WELLINGTON, Jan 26 (Reuters) - Asian stocks are set to
struggle on Wednesday after a mixed bag of U.S. results and
surprise contraction in the British economy cast doubt on the
economic outlook.
A late burst of buying lifted the main Wall Street indices to close little changed after spending most of the day in negative territory following poor earnings reports from blue chips 3M and Johnson & Johnson.
An analyst suggested the market was overbought but selling had been ineffective, while the market had also been lifted by hitting technical support levels.
U.S. investors are also awaiting President Barack Obama's state of the union speech due to begin at 0200 GMT for policy implications for sectors such as infrastructure.
Asian stocks listed on Wall Street finished 0.04 percent lower.
British shares fell 0.4 percent after a surprise contraction in the British economy in the fourth quarter, with the negative sentiment spilling over into European shares, which slipped 0.6 percent.
The euro continued its bullish run against the U.S. dollar in volatile trading, with momentum seen behind the single currency, while the yen ticked lower against the greenback.
Japanese markets are seen opening a shade weaker, with Nikkei futures traded in Chicago 25 points below the last closing level in Osaka.
Australian and Indian financial markets are closed for national holidays.
HEADLINES: > Obama to push spending freeze,Republicans seek cut > US consumer morale at 8-mth high;home prices sag > US Senate leaders open state bankruptcy option > Yahoo expects weak Q1, shares slide > Rising costs threaten U.S. corporate profits > EXCLUSIVE-JBS makes verbal Sara Lee offer -sources > Strong demand for EFSF bond boosts euro confidence > Global economy not as healthy as it looks > Fed starts meeting, seen noting brighter outlook > Highways open new South American trade routes
KEY INDEXES pct change
Bank of New York Asia ADR index -0.04
Dow Jones Industrial Average -0.03
Nasdaq Composite Index +0.06
Nikkei futures in Chicago 10,445
Nikkei futures in Osaka 10,470
TOP ASIA EVENTS:
For more Asian company earnings, see ASIA/EQTY
JAPAN - Monex Japan Q3 results
- SBI Holdings Q3 results
- Hitachi Construction Machinery Q3
results
HONG KONG - Hang Lung Group Ltd H1 results
news conference
- Hang Lung Properties Ltd H1
results news conference
- Hongkong Electric Holdings Ltd
STH KOREA - LG Electronics Inc Q4 results
AUSTRALIA - Australia Day holiday
INDIA - Republic Day holiday
(Reporting by Adrian Bathgate)
((adrian.bathgate@reuters.com; +64-4-4714233; Reuters Messaging: adrian.bathgate.reuters.com@reuters.net)) For top Asian company news, double click on: U.S. company news European company news U.S. weekly outlook European weekly outlook Forex news Global Economy news Tech/Telecoms/Media Banking news Political/General news Asia Macro data ASIA STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... DIARIES & DATA: IPO diary/data Asia earnings diary U.S. earnings diary European diary Hong Kong diary Wall Street Week Ahead Eurostocks Week Ahead LIVE PRICES & DATA: World Stocks Asian Stocks Dow Jones/NASDAQ / Nikkei FTSE 100 Debt Currency rates Keywords: MARKETS ASIA/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
A late burst of buying lifted the main Wall Street indices to close little changed after spending most of the day in negative territory following poor earnings reports from blue chips 3M and Johnson & Johnson.
An analyst suggested the market was overbought but selling had been ineffective, while the market had also been lifted by hitting technical support levels.
U.S. investors are also awaiting President Barack Obama's state of the union speech due to begin at 0200 GMT for policy implications for sectors such as infrastructure.
Asian stocks listed on Wall Street finished 0.04 percent lower.
British shares fell 0.4 percent after a surprise contraction in the British economy in the fourth quarter, with the negative sentiment spilling over into European shares, which slipped 0.6 percent.
The euro continued its bullish run against the U.S. dollar in volatile trading, with momentum seen behind the single currency, while the yen ticked lower against the greenback.
Japanese markets are seen opening a shade weaker, with Nikkei futures traded in Chicago 25 points below the last closing level in Osaka.
Australian and Indian financial markets are closed for national holidays.
HEADLINES: > Obama to push spending freeze,Republicans seek cut > US consumer morale at 8-mth high;home prices sag > US Senate leaders open state bankruptcy option > Yahoo expects weak Q1, shares slide > Rising costs threaten U.S. corporate profits > EXCLUSIVE-JBS makes verbal Sara Lee offer -sources > Strong demand for EFSF bond boosts euro confidence > Global economy not as healthy as it looks > Fed starts meeting, seen noting brighter outlook > Highways open new South American trade routes
KEY INDEXES pct change
Bank of New York Asia ADR index -0.04
Dow Jones Industrial Average -0.03
Nasdaq Composite Index +0.06
Nikkei futures in Chicago 10,445
Nikkei futures in Osaka 10,470
TOP ASIA EVENTS:
For more Asian company earnings, see ASIA/EQTY
JAPAN - Monex Japan Q3 results
- SBI Holdings Q3 results
- Hitachi Construction Machinery Q3
results
HONG KONG - Hang Lung Group Ltd H1 results
news conference
- Hang Lung Properties Ltd H1
results news conference
- Hongkong Electric Holdings Ltd
STH KOREA - LG Electronics Inc Q4 results
AUSTRALIA - Australia Day holiday
INDIA - Republic Day holiday
(Reporting by Adrian Bathgate)
((adrian.bathgate@reuters.com; +64-4-4714233; Reuters Messaging: adrian.bathgate.reuters.com@reuters.net)) For top Asian company news, double click on: U.S. company news European company news U.S. weekly outlook European weekly outlook Forex news Global Economy news Tech/Telecoms/Media Banking news Political/General news Asia Macro data ASIA STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... DIARIES & DATA: IPO diary/data Asia earnings diary U.S. earnings diary European diary Hong Kong diary Wall Street Week Ahead Eurostocks Week Ahead LIVE PRICES & DATA: World Stocks Asian Stocks Dow Jones/NASDAQ / Nikkei FTSE 100 Debt Currency rates Keywords: MARKETS ASIA/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.