Asian markets in red as trading volumes remain thin

Asian markets traded mostly lower on Tuesday, with activity levels remaining low as the Lunar New Year holiday continues in China, Taiwan and Vietnