Most Asian markets fell on Wednesday, with Australian and Hong Kong shares declining, as investors returned after a holiday-extended weekend, while mainland Chinese stocks rebounded from 33-month lows in choppy trading.
Japan’s Nikkei 225 Index fell back 16.94 points, or 0.2%, to 8,423.62.
In Hong Kong, the Hang Seng Index sidled back 110.50 points, or 0.6%, to 18,518.70
The broad decline in Asia came after a lackluster performance for U.S. markets Tuesday. Data released overnight showed a drop in home prices but a rise in consumer confidence.
Commodity-linked firms were notable decliners across Asia on concerns about the global economic outlook.
Jiangxi Copper Co. lost 2.3% and China Coal Energy Co. declined 1.9% in Hong Kong; in Shanghai, they advanced 1.8% and 0.6%, respectively.
In Sydney, BHP Billiton Ltd. dropped 1.7% and Rio Tinto Ltd. fell 2.1%.
Gold miners lost ground as Comex gold futures continued to decline.
Zijin Mining Group Co. dropped 2.3% in Hong Kong, while Sydney-listed Newcrest Mining Ltd. lost 2.2%.
Shares of Tokyo Electric Power Co. dropped 12% after Japan’s trade and industry minister, Yukio Edano, on Tuesday urged the power utility to consider all options, including temporary state control, to rebuild its finances. The stock has lost more than 90% of its value this year, following the nuclear crisis at its Fukushima power plant.
The broad losses in Tokyo came in the wake of disappointing industrial- output data for November, although losses were contained on expectations for improvement in December and January.
Some exporters continued to outperform the broader index on hopes for an economic recovery in the U.S. Toyota Motor Corp. added 0.8%, while NEC Corp. gained 0.7%.
Shares of J. Front Retailing Co. jumped 3.7% after it more than doubled its full-year earnings forecast because of a lower tax bill.
In other markets;
Shanghai’s CSI 300 index inched ahead 2.89 points, or 0.1%, to 2,307.93
Taiwan’s Taiex Index stepped back 28.36 points, or 0.9%, to 7,056.67
Korea’s Kospi Index dipped 16.90 points, or 1.1%, to 1,825.17
Singapore’s Straits Times Index doffed 7.37 points, or 0.3%, to 2,666.25
New Zealand’s NZX 50 Index tacked on 21.40 points, or 0.7%, to 3,236.90
Australia’s S&P/ASX 200 Index descended 51.60 points, or 1.3%, to 4,088.80
