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Asian stocks fell broadly on Tuesday, with worries about the potential impact of a widening power shortage in China and Fed tapering signals denting sentiment.<\/p>\n
Chinese markets<\/span> advanced after the People’s Bank of China pledged to ensure a “healthy property market” amid the China Evergrande Group crisis.<\/p>\n The benchmark Shanghai Composite Index rose 19.39 points, or 0.5 percent, to settle at 3,602.22. Hong Kong’s Hang Seng Index surged up 291.61 points, or 1.2 percent, to 24,500.39.<\/p>\n China’s industrial profits continued to grow at a slower pace, as higher input prices as well as a shortage of materials lifted production costs, the National Bureau of Statistics said earlier in the day. Industrial profits increased 10.1 percent year-on-year in August following 16.4 percent annual growth in July.<\/p>\n Japanese shares ended slightly lower, dragged down by chipmakers and shippers. The Nikkei 225 Index dipped 56.10 points, or 0.2 percent, to 30,183.96 after having rallied over 7 percent so far this month in the run-up to the Liberal Democratic Party’s leadership election. The broader Topix closed 0.3 percent lower at 2,081.77.<\/p>\n Chip heavyweights led the losses, with Advantest tumbling 3.6 percent. Among shippers, Kawasaki Kisen Kaisha plunged 14.5 percent, Nippon Yusen slumped 8.2 percent and Mitsui OSK Lines lost 7 percent.<\/p>\n Inpex surged 4.2 percent and Japan Petroleum Exploration rose 1.3 percent as oil prices climbed for the sixth straight day on supply concerns.<\/p>\n In economic news, minutes of the Bank of Japan’s meeting on July 15 and 16 reiterated the need to stand pat on key stimulus tools amid sluggish inflation.<\/p>\n Australian markets fell sharply, with selling seen across the mining, banking, healthcare and retail sectors. Energy stocks continued to benefit from a rally in oil prices caused by supply shortages.<\/p>\n The benchmark S&P\/ASX 200 Index tumbled 108.60 points, or 1.5 percent, to 7,275.60 after official data showed retail sales fell for a third straight month in August. The broader All Ordinaries Index ended down 109.60 points, or 1.4 percent, at 7,581.10.<\/p>\n Beach Energy soared 10.5 percent, a day after it signed a deal to sell liquefied natural gas to BP.<\/p>\n Seoul stocks lost ground as investors offloaded tech shares amid concerns over surging virus cases and a rise in U.S. treasury yields.<\/p>\n The benchmark Kospi slid 35.72 points, or 1.1 percent, to 3,097.92. Chip giant Samsung Electronics fell 1.8 percent, SK Hynix gave up 1 percent and Naver tumbled 2.6 percent.<\/p>\n Consumer confidence in South Korea picked up steam in September, the latest survey from the Bank of Korea showed today, with a Composite Consumer Sentiment Index score of 103.8 – up from 102.5 in August.<\/p>\n New Zealand shares declined amid a lack of major catalysts. The benchmark NZX-50 Index dropped 53.32 points, or 0.4 percent, to 13,174.38. Top stock Fisher & Paykel Healthcare gave up 2.6 percent and Fletcher Building lost 1.4 percent. <\/p>\n U.S. stocks ended mixed overnight and treasury yields rose as investors looked ahead to speeches from several Fed officials and kept a wary eye on the developments surrounding debt-laden China Evergrande.<\/p>\n In economic news, new orders for durable goods waltzed past analyst expectations, but much of the gain came from a big jump in aircraft orders.<\/p>\n The Dow edged up 0.2 percent, while the S&P 500 eased 0.3 percent and the tech-heavy Nasdaq Composite shed half a percent. <\/p>\n<\/p>\n Business News<\/p>\n<\/div>\n