Most Asian stocks extend fall; Hong Kong rebounds
HONG KONG (MarketWatch) -- Most Asian markets extended their recent decline Tuesday as fresh concerns about Europe, including a possible bailout for Cyprus, emerged in the run-up to this week's European crisis summit.
Australia's S&P/ASX 200 index (XJO) dipped 0.4%, losing 0.9% so far this week.
China's Shanghai Composite Index (000001) lost 0.1% and Taiwan's Taiex (Y9999) gave up 0.4% while Hong Kong's Hang Seng Index (HSI) ended 0.5% higher after a volatile trading session that saw the benchmark swing in both directions.
Asian losses Monday had spread to the U.S. overnight, on faded hopes that a European Union meeting due to start Thursday would produce a blueprint for tackling the region's problems, and as Cyprus became the latest European country to request financial aid. Read more on Cyprus.
"Risk assets continued their slide ahead of this week's European Union summit," said Barclays Capital strategists. "We believe the EU summit ... will yield more strong rhetoric in support of a road map toward tighter fiscal integration rather than the endpoint itself."
Chances of successful negotiations between Greece and its European partners at the summit also appeared to diminish Monday, after the country's finance minister reportedly resigned just four days after being appointed to the position and three days after hospitalization for nausea and dizziness. Read more on Greek finance minister's departure.
Concern about Europe helped make blue-chip exporters among Asia's major decliners Tuesday.
Car makers took a hit, as
Some reports cast the move as an effort to compete with Korean electronics giant
A stronger yen also hurt many Japanese names, with
The yen is often sought as a safe haven when riskier assets sell off, along with the U.S. dollar. The U.S. currency gained on Monday, and commodities -- which are mostly priced in dollars and often move inversely with the dollar -- came under some pressure.
Casino stocks fall
Macau casino operator
Sands China is the lone Hang Seng Index component of the group and Credit Suisse on Tuesday lowered its recommendation on the stock to neutral from outperform, and cut also its share-price target, citing a soft earnings outlook.
Other gainers included
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