Asia Markets: Japan, Hong Kong stocks drop ahead of Fed meet

By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) ? Most Asian stocks fell Wednesday as investors awaited the Federal Reserve?s outlook on its bond purchases, with Japanese shares also pressured by a strengthened yen and some downbeat results.

Mainland Chinese equities rose on the back of the property sector amid hopes the government will pursue policies aimed at stable economic growth, while Australian shares gained on expectations of an interest-rate cut.

Japan?s Nikkei Stock Average /quotes/zigman/5986735 JP:NIK -1.45% fell 1.5%, giving back nearly all of the gains recorded in the previous session. South Korea?s Kospi /quotes/zigman/1652118 KR:SEU -0.16% slipped 0.2% and Hong Kong?s Hang Seng Index /quotes/zigman/2622475 HK:HSI -0.32% ?dropped 0.3%.

/quotes/zigman/1859015 SHCOMP 1,993.80, +3.73, +0.19%
/quotes/zigman/5986735 NIK 13,668.32, -201.50, -1.45%
/quotes/zigman/1653884 XJO 5,052.00, +4.80, +0.10%

Year-to-date percentage changes

Shanghai Composite Vs. Nikkei Stock Average and S&P/ASX 200

?While the possibility of the Fed toning down their view on the economy is high, traders are looking closely for any change in language with regards to tapering its bond purchases,? said Chris Weston, chief market strategist at IG Markets.

Dow Jones Industrial Average /quotes/zigman/627449 DJIA -0.0089% ?futures were up 8 points, or 0.1%, at 15,501 ahead of the Fed?s statement later in the day. Markets were also looking ahead to data on the U.S. economic growth in the second-quarter, with estimates compiled by MarketWatch projecting a 1% expansion, slowing from a 1.8% increase in the first quarter.

In Tokyo, a slew of Japanese results announced after the market?s close on Tuesday influenced share movements during the session.

Softbank /quotes/zigman/139194 JP:9984 -0.95% /quotes/zigman/139200/quotes/nls/sftbf SFTBF +3.31% ?fell 1% even as the company more than doubled its quarterly profit.

In other earnings-driven moves, shares of fellow wireless-telecommunications firm KDDI /quotes/zigman/139564 JP:9433 +6.92% /quotes/zigman/527466/quotes/nls/kddiy KDDIY +5.53% spiked 6.9% and Tokyo Electron Ltd. /quotes/zigman/198764 JP:8035 +3.72% /quotes/zigman/529232/quotes/nls/toely TOELY -3.55% ?gained 3.7%, while Japan Tobacco Inc. /quotes/zigman/140130 JP:2914 -0.87% /quotes/zigman/140138/quotes/nls/japaf JAPAF +5.27% ?gave up 0.9% and Fujitsu Ltd. /quotes/zigman/193012 JP:6702 -3.09% /quotes/zigman/192990/quotes/nls/fjtsy FJTSY +6.35% ?fell 3.1%.

Several power utilities tumbled amid concerns over public and political resistance to restarting shuttered nuclear-power plants. Tokyo Electric Power Co. /quotes/zigman/198657 JP:9501 -5.67% ? /quotes/zigman/527598/quotes/nls/tkecy TKECY +3.34% ?slid 5.7%, Chubu Electric Power Co. /quotes/zigman/192257 JP:9502 -4.43% /quotes/zigman/192264/quotes/nls/chuef CHUEF -0.63% lost 4.4%, and Kansai Electric Power Co. /quotes/zigman/194063 JP:9503 -5.06% ? /quotes/zigman/529254/quotes/nls/kaepy KAEPY -6.27% ?surrendered 5.1%.

China, Japan seek to contain island dispute fallout

Japan and China are edging gingerly toward repairing diplomatic relations after Tokyo's highest-ranking career diplomat travels to Beijing on for two days of talks.

Toyota Motor Corp. /quotes/zigman/199438 JP:7203 -1.65% ? /quotes/zigman/199376/quotes/nls/tm TM +1.95% ?dropped 1.7% ahead of its own earnings report Friday. A Nikkei newspaper report it plans to manufacture more than 10 million vehicles worldwide this year.

Elsewhere, China?s Shanghai Composite /quotes/zigman/1859015 CN:SHCOMP +0.19% climbed 0.2%, after the powerful politburo of China?s communist party said late Tuesday it would act to maintain steady growth in the second half of 2013.

Bank of America Merrill Lynch economists led by Ting Lu wrote in a note that unlike the previous government, the politburo didn?t vow to control home prices or to cool the property market, saying instead that it seeks to promote a healthy and stable development of the property sector.

