Asia stocks mixed to lower on Greece worries; Nikkei dips 0.1%

Investing.com - Asian stock markets were mixed to lower on Tuesday, as the lack of progress in debt talks between Greece and private creditors continued to weigh on market sentiment.

During late Asian trade, Hong Kong's Hang Seng Index eased up 0.15%, Australia’s ASX/200 Index shed 0.5%, while Japan’s Nikkei 225 Index slipped 0.13%.

Greece failed to meet another deadline Monday to strike a deal to secure a much needed EUR130 billion bailout, pushing the country closer to a default. Greek Prime Minister Lucas Papademos was expected to meet with coalition leaders in a bid to agree on requirements for a second bailout later in the day.

Meanwhile, shares in Australia came under pressure after the Reserve Bank of Australia kept its benchmark interest rate unchanged at 4.25%, confounding expectations for a third successive rate cut.

Shares in Australian lenders retreated following the decision, with Commonwealth Bank of Australia dropping 0.75% and Westpac Banking Corporation slumping 0.55%, while shares in National Australia Bank tumbled 3.95% after reporting lower-than-expected fiscal first quarter earnings.

Elsewhere, the Nikkei slipped from a three-month high with key earnings in focus. Shares in Suzuki Motors fell 1.8% after posting a 5% decline in profit during the April-December period.

Dainippon Screen Manufacturing sank 7.1% after cutting its full-year net income forecast by 35% to JPY6.5 billion, citing drops in the value of fixed assets and investment securities.

On the upside, Japan Tobacco rallied 5.45% after forecasting full-year revenue would rise 4.4% to JPY2.54 trillion as sales recovered faster than expected after the March earthquake.
 
Elsewhere, shares in Hong Kong swung between small gains and losses. Property developers and financial sector stocks came under pressure amid the uncertain Chinese growth outlook.

The International Monetary Fund said late Monday that if Europe deteriorates to the point that it cools the global economy, China's 2012 gross domestic product growth could drop to 8.2%.

Insurance giant Ping An saw shares fall 1.5%, Sun Hung Kai Properties dropped 1.95%, while China Construction bank shares slumped 1.1%.

Raw material producers were also lower, tracking losses in metal prices. Gold producer Zijin Mining Group dropped 2.7% and Jiangxi Copper Company declined 1.45%.

Looking ahead, the outlook for European stock markets was modestly upbeat. The EURO STOXX 50 futures pointed to a gain of 0.3%, France’s CAC 40 futures added 0.25%, London’s FTSE 100 futures rose 0.2%, while Germany's DAX futures eased up 0.15%.

Later in the day, Germany was to publish official data on industrial production, while Federal Reserve Chairman Ben Bernanke was due to testify on the economic outlook and federal budget situation before the Senate Budget Committee in Washington.