Chinese stocks gained while most other major Asian equity markets slipped Tuesday, although moves were broadly muted ahead of a crucial announcement on how Europe plans to stem its debt crisis.
In Tokyo, the Nikkei 225 Index shaved off 81.67 points, or 0.9%, to close Tuesday at 8,762.31
In Hong Kong, the Hang Seng Index continued its streak, climbing 196.38 points, or 1.1%, to 18,968.70
France and Germany last week said that they would unveil a "comprehensive and ambitious" response to the region’s debt crisis by Wednesday.
Both Asian and U.S. stock markets had climbed sharply on Monday after reports suggested that Europe intends to recapitalize its banks and could leverage its bailout fund.
Banks were among notable decliners Tuesday in Tokyo, with Sumitomo Mitsui Financial Group Inc. down 1.5%, Mizuho Financial Group Inc. dropping 1.8%, and Mitsubishi UFJ Financial Group Inc. falling 1.2%.
Australian banks also lost ground, with National Australia Bank Ltd. losing 1.1%, and Macquarie Group Ltd. ending 1% lower.
But Hong Kong-listed banks traded higher, with Industrial & Commercial Bank of China Ltd. gaining 2.5%, and Agricultural Bank of China Ltd. extending its previous-session gains by 4.2%.
Hong Kong-listed China Coal Energy Co. rose 5.3%, and Cnooc Ltd. climbed 5.4%.
In Australian trading, shares of BHP Billiton Ltd. gained 0.9%, and Rio Tinto Ltd. advanced 1.5%.
Sumitomo Metal Mining Ltd. gained 1.3% in Tokyo, while energy major Inpex Corp. rose 1.9%.
Canon Inc. fell 1.8% ahead of its results after the market close, which showed July-September net profit for the Japanese maker of cameras and copiers rose 14.2% from a year earlier.
Likewise, robotics producer Fanuc Corp declined 3% ahead of its earnings report, which showed a 27% year-on-year net profit gain.
In Sydney, companies attuned to the domestic Australian economy came under pressure, with Seven West Media Ltd. down 2.6% and Pacific Brands Ltd. dropping 5.6%.
Reserve Bank of Australia Deputy Gov. Ric Battellino said in a speech Tuesday morning that the RBA’s central scenario is for global economic growth to be broadly in line with its long-run average.
CHINA
Some resource shares chalked up gains after upbeat Chinese manufacturing data on Monday helped send many commodity prices rising overnight.
Shanghai’s CSI 300 index improved 48.76 points, or 1.9%, to 2,625.43
Other notable gainers included mainland-China-listed property shares, with real-estate major China Vanke Co. rising 5% in Shenzhen after posting a 32% gain in third-quarter profit despite government measures to cool housing prices.
The results appeared to boost some of Vanke’s Shanghai-listed peers, with Gemdale Corp. up 5.7% and Poly Real Estate Group Co. rising 4.6%.
In other markets;
Taiwan’s Taiex Index added 20.91 points, or 0.3%, to 7,491.21
Korea’s Kospi Index shed 15.24 points, or 0.4%, to 1,888.65
Singapore’s Straits Times Index eked up 8.99 points, or 0.3%, to 2,769.94
New Zealand’s NZX 50 Index returned from holiday to regain 15.21 points, or 0.5%, to 3,296.36
Australia’s S&P/ASX 200 Index lost 27.10 points, or 0.6%, to 4,227.90
