0.3 percent to 3,246.87.

Overnight in Europe, benchmarks in Britain and Germany added 0.7 percent, while France’s key index gained 0.6 percent.

Oil prices were higher in Asia, with benchmark crude for February delivery adding 36 cents to $78.36 a barrel.

In currencies, the dollar slipped to 90.49 yen from 90.73 yen. The euro traded higher at $1.4394 from $1.4380.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.