By Investors Hub
Asian stocks finished broadly lower on Tuesday as oil prices fell and Beijing stepped up its crackdown on shadow banking and other risky forms of financing.
Investors also awaited developments on U.S. tax reform ahead of a crucial Senate vote and the confirmation hearing for Fed Chair nominee Jerome Powell.
Japanese shares ended marginally lower after a government source said Japan has detected radio signals from North Korea that indicate Pyongyang could be preparing for another ballistic missile test. The yen reversed gains, helping limit overall losses in the market.
The Nikkei 225 Index gave up early gains to close less than a tenth of a percent lower at 22,486.24. The broader Topix index slid 0.3 percent to finish at 1,772.07.
Toray Industries shares slumped 5.3 percent after the company said a subsidiary had falsified data. Defense-related Howa Machinery jumped as much as 12.5 percent.
Australian shares ended a choppy session marginally lower, dragged down by mining and telecommunication stocks. The benchmark S&P/ASX 200 Index and the broader All Ordinaries Index both ended down about 0.1 percent at 5,984.30 and 6,066.70, respectively.
Weaker commodity prices pulled down miners, with BHP Billiton and Fortescue Metals Group tumbling 2-3 percent, while Rio Tinto shed 0.8 percent. Telstra Corp dropped 1.7 percent in the wake of NBN’s move to delay work on the national broadband network rollout.
Mayne Pharma fell 2.4 percent after the company warned of soft first half. Origin Energy rallied 2.5 percent after the company reaffirmed its full-year guidance.
In economic news, Australian consumer confidence eased during the week ended November 28, after strengthening in the previous two weeks, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed.
Meanwhile, Chinese stocks reversed initial losses to close higher as investors hunted for bargains following recent weakness.
The benchmark Shanghai Composite Index rose 0.3 percent to 3,333.66, although Hong Kong’s Hang Seng Index edged down 5.34 points or less than a tenth of a percent to 29,680.85.
Adedapo Adesanya