TOKYO – TOKYO (AP) — Asian stocks were mixed in early trade Wednesday, following a slew of bad financial news in the U.S. that soured investors and sent shares lower in New York.
Japan's benchmark Nikkei 225 stock average was down 1.5 percent at 9,548.07, wiping out gains made a day earlier. South Korea's Kospi fell 0.4 percent to 1,782.90, while Australia's S&P/ASK index lost 0.3 percent to 4,556.70.
But the main indexes in Taiwan and Singapore were slightly higher, and Shanghai rebounded into positive territory in morning trade.
The dour start in Asia came after broad declines on Wall Street on Tuesday, where a host of earnings reports and economic indicators failed to provide any good news.
U.S. consumer spending and income figures showed that people are still very cautious with their money. Other data showed that factory orders fell in June, as did the number of homes that were under contract to be sold.
Meanwhile, earnings from Proctor and Gamble Co. and Dow Chemical Co. fell short of forecasts.
The Dow Jones industrial average fell 38.00, or 0.4 percent, to 10,636.38. The broader Standard & Poor's 500 index fell 5.40, or 0.5 percent, to 1,120.46, while the Nasdaq composite index fell 0.5 percent.
Shares in Europe were also mostly lower on Tuesday. The wide slump in U.S. and European stock prices were in contrast to an upbeat session and hefty gains on Monday, when the manufacturing surveys beat expectations and raised hopes for a quick economic recovery.
In currencies, the dollar fell to 85.51 yen, down from 85.84 late Tuesday. The euro slipped to $1.3226 from $1.3232.