Asian stocks dip on Spain unease, U.S. housing data; Nikkei up 0.01%

Investing.com - Asian stocks were mixed to lower on Thursday after protests broke out in the streets of Spain ahead of the government's plans to announce fresh austerity measures.

Soft housing data in the U.S. sent Asian stocks prices falling as well.

During Asian trading on Thursday, Hong Kong's Hang Seng Index was up 0.69%, Australia's S&P/ASX200 was down 0.02%, while Japan’s Nikkei 225 Index was basically unchanged, rising 0.01%.

In the U.S. earlier, the Commerce Department reported that new home sales fell to a seasonally adjusted annual rate of 373,000 in August from 374,000 in July, whose figure was revised up from 372,000.

Analysts had expected new home sales to rise to 380,000 in August.

The news sent investors selling equities and higher-yielding currencies and running to the yen.

Trading was choppy, however, as solid housing numbers broke in the U.S. just a day earlier.

The Standard & Poor’s/Case Shiller House Price Index showed that home price in 20 cities rose 1.2% in July of this year compared with the same month a year ago.

Analysts had expected the closely watched gauge on home prices to rise 1.0% in July.

Also out of the U.S. earlier, the Conference Board, an industry group, reported that its consumer confidence index rose to 70.3 in September from an upwardly revised 61.3 in August.

September's reading was the highest since February and outpaced analysts' calls for a 63.0 reading.

Meanwhile in Europe, demonstrations broke out in the streets of Madrid on Wednesday before the Spanish government's plans to unveil new austerity measures to accompany the country's 2013 budget.

Yields on Spain's benchmark 10-year government bond topped 6 percent on concerns the country will run into problems financing itself.

Spain has yet to request a bailout, though the country has said it will meet its budgetary goals.

Stocks also zigzagged on bullish pressures now that the Federal Reserve has begun to implement a third round of quantitative easing.

Under quantitative easing, the Federal Reserve will buy USD40 billion a month in mortgage-backed securities held by banks, pumping the financial system full of liquidity to spur recovery, weakening the dollar and sending stocks rising in the process

In Hong Kong, top gainers included COSCO Pacific, up 2.17%, CNOOC, up 1.54%, and SHK Properties, up 1.52%.

In Australia, top decliners included FKP Property Group, down 5.88%, Cudeco, down 4.39%, and Macquarie Atlas Roads, down 4.10%.

European stock futures indicated a higher opening.

France's CAC 40 futures pointed to a gain of 0.65%, while Germany's DAX 30 futures pointed to a gain of 0.37%. Meanwhile in the U.K., FTSE 100 futures indicated a gain of 0.29%.

Dow Jones Industrial Average futures pointed to a gain of 0.34% while the S&P 500 futures were up 0.40%.

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Later Thursday in the U.S, the government will publish data on durable goods orders, a leading indicator of production, as well as a weekly report on unemployment claims and revised data on second quarter economic growth.

The country will also release industry data on pending homes sales, a leading indicator of economic health.