Asian markets ended mostly lower Wednesday as exporters fell on worries about U.S. consumer sentiment and as falling commodity prices hit resource shares.
The Nikkei 225 index in Tokyo declined 153.27 points, or 1.5%, to 10,198.83
The Hang Seng Index in Hong Kong retreated 155.26 points, or 0.8%, to 20,467.74.
The broad losses across the region came after weaker-than-expected U.S. February consumer confidence data released Tuesday, which eroded expectations for sustainable consumer spending and an economic recovery in the U.S.
Traders were looking forward to comments from Federal Reserve Chairman Ben Bernanke, U.S. durable goods and gross domestic product data this week. Bernanke is set to deliver his semi-annual testimony to Congress later Wednesday.
Exporters suffered losses across the region on worries about U.S. consumer sentiment, with Japanese exporters also weighed down by the yen's recent strength. Samsung Electronics dropped 2% and LG Electronics skidded 3.5% in Seoul, with Sony Corp. dropping 2.5% and Canon down 2.8% in Tokyo.
Hyundai Motor dropped 2.6% in Seoul after the company said Wednesday it would briefly stop selling the new version of its Sonata sedan in the U.S. to fix a faulty door latch, a problem that affects about 4,000 cars in dealerships and 1,300 that have reached customers.
The problem comes at a time of increased scrutiny on vehicle flaws, shaped mainly by troubles at Toyota Motor, the world's largest auto maker.
Resources stocks suffered broad-based falls around the region after the U.S. economic data, which also lifted the U.S. dollar and hurt commodity prices.
BHP Billiton shed 2.9% and Rio Tinto lost 2.5% in Sydney, with the Hong Kong-listed shares of Jiangxi Copper and Aluminum Corp. of China dropping 1.1% and 1.5%, respectively, while trading house Mitsubishi Corp. dropped 1.9% in Tokyo. Shanghai-listed shares of Jiangxi and Aluminum Corp. rose 1.5% and 1.2%, respectively.
Energy stocks also took a hit as oil prices dropped Tuesday, with Santos falling 2.3% in Sydney and Cnooc losing 1.6% in Hong Kong.
Shares of Sun Hung Kai Properties added 1.5% and Sino Land Co. gained 1%.
Australian banking and insurance group Suncorp-Metway tumbled 6.4% despite reporting a 41% on-year rise in fiscal first-half net profit, as its interim dividend payment was cut and the company said it must work to improve its insurance margins.
Port and rail operator Asciano Group climbed 4.5% after swinging to a first-half net profit from a loss a year earlier and saying it expects full-year earnings to come in around the top of previous guidance.
The U.S. dollar was fetching 90.23 yen against the yen, from 90.18 yen in late New York trade Tuesday and was well off Monday's 91.13 yen in New York. The euro was at $1.3532 U.S. from $1.3496 U.S., and at 122.10 yen from 121.93 yen
CHINA
China's Shanghai Composite, which declined in the previous two sessions amid worries about monetary tightening and an impending increase in supply of shares, rebounded as investors snapped up banking, airline and metals stocks.
Shanghai’s CSI 300 Index regained 45.85 points, or 1.4%, to 3,244.48.
Shanghai-listed shares of Jiangxi and Aluminum Corp. rose 1.5% and 1.2%, respectively.
Bank of Communications rose 2.6% in Hong Kong and 0.5% in Shanghai, in spite of its plans to raise as much as 42 billion yuan ($6.1 billion U.S.) from a rights issue in Hong Kong and Shanghai, making it the latest Chinese bank to seek to strengthen its capital base.
Elsewhere:
Korea’s Kospi Index subtracted 16.07 points, or 1%, to 1,612.83
Singapore’s Straits Times Index moved 20.41 points, or 0.7%, lower to 2,762.14
Taiwan’s Taiex Index moved backward 67.77 points, or 0.9%, to 7,529.67
New Zealand’s NZX Index gained 4.52 points, or 0.1%, to 3,130.88
Australia’s S&P/ASX 200 dropped 69.80 points, or 1.5%, to 4,648.50
