Asian stocks mixed as investors await profits
HONG KONG — Asian stocks were narrowly mixed Monday, undermined by investor anxiety that company earnings will reflect a weaker global economy than originally hoped.
Volumes were thin across the region without a cue from U.S. markets, which were closed Friday for Independence Day. Resource producers dragged on the broader market as crude oil prices fell toward $65 a barrel.
Markets have slackened in recent weeks as concerns grew that the huge run-up between March and June was premature given the troubles in the global economy. Last week’s gloomy jobless numbers in the U.S. and Europe only added to worries that a strong recovery from recession may still be out of reach.
Uncertainty about company profits in the second quarter and forecasts for rest of the year, to be released in the coming weeks, also have many investors on edge. U.S. aluminum giant Alcoa Inc. opens earnings season on Wednesday.
“There’s a lack of direction and the momentum is very weak,” said Peter Lai, investment manager at DBS Vickers in Hong Kong. “Markets are already waiting for catalysts to take profits, and because people are nervous about earnings I’m expecting a correction.”
Japan’s Nikkei 225 stock average fell 150.14, or 1.5 percent, to 9,665.93, while Australia’s index lost 1.2 percent. Singapore’s market was down 0.5 percent.
Among higher markets, Hong Kong’s Hang Seng edged up 0.1 percent to 18,221.78. South Korea’s Kospi added 0.4 percent and India’s Sensex rose 0.8 percent.
Thailand’s stock market is closed Monday and Tuesday.
Wall Street futures pointed to a weaker opening Monday. Dow futures were down 55, or 0.7 percent, at 8,186 and S&P futures fell 4.6, or 0.5 percent, to 888.70.
Oil prices tumbled in Asia, with benchmark crude for August delivery down $1.55 to $65.18 a barrel, after earlier dropping as low as $64.65. It last settled on Thursday at $66.73.
The dollar slipped to 95.43 yen from 96.03 yen. The euro was higher at $1.3979 from $1.3955.
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