ASIAN markets are mixed as the effect of big Wall Street losses - sparked by weak reports and forecasts from top US companies - was offset by an improvement in Chinese manufacturing.
However, selling was also given impetus by concerns over Spain as well as profit-taking after an impressive run by global markets in recent weeks following easing measures in the United States, Japan and Europe.
Tokyo on Wednesday closed 0.67 per cent lower, shedding 59.95 points to 8,954.30, Seoul fell 0.67 per cent, or 12.85 points, to 1,913.96 and Sydney ended down 0.82 per cent, or 37.3 points, at 4,505.8.
However, Hong Kong ended 0.31 per cent higher, adding 66.23 points to 21,763.78. Shanghai edged up 0.07 per cent, or 1.54 points, to 2,115.99.
Mumbai was closed for a public holiday.
Investors took fright at big falls in New York after poor earnings figures and guidance from DuPont, United Technologies, UPS, Xerox, Radio Shack and 3M provided evidence that the US corporate earnings boom is stalling.
Chemicals giant DuPont was the stand-out loser, lowering its 2012 outlook after posting a 98 per cent fall in earnings in the three months to September. It also said it would cut around 1,500 jobs over the next 18 months.
"The US earnings report season has disappointed, with 60 per cent of companies missing revenue forecasts so far," Sean Callow, at Westpac Global Strategy group in Sydney, said in a note.
US shares tumbled. The Dow lost 1.82 per cent, the S&P 500 sank 1.44 per cent and the Nasdaq lost 0.88 per cent.
In Europe, the Bank of Spain forecast the economy would contract 0.4 per cent in the third quarter. If confirmed, the figures would mean the recession, which has left one in four workers unemployed, is moving into a second year.
Moody's cut its debt rating for five Spanish regions by one or two notches each, blaming their weak financial positions and looming debt redemptions.
But data out of Beijing on Wednesday indicated China's manufacturing sector was showing signs of recovery. The HSBC Purchasing Managers Index (PMI) hit 49.1 this month, the highest level in three months and up from 47.9 in September. A reading above 50 indicates growth.
While the figures mark the 12th straight month of contraction, they also represent the second consecutive monthly improvement and add to recent indications the economy is on the mend after a slowdown.
However, Qu Hongbin, HSBC's chief economist for China, warned that problems in overseas economies including Europe and the United States, as well as China's job market, continue to pressure the economy.
"This calls for a continuation of policy easing in the coming months to secure a firmer growth recovery," he said in a statement.
On currency markets the euro extended losses seen in New York late on Tuesday. The single currency bought $US1.2960 and Y103.43 in afternoon trade, compared with $US1.2978 and Y103.64 in New York.
The dollar was at Y79.80 against Y79.84.
Oil was higher, with New York's main contract, light sweet crude for delivery in December, adding 50 US cents to $US87.17 a barrel in the afternoon and Brent North Sea crude for December gaining 45 US cents to $US108.70.
Gold was at $US1,710.60 at 1900 AEDT, compared with $US1,710.66 late on Tuesday.
In other markets:
- Taipei fell 0.31 per cent, or 22.60 points, to 7,314.88.
Taiwan Semiconductor Manufacturing Co shed 0.35 per cent to $Tw85.4 while leading smartphone maker HTC rose 2.13 per cent to $Tw263.5.
- Manila closed 0.62 per cent lower, shedding 33.63 points to 5,398.69.
SM Investments dropped 1.57 per cent to 816.50 pesos while Ayala Corp fell 0.14 per cent to 433 pesos.
- Wellington closed flat, edging down 2.81 points to 4,001.45.
Telecom rose 0.2 per cent to $NZ2.48 and Contact Energy was up 1.9 per cent at $NZ5.51.
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