Asian shares sluggish amid global growth worries

Asian shares sluggish amid global growth worries

Tokyo: Asian markets were mixed Tuesday amid a steady drumbeat of bad news about the global economic recovery.

After Japan on Monday became the latest major economy to report slower growth in the second quarter, a regional manufacturing report in the US further disappointed investors.

Sustained strength in the yen magnified lackluster sentiment in Japan, where the Nikkei 225 stock average fell 67.82 points, or 0.7% to 9,128.85.

Japanese exporters, whose overseas earnings shrink when the yen climbs, came under selling pressure. Toyota Motor Corp. lost 0.7%, while camera maker Canon Inc. fell 0.4%.

Elsewhere, Hong Kong’s Hang Seng index was down 0.2% at 21,060.42 and Singapore’s benchmark lost 0.2% to 2,927.65. New Zealand’s market also lost ground.

Among advancers was China’s Shanghai Composite Index, which added 0.2% to 2,667.87 and South Korea’s Kospi, up 0.5% to 1,751.70.

Australia’s S&P/ASX 200 rose 0.4% to 4,455.7, reversing early losses. Volume was light ahead of national elections on Saturday. Markets in Taiwan, Malaysia and the Philippines also gained.

In New York on Monday, the Dow fell 1.14, or 0.01%, to 10,302.01.

The Federal Reserve Bank of New York said manufacturing activity in the state rebounded slightly this month after falling sharply in July. Despite the modest gain, activity did not expand as much as expected, indicating tepid economic growth.

The Standard & Poor’s 500 index rose 0.13, or 0.01%, to 1,079.38, while the Nasdaq composite index rose 8.39, or 0.4%, to 2,181.87.

In currencies, the dollar rose to 85.34 yen from 85.15 yen late Monday. The euro climbed to $1.2844 from $1.2814.

Benchmark crude for September delivery was up 16 cents at $75.40 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 15 cents on Monday to settle at $75.24.