Japanese and Taiwanese shares ended lower Wednesday on lingering concerns over European economic troubles, while Australian stocks advanced as a set of upbeat earnings reports encouraged more bargain buying.
In Japan, the Nikkei 225 average settled 50.17 points, or 0.6%, to 9,057.26
Hong Kong’s Hang Seng Index regained 76.95 points, or 0.4%, to 20,289
Volatility remained high in the region, with investor sentiment subdued after German Chancellor Angela Merkel and French President Nicolas Sarkozy Tuesday rejected issuing euro-zone bonds and proposed a new financial-transaction tax to remedy the region’s sovereign debt woes.
Disappointing quarterly euro-zone and German growth reports heightened concerns about the global economy, and U.S. stocks snapped a three-day winning streak Tuesday
Financial stocks climbed in Hong Kong, continuing to recover recent losses, with heavyweight HSBC Holdings PLC adding 1.5% and BOC Hong Kong Holdings Ltd. jumping 4.4%.
A set of strong earnings reports also supported stocks in Australia and Hong Kong.
In Sydney trading, investors absorbed a wash of corporate profit results, with pallet maker Brambles Ltd. advancing 4.4% after it posted a rise in full-year profit and announced plans to sell its Recall document management business.
Woodside Petroleum Ltd. rose 1.2% after the company’s first-half profit topped forecasts.
Property group Westfield Group Australia rose 0.7%, even as its first-half profit missed forecasts.
CSL Ltd. dropped 2.7%, as the blood-products maker posted a more than 10% fall in full-year profit, hit by a rising Australian dollar.
China Coal Energy Co. soared 6.9% in Hong Kong after its first-half profit beat expectations and earned the stock an upgrade to buy from Citigroup.
Ranking among the losers, real-estate firms Mitsui Fudosan Co. Ltd. and Mitsubishi Estate Co. Ltd. shed 1.9% and 0.7%, respectively, in Tokyo.
Exporters also lost ground, with Honda Motor Co. Ltd. falling 2.5% and Suzuki Motor Corp. declining 1.4%.
Shares in Sony Corp. lost 0.8% after the firm said it will cut the price for its PlayStation3 video-game console in a bid to match competition.
In Taipei, HTC Corp. shares fell 3.1% on a generally weak outlook for overseas demand. The drop followed news that the company has filed new lawsuits against Apple Inc. in the U.S., claiming that the iPhone maker has violated three of its patents.
CHINA
Mainland Chinese stocks declined on worries about more monetary tightening, while those in Hong Kong overcame choppy afternoon trading to edge higher after Chinese Vice Premier Li Keqiang -- currently on a visit to the city -- announced proposals affirming Hong Kong’s status as a key offshore financial hub.
Shanghai’s CSI 300 Index erased 11.57 points, or 0.4%, to 2,886.01
In other markets;
Korea’s Kospi Index added another 12.80 points, or 0.5%, to 1,892.67
Taiwan’s Taiex Index deducted 56.83 points, or 0.7%, to 7,741.76
Singapore’s Straits Times Index slid 4.20 points, or 0.2%, to 2,828.53
New Zealand’s NZX 50 Index added 16.36 points, or 0.5%, to 3,290.10
Australia’s S&P/ASX 200 Index progressed 56.60 points, or 1.3%, to 4,303.90
