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 bills ahead of a crucial Senate vote and the confirmation hearing for incoming Federal Reserve Governor Jerome Powell.
Chinese stocks reversed initial losses to close higher as investors hunted for bargains at lower levels after recent declines. The benchmark Shanghai Composite index rose 0.34 percent to 3,333.66 while Hong Kong's Hang Seng index was marginally lower at 29,680 in late trade.
Japanese shares ended marginally lower after a government source said that Japan has detected radio signals from North Korea that indicate Pyongyang could be preparing for another ballistic missile. The yen reversed gains, helping limit overall losses in the broader market.
The Nikkei average gave up early gains to close 0.04 percent lower at 22,486.24. The broader Topix index slid 0.26 percent to finish at 1,772.07. Toray Industries shares slumped 5.3 percent after the company said a subsidiary had falsified data. Defence-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 releases, Australia's 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.
Seoul shares closed higher on institutional buying despite reports that North Korea may be preparing for another ballistic missile launch. The benchmark Kospi inched up 6.38 points or 0.25 percent to 2,514.19.
New Zealand shares closed lower, mirroring weak regional cues. The benchmark S&P/NZX-50 index dropped 34.61 points or 0.42 percent to 8,141.49, with Fletcher Building, Chorus and Mercury pacing the decliners ahead of Thursday's
MSCI index reweightings.
India's Sensex and Singapore's Straits Times index were little changed while benchmark indexes in Indonesia, Malaysia and Taiwan were down between 0. 2 percent and 0.4 percent.
Overnight, U.S. stocks ended mixed even as retail stocks climbed after strong home sales data and media reports suggesting record online holiday sales. The Dow inched up 0.1 percent, while the Nasdaq Composite dipped 0.2 percent and the S&P 500 edged down marginally.
by RTT Staff Writer
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