Asian stocks ended on a mixed note on Wednesday, as disappointing U.S. earnings reports raised worries that a slowdown in the global economy is weighing on corporate earnings growth. Nagging concerns about Europe's fiscal woes and concerns about an accelerating downtrend in China also kept investors in a cautious mood ahead of a Bank of Japan two-day policy meeting starting later today.
Chinese Premier Wen Jiabao said Tuesday that stabilizing economic growth is the most pressing matter currently facing China. Reforms for fiscal and financial policies should be carried out alongside efforts to stabilize growth, Wen was quoted as saying during a meeting on the economic situation in Beijing. China is due to release its second-quarter GDP growth data and industrial output data on Friday.
Tokyo stocks slid marginally to end down for a fifth consecutive session, as traders adopted a cautious stance ahead of the outcome of Bank of Japan rate-setting meeting through Thursday and China's GDP data due Friday.
Euro-zone worries also weighed on sentiment after Italian Prime Minister Mario Monti suggested overnight the country may one day need eurozone bailout funds to save his country's ailing economy. The Nikkei average slipped 7 points or 0.08 percent to 8,851, while the broader Topix index ended 0.2 percent lower.
Euro-exposed Canon fell 0.7 percent as the yen climbed to a five-week high against the euro. China-exposed Komatsu and Hitachi Construction Machinery dropped about a percent each, while electronics makers Sharp, Sony and Panasonic lost 2-5 percent.
Advantest tumbled 3.3 percent after Applied Materials Inc., the big Silicon Valley maker of chip production tools, cut its fiscal 2012 sales and profit forecasts, citing weakness in Europe, China, and the personal-computer market.
China's Shanghai Composite index rose half a percent after Premier Wen said the government's primary task is to promote reasonable investment growth. Cement, coal and machinery shares were among the prominent gainers.
Hong Kong's Hang Seng index erased early losses to end 0.1 percent higher, with property developers topping the list of gainers after JP Morgan upgraded the sector.
Australian shares ended little changed with a negative bias, as concerns about the outlook for global growth and anxiety over the U.S. earnings season overshadowed an improved local consumer confidence reading. The benchmark S&P/ASX 200 eased 0.04 percent, extending declines for the fifth consecutive session, while the broader All Ordinaries index slid 0.07 percent.
Resource stocks ended mixed, with BHP Billiton and Rio Tinto falling 0.5 percent and 0.8 percent, respectively, while smaller rival Fortescue gained 1.7 percent. Financials gained ground, with Westpac rising 1.2 percent, while NAB, Commonwealth and ANZ rose between 0.2 percent and 0.5 percent. News Corp edged up marginally after rivals expressed concerns over the possible sale of Fox Sports Australia, as the competition regulator weighs up News' takeover of Consolidated Media Holdings.
In economic news, confidence among Australian consumers improved to a five-month high in July as the central bank's 125 basis point reduction in interest rate since November last year started to show some impact on households' expectations on personal finances and the country's economic prospects, a survey showed. The Westpac-Melbourne Institute Index of Consumer Sentiment increased 3.7 percent month-over-month in July.
Seoul shares fell for a fourth straight session, as concerns around global growth sapped investor appetite for risk. The benchmark Kospi average slid 0.2 percent, with economy-sensitive shipbuilders underperforming the broader market. Samsung Heavy Industries, Hyundai Heavy and Daewoo Shipbuilding fell 2-3 percent.
Market heavyweight Samsung Electronics eased 0.8 percent, while its smaller rival SK Hynix tumbled 3.2 percent. Steelmaker Posco and automaker Hyundai Motor lost about a percent each. Many analysts expect the Bank of Korea to keep interest rates steady for a 13th consecutive month tomorrow despite fresh monetary easing by major central banks from Europe to China.
New Zealand shares rose modestly after data showed Australian consumer sentiment rose to a six-month high in July. Dual-listed Westpac Banking Corp and fast-food restaurant operator Restaurant Brands, which runs Pizza Hut, KFC and Starbucks outlets, climbed 1.6 percent and 1.9 percent, respectively, while Australia & New Zealand Banking Group rose a modest 0.4 percent and miner Oceanagold added 1.7 percent. Heartland New Zealand, the would-be bank, paced the decliners, falling 3.7 percent.
Elsewhere, India's benchmark Sensex was last trading down 0.6 percent, as investors moved to the sidelines following the previous session's rally. Indonesia's Jakarta Composite index was up 0.2 percent, Malaysia's KLSE Composite rose 0.3 percent, Singapore's Straits Times index gained 0.9 percent and the Taiwan Weighted rose 0.1 percent.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.