Asia stocks fall on profit-taking, Japan data; Nikkei down 0.65%
Published Aug 21, 2012 11:03PM ET
A series of high-level talks in Europe concerning Greece's fate sent investors to the sidelines as well.
During Asian trading on Wednesday, Hong Kong's Hang Seng Index was down 0.87%, Australia's S&P/ASX200 was down 0.08%, while Japan’s Nikkei 225 Index was down 0.65%.
Trade data out of Japan fueled profit taking.
Japan reported that exports dropped 8.1% in July, though imports rose 2.1%, fueling fears that overseas demand for Japanese products and services could be waning.
Meanwhile, investors also focused on Greece to see if a string of high-level meetings will give the country more time to push through austerity reforms tied to bailout payments.
Luxemburg’s Prime Minister Jean-Claude Juncker, also head of a group of eurozone finance ministers, was set to meet with Greek Prime Minister Antonis Samaras later to discuss a two-year extension for Greece to push through reform programs.
German Chancellor Angela Merkel is scheduled to meet with French President Francois Hollande on Thursday to discuss ways to firewall and extinguish the crisis, while Samaras will meet both French and German leaders later in the week to discuss ways to rescue Greece.
In Hong Kong, top decliners included China Resources Power, down 3.17%, New World Development, down 2.46%, and CHALCO, down 2.39%.
In Australia, top decliners included art Energy, down 8.57%, OM Holdings, down 6.49%, and Fletcher Building Limited, down 5.24%.
European stock futures indicated a lower opening.
France's CAC 40 futures pointed to a loss of 0.41%, while Germany's DAX 30 futures pointed to a loss of 0.35%. Meanwhile in the U.K., FTSE 100 futures indicated a loss of 0.30%.
Dow Jones Industrial Average futures were down 0.23% while the S&P 500 futures were down 0.31%.
Investors will remain focused on Wednesday, when the Federal Reserve releases the minutes of its most recent monetary policy meeting while the National Association of Realtors releases existing home sales.
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Written By: Investing.com
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