?This message could be interpreted that the new leadership has no intention to take further measures to restrict home demand and tighten financing of the property sector,? Merrill Lynch added.

Chinese property and construction-related shares rallied to lead the advance.

Shares of Poly Real Estate Group Co. /quotes/zigman/1873491 CN:600048 +3.24% ?jumped 3.2%, Gemdale Corp. /quotes/zigman/1867160 CN:600383 +3.67% ?added 3.7%, and Anhui Conch Cement Co. /quotes/zigman/1867881 CN:600585 +1.54% ?rose 1.5% in Shanghai. The yuan-denominated A-shares of China Vanke Co. advanced 2.8% in Shenzhen.

In Hong Kong, China Resources Land Ltd. /quotes/zigman/14892 HK:1109 +3.40% /quotes/zigman/14893/quotes/nls/crbjf CRBJF -6.43% ?climbed 3.4%, and Guangzhou R&F Properties Co. /quotes/zigman/36515 HK:2777 +6.73% ? /quotes/zigman/530228/quotes/nls/gzuhy GZUHY -3.41% ?gained 6.7%.

Among other notable movers, shares of Huaneng Power International Inc. /quotes/zigman/12576 HK:902 +1.89% ? /quotes/zigman/141542/quotes/nls/hnp HNP +2.11% ? /quotes/zigman/294238 CN:600011 -1.11% ?rose 1.9% in Hong Kong after the power producer said its half-year profit more than doubled.

China stocks rise on policy hopes, and Australian shares climb on rate-cut expectations. But Japanese equities fall ahead of the Fed?s policy meeting outcome.

China Cosco Holdings Co. /quotes/zigman/34517 HK:1919 -4.48% ? /quotes/zigman/1875620 CN:601919 -0.37% /quotes/zigman/527749/quotes/nls/cicoy CICOY -19.14% ?fell 4.5% in Hong Kong and slipped 0.4% in Shanghai, after the shipping major estimated narrower losses for the first six months of 2013.

Elsewhere, Australia?s S&P/ASX 200 /quotes/zigman/1653884 AU:XJO +0.10% ?rose 0.1% in Sydney after Reserve Bank of Australia Gov. Glenn Stevens Tuesday said current inflation levels wouldn?t rule out further easing. Those remarks helped the index rebound in the previous session to end flat.

Banks and other stocks paying high dividends rose amid rising expectations for a further reduction to interest rates. AMP Capital chief economist Shane Oliver said late Tuesday that the markets had priced in a 91% chance of a rate cut at next week?s RBA meeting, following Gov. Stevens? comments.

Bank of Queensland Ltd. /quotes/zigman/180862 AU:BOQ +0.85% ? /quotes/zigman/530255/quotes/nls/bkqny BKQNY -0.91% ?rose 0.9%, and Australia & New Zealand Banking Group /quotes/zigman/180795 AU:ANZ +0.57% /quotes/zigman/180802/quotes/nls/anzby ANZBY -1.46% ?added 0.6%.

