HONG KONG: Asian stock markets were mixed Tuesday amid weak market sentiment after losses overnight in Wall Street and prolonged disquiet over Greece's ability to tackle its debt mountain.
Tokyo eased 0.18 percent by the break, Shanghai dipped 1.59 percent while Seoul nosed up 0.11 percent in morning trade.
Hong Kong added 0.03 percent while Sydney gained 0.24 percent.
Financial markets in Bangkok and Kuala Lumpur are closed on Tuesday for a public holiday.
Markets remained unimpressed by Greece's failure to agree an austerity deal which is pivotal to triggering the release of the next slice of European Union bailout money.
Greek Prime Minister Lucas Papademos delayed a key meeting on reforms Monday, angering European leaders and provoking caution in the markets.
Investors were also rattled by a warning from the International Monetary Fund in Washington that an escalation of Europe's debt crisis could slash China's economic growth in half this year.
"Markets have been torn between two conflicting situations. On the one hand we have a US economy that is seemingly recovering in an impressive fashion," said Chris Beauchamp, market analyst at IG Index in Singapore.
"On the other hand we have Greece, an ulcer that has remained immune to every treatment the euro zone can throw at it.
"As a result markets have refused to go lower today, but are also seemingly unable to make any upward progress," he said, according to Dow Jones Newswires.
Athens is treading water over an agreement with private lenders to cut part of its 350-billion-euro ($460-billion) debt mountain, with big loan repayments due next month raising fears of a default.
The impasse sparked a sharp warning from French President Nicolas Sarkozy and German Chancellor Angela Merkel that it was time for Greece to fulfil its undertakings.
Wall Street edged down on Monday, despite strong jobs data over the weekend, with the Dow Jones Industrial Average dipping 17.10 points (0.13 percent) to reach 12,845.13.
The broad-based S&P 500 was down 0.04 percent, or 0.57 points, to 1,344.33 after early gains.
The Nasdaq Composite reached 2,901.99, down 3.67 points (0.13 percent).
"Another weekend has come and gone and Greece has still not agreed to bailout terms with its creditors," noted analysts at Briefing.com.
Boeing stocks sank 1.2 percent after the aircraft maker said it had discovered a manufacturing error that would require repairs in the fuselage section of some 787 Dreamliners.
Pfizer and Travelers also led the Dow lower.
On Forex markets the euro bought $1.3111 and 100.57 yen in Tokyo midday trade, compared with $1.3129 and 100.49 yen in New York late Monday.
Oil prices were up in Asian trade Tuesday, with New York's main contract, light sweet crude for delivery in March gaining 36 cents to $97.27 a barrel and Brent North Sea crude for March delivery advancing 44 cents to $116.37.
Gold was at $1,721.10 an ounce at 0330 GMT, even with late Monday trade.
Comments
Comments are closed for this article.