Hong Kong - Asian stocks were narrowly mixed on Wednesday as overnight weakness on Wall Street and a record plunge in Japanese exports prompted investors to reassess the recent surge in global markets.
Several markets fluctuated throughout the day, with the dollar falling against the yen and crude oil prices easing after rising strongly the day before.
As in the US, where markets pulled back after a huge rally on Monday, investors were re-examining the Obama administration's plan to pair taxpayer and private money to help banks wipe clean up to $1 trillion in bad loans from their books.
In Japan, the market's mood was cautious amid fresh evidence the economic slowdown continued to decimate overseas demand for goods from the world's second-biggest economy. Government figures showed exports plunged by nearly half in February from a year earlier - a record monthly drop.
Still, several markets were showing some resilience and recouped some of their losses, a sign this month's rally may be taking a breather rather than fizzling altogether.
"Sentiment is a lot more positive, people are feeling a little more wealthy," said John Mar, co-head of sales trading at Daiwa Securities SMBC in Hong Kong. "It's looking like the rally has got a little more ways to go."
In Japan, the Nikkei 225 stock average was down just 4.67 points, to 8,483.63. Hong Kong's Hang Seng fell 73.25 points, to 13,837.09, while South Korea's Kospi was up 0.5% at 1,228.15.
Elsewhere, Shanghai's benchmark dipped 0.1%, Australia's key index rose 0.8%, and Taiwan's market jumped 2%. India's Sensex was up 1% at 9,570.
Overnight in New York, Wall Street gave back some the gains posted during Monday's staggering advanced.
The Dow fell 115.89, to 7,659.97, fluctuating throughout the day. Broader stock indicators also tumbled, with the Standard & Poor's 500 index off 16.57, to 806.35.
US futures pointed to a modest rebound on Wall Street. S&P futures were up 1.5 points.
Oil prices dipped in Asia, with benchmark crude for May delivery down 80c to $53.18 a barrel by midday. The contract staged a late rally on Tuesday to close up 18c at $53.98 a barrel.
The dollar weakened to ¥97.54 from ¥98.14, while the euro declined to $1.3461 from $1.3473.
- AP