During late Asian trade, Hong Kong's Hang Seng Index dipped 0.2% Australia’s S&P/ASX200 fell 0.15%, while Japan’s Nikkei 225 Index slumped 0.75%.
Concerns over the euro zone’s debt crisis continued to dominate market sentiment after ratings agency Fitch said Wednesday that the European Central Bank should do more to avoid a 'cataclysmic' collapse of the single currency.
The news outweighed hopes for near-term monetary easing in China after official data showed that consumer price inflation rose by a seasonally adjusted 4.1% in December, easing from 4.2% in November.
Shares in oil producers led losses in Hong Kong, tracking oil prices lower. Oil giant PetroChina fell 1.5%, offshore gas driller CNOOC dropped 2.3%, while Sinopec shares slumped 1.55%.
Losses were limited as shares in the financial sector outperformed, boosted by the China inflation figures. Hong Kong-listed shares of Bank of China jumped 2.25%, while China Construction Bank shares added 1.05%.
Meanwhile, in Japan, shares in exporters performed poorly after data showed that the nation’s current account surplus fell by a greater-than-expected 85.5% in November, as exports dropped amid slowing global demand.
Consumer electronics giant Sony saw shares decline 2.3%, shares in rival Sharp slumped 3.15%, while automakers Toyota and Nissan retreated 1.2% and 1.5% respectively.
Financials also contributed to losses. Japanese investment bank heavyweights Nomura Holdings and Daiwa Securities, which both have large exposure to European sovereign debt, tumbled 3.5% and 3.2% respectively, while the nation’s third largest lender Mizuho Financial Group dropped 1.8%. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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