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Asian shares mixed, HSBC weighs on Hong Kong
Source: Geo News | 06-08-2013

HONG KONG: Asian markets were mixed Tuesday as investor concerns lingered over a potential tapering of US monetary stimulus, with disappointing earnings from global banking giant HSBC weighing down Hong Kong stocks.

Tokyo gained 1.00 percent, or 143.02 points, to 14,401.06 after a late buying surge as the greenback rose against the yen.

But Sydney dropped 0.11 percent, or 5.7 points, to 5,105.6 after Australia's central bank cut interest rates to a new record low to try to spur growth as the decades-long mining boom cools down.

Seoul dropped 0.50 percent, or 9.60 points, to close at 1,906.62 while Shanghai slipped 0.18 percent in the afternoon.

Hong Kong was down 1.14 percent in post-lunch trading, dragged down by a near five percent tumble for heavyweight HSBC Holdings.

The banking giant on Monday announced a 22 percent rise in half-year net profit on lower costs and falling bad-debt charges, slightly below analysts' estimates. It warned that slower Chinese growth was affecting its main market Asia.

Market sentiment was also hit by concerns that the Federal Reserve may start trimming its stimulus after the US growth outlook appeared firmer.

The Institute for Supply Management's July purchasing managers' index for the services sector showed a healthy jump in activity.

And official data last Friday showed that the US unemployment rate fell to a better-than-expected 7.4 percent in July from 7.6 percent in June.

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