Asia stocks were rather mixed, with issues in Shanghai pointing the way to a higher session, while Tokyo weighed things down.
In Japan, the Nikkei 225 Index slid 52.10 points, or 0.6%, to 9,033.29
The Hang Seng Index in Hong Kong eked up 13.13 points, or 0.1%, to 19,811.80
Still, Japanese shares remained lower after the Japanese government cut its economic forecast for the first time this year, citing "some weak movements," such as slumping exports.
Japanese car makers fell, with Honda Motor Co. down 1.9% and Nissan Motor Co. lower by 2.1%.
The Japanese government also noted that "there is still a risk of constraints of electric-power supply." Japanese utilities added to recent losses, with Kansai Electric Power Co. down 10% after falling sharply Monday on a Nikkei report that it would omit its interim dividend.
Fellow power company Hokkaido Electric Power Co. lost 8.2%, and Chubu Electric Power Co. fell 10%.
With concerns about economic growth on the radar, South Korean blue-chip exporters were also among the decliners. Car maker Hyundai Motor Co. fell 1.6%, while chip maker SK Hynix Inc. traded down 2% in Seoul.
A loss for gold futures during Asian trading hours helped send Zijin Mining Group Co. down 2.3% in Hong Kong.
Australian gold producer Newcrest Mining Ltd. fell 1.9% after it said it suspended operations at a key Papuan gold mine amid a dispute with landowners.
More broadly, Australian miners extended their recent volatility, with the sector under pressure Tuesday. Fortescue Metals Group Ltd. fell 2.5%, while Rio Tinto Ltd. lost 0.7%.
Samsung Electronics Co. rose 1.1% in Seoul. The index heavyweight pared a 7%-plus loss made in the previous session when investors reacted to a U.S. patent ruling made in favor of Apple Inc.
The South Korean electronics giant finalized plans Monday to join Dutch chip manufacturing equipment maker ASML Holding NV’s co-investment program.
Bernstein Research analysts said the move will help Samsung secure its position as a leader in memory while closing the gap with rivals in the areas of logic manufacturing.
Sharp Corp. shares extended gains from Monday with another 9.1% rise in Tokyo. The head of Taiwan’s Hon Hai Precision Industry Co. said his company would go ahead with its planned investment in Sharp. Hon Hai shares were down 2.6% in Taiwan.
Shares of Japan’s Aozora Bank Ltd. surged 14% after the company said it plans to repay public debts, buy back about a fifth of its shares outstanding and raise its dividend.
CHINA
Chinese stock markets rebounded Tuesday, led by financials, but Japanese shares stayed firmly in the red as a weak growth outlook and losses for utility firms weighed.
Shanghai’s CSI 300 index added 10.21 points, or 0.5%, to 2,238.41
Banks and trading houses helped lead the gains in Shanghai, with Citic Securities Co. up 0.5%, China Merchants Bank Co. up 1.5% and China Citic Bank Corp. up 1.3%.
The Chinese government may soon launch a margin-trading trial within which brokers will be able to borrow cash to lend to clients, Dow Jones Newswires reported.
The move would likely lead to an injection of funds in the domestic stock market, the report said, and offer increased investment options.
Moreover, Baoshan Iron & Steel Co. soared 10% in Shanghai after announcing that it is planning to buy back shares.
In other markets
Korea’s Kospi index shed 1.54 points, or 0.1%, to 1,916.33
The Singapore Straits Times Index docked 4.42 points, or 0.2%, to 3,040.07
Taiwan’s Taiex Index plummeted 106.28 points, or 1.4%, to 7,361.94
New Zealand’s NZX index tacked on 5.82 points, or 0.2%, to 3,629.05
Australia’s ASX Index recovered 15.68 points, or 0.4%, to 4,359.38