/quotes/zigman/5986735

JP : Nikkei Idx

Volume: 0.00

July 31, 2013 3:28p

/quotes/zigman/1652118

KR : S. Korea: KRX

Volume: 384.14M

July 31, 2013 6:03p

/quotes/zigman/2622475

HK : HangSeng Ind

Volume: 0.00

July 31, 2013 4:01p

/quotes/zigman/627449

US : DJ-Index

Volume: 117.55M

July 30, 2013 4:32p

/quotes/zigman/139194

JP : Japan: Tokyo

? 6,240.00

-60.00 -0.95%

Volume: 20.31M

July 31, 2013 3:00p

Market Cap

?7492.12 billion

Rev. per Employee

?137.34M

/quotes/zigman/139200/quotes/nls/sftbf

US : U.S.: OTCBB

Volume: 7,864

July 30, 2013 3:27p

/quotes/zigman/139564

JP : Japan: Tokyo

? 5,410.00

+350.00 +6.92%

Volume: 4.76M

July 31, 2013 3:00p

Market Cap

?4529.67 billion

Rev. per Employee

?180.96M

/quotes/zigman/527466/quotes/nls/kddiy

US : U.S.: OTCBB

Volume: 124,846

July 30, 2013 3:59p

/quotes/zigman/198764

JP : Japan: Tokyo

? 4,465.00

+160.00 +3.72%

Volume: 2.66M

July 31, 2013 3:00p

Market Cap

?804.62 billion

Rev. per Employee

?40.76M

/quotes/zigman/529232/quotes/nls/toely

US : U.S.: OTCBB

Volume: 15,409

July 30, 2013 3:48p

/quotes/zigman/140130

JP : Japan: Tokyo

? 3,425.00

-30.00 -0.87%

Volume: 6.58M

July 31, 2013 3:00p

Market Cap

?6810.00 billion

Rev. per Employee

?42.83M

/quotes/zigman/140138/quotes/nls/japaf

US : U.S.: OTCBB

Volume: 5,794

July 30, 2013 3:41p

/quotes/zigman/193012

JP : Japan: Tokyo

Volume: 25.31M

July 31, 2013 3:00p

Market Cap

?776.26 billion

Rev. per Employee

?25.97M

/quotes/zigman/192990/quotes/nls/fjtsy

US : U.S.: OTCBB

Volume: 3,156

July 30, 2013 2:52p

/quotes/zigman/198657

JP : Japan: Tokyo

Volume: 116.76M

July 31, 2013 3:00p

Market Cap

?912.79 billion

Rev. per Employee

?122.57M

/quotes/zigman/527598/quotes/nls/tkecy

US : U.S.: OTCBB

Volume: 2,750

July 30, 2013 3:02p

/quotes/zigman/192257

JP : Japan: Tokyo

? 1,360.00

-63.00 -4.43%

Volume: 1.68M

July 31, 2013 3:00p

Market Cap

?1023.30 billion

Rev. per Employee

?85.88M

/quotes/zigman/192264/quotes/nls/chuef

US : U.S.: OTCBB

Volume: 1,100

May 21, 2013 9:52a

/quotes/zigman/194063

JP : Japan: Tokyo

? 1,200.00

-64.00 -5.06%

Volume: 4.81M

July 31, 2013 3:00p

Market Cap

?1146.19 billion

Rev. per Employee

?85.25M

/quotes/zigman/529254/quotes/nls/kaepy

US : U.S.: OTCBB

Volume: 900.00

July 25, 2013 3:18p

/quotes/zigman/199438

JP : Japan: Tokyo

? 5,970.00

-100.00 -1.65%

Volume: 11.07M

July 31, 2013 3:00p

Market Cap

?20343.19 billion

Rev. per Employee

?66.16M

/quotes/zigman/199376/quotes/nls/tm

US : U.S.: NYSE

Volume: 437,829

July 30, 2013 4:07p

Market Cap

$207.64 billion

Rev. per Employee

$798,550

/quotes/zigman/1859015

CN : China: Shanghai

Volume: 70.16M

July 31, 2013 3:15p

/quotes/zigman/1873491

CN : China: Shanghai

Volume: 105.22M

July 31, 2013 3:05p

Market Cap

?69.17 billion

/quotes/zigman/1867160

CN : China: Shanghai

Volume: 84.60M

July 31, 2013 3:04p

Market Cap

?28.39 billion

/quotes/zigman/1867881

CN : China: Shanghai

Volume: 24.90M

July 31, 2013 3:04p

Market Cap

?80.04 billion

/quotes/zigman/14892

HK : Hong Kong

Volume: 20.85M

July 31, 2013 4:01p

Market Cap

HK$118.33 billion

Rev. per Employee

HK$2.58M

/quotes/zigman/14893/quotes/nls/crbjf

US : U.S.: OTCBB

Volume: 150.00

July 30, 2013 12:05p

/quotes/zigman/36515

HK : Hong Kong

Volume: 15.89M

July 31, 2013 4:01p

Market Cap

HK$35.90 billion

Rev. per Employee

HK$2.04M

/quotes/zigman/530228/quotes/nls/gzuhy

US : U.S.: OTCBB

Volume: 100.00

July 16, 2013 10:27a

/quotes/zigman/12576

HK : Hong Kong

Volume: 27.80M

July 31, 2013 4:01p

Market Cap

HK$98.45 billion

Rev. per Employee

HK$4.48M

/quotes/zigman/141542/quotes/nls/hnp

US : U.S.: NYSE

Volume: 72,800

July 30, 2013 4:03p

Rev. per Employee

$577,843

/quotes/zigman/294238

CN : China: Shanghai

Volume: 30.38M

July 31, 2013 3:04p

Market Cap

?77.83 billion

Source: http://feeds.marketwatch.com/~r/marketwatch/financial/~3/eYiDZIt-bp0/story.asp

st patrick s day parade duke invisible children garbage pail kids st bonaventure ncaa tournament 2012 peyton manning 49ers