Asian stocks mixed on global growth fears; Nikkei down 0.31%
Published Oct 08, 2012 11:02PM ET
During Asian trading on Tuesday, Hong Kong's Hang Seng Index was up 1.35%, Australia's S&P/ASX200 was up 0.64%, while Japan’s Nikkei 225 Index was down 0.31%.
Stocks swung up and down in Asian trading, though downward adjustments to global growth forecasts by multilateral financial institutions dampened an otherwise solid session for bargain hunters.
The World Bank earlier said it had cut its 2012 growth forecast for developing Asia-Pacific economies to 7.2% from a May forecast of 7.6%.
The World Bank also said China's economy will growth 7.7% this year, down from a May forecast of 8.2%.
The International Monetary Fund, meanwhile, cut its 2012 global growth forecast to 3.3% from a July estimate of 3.5%.
Meanwhile in Europe's largest economy, Germany's industrial production fell 0.5% in August, less than an expected decline of 0.8%, but still off from a 1.2% increase in July.
Stocks fell on the news and later tried to rebound, though fears of a global cool down allowed for choppy trading.
Hong Kong, top gainers included China Petroleum, up 4.48%, PetroChina, up 3.02%, and Bankcomm, up 2.86%.
In Australia, top gainers included Energy World Corporation, up 5.13%, Fortescue Metals Group, up 4.85%, and Oil Search Ltd., up 3.71%.
European stock futures indicated a higher opening.
France's CAC 40 futures pointed to a gain of 0.46%, while Germany's DAX 30 futures pointed to a gain of 0.36%. Meanwhile in the U.K., FTSE 100 futures were up 0.20%.
Dow Jones Industrial Average futures pointed to a gain of 0.25% while the S&P 500 futures were up 0.27%.
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Written By: Investing.com
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