Asia stocks dip as markets brace for U.S. growth data; Nikkei up 0.36%

Investing.com - Asian stocks were mixed to lower, jumping in and out of positive territory as investors took up anticipatory positions ahead of U.S. growth rates and Japanese retail sales data due out later Wednesday.

During Asian trading on Wednesday, Hong Kong's Hang Seng Index was down 0.02%, Australia's S&P/ASX200 was down 0.15%, while Japan’s Nikkei 225 Index was up 0.36%.

The U.S. is set to release revisions to its second-quarter gross domestic product, which grew 1.5% on year, according to advance estimates from the Commerce Department released last month.

Solid housing data released in the U.S. earlier gave investors hope for a noteworthy upward revision.

The Standard & Poor's/Case-Shiller home price index released earlier showed a gain of 0.5% from June 2011, the first annual increase since 2010.

Analysts were expecting the figure to contract 0.1%.

The news eclipsed U.S. consumer confidence figures that plunged in August to their lowest levels in 9 months.

The Conference Board said earlier that it consumer confidence index dropped to 60.6 in August from 65.4 in July, though still well above the 45.2 index level of August 2011.

Analysts were expecting a reading of 66.0.

Investors digested the data differently, as a stronger U.S. economy would demand more goods and services, which would be bullish for stocks.

However, stronger data may nudge the U.S. Federal Reserve to hold off on plans to stimulate the economy with easing measures that send stocks rising as a side effect.

The result prompted many investors to jump to the sidelines with wait-and-see trading strategies.

Fed Chairman Ben Bernanke is due to speak Friday at the U.S. central bank's annual symposium in Jackson Hole, Wyoming, where he has announced policy actions in the past.

Investors also bought and sold in anticipation Bernanke may hint or even announce plans to stimulate the economy or stand now for now.

In Hong Kong, top decliners included Cathay Pacific Air, down 2.03%, New World Development, down 1.31%, and Bankcomm, down 1.15%.

In Australia, top decliners included Atlas Iron, down 6.98%, iscovery Metals, down 6.19%, and Transfield Services, down 6.34%.

European stock futures indicated a higher opening.

France's CAC 40 futures pointed to a gain of 0.22%, while Germany's DAX 30 futures pointed to a gain of 0.21%. Meanwhile in the U.K., FTSE 100 futures indicated a gain of 0.08%.

Dow Jones Industrial Average futures were up 0.07% while the S&P 500 futures were up 0.09%.

On top of U.S. GDP data and Japanese retails sales, investors on Wednesday will also keep an eye on U.S. pending home sales and on crude oil stockpiles.

The Federal Reserve will release its Beige Book.

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