BEIJING - Global stocks were mostly lower Tuesday amid jitters about China's housing market and weakness in the country's currency.
China's Shanghai Composite Index
dropped 2.1 percent to 2,034.62. Hong Kong's Hang Seng shed 0.3 percent to
22,317.81. Singapore and Sydney also declined. Tokyo's Nikkei 225 index gained
1.4 percent to 15,051.60,.
Futures for the Standard & Poor's
500 and Dow Jones industrial average both were down 0.1 percent. In Europe,
Germany's DAX's declined 0.4 percent to 9,671.29 and France's CAC-40 shed 0.5
percent to 4,399.48. Britain's FTSE 100 shed 0.6 percent to 6,825.54.
Asian markets were rattled by a
deceleration in the rise of Chinese housing prices in January and weakness in
China's currency, which has long been a one-way bet on slow steady
Last week's decline in the tightly
controlled yuan prompted suggestions Beijing might be trying to support
exporters and help offset weakening domestic demand. That came after an HSBC
Corp. survey showed Chinese manufacturing activity in February tumbled to a
"We believe that the central bank
will be accepting of some more weakness in coming days," said Credit
Agricole CIB in a report.
Seoul's Kospi gained 0.8 percent to
1,964.86. Sydney's S&P/ASX 200 shed 0.1 percent to 5,433.8 and New Zealand
declined 0.2 percent to 5,322.05.
Benchmark U.S. oil for April delivery
was down 55 cents to $102.27 in electronic trading on the New York Mercantile
Exchange. The contract gained 62 cents on Monday to close at $102.82.
In currency markets, the euro was
little changed at $1.3749 from $1.3736 late Monday. The dollar fell to 102.38
yen from 102.50 yen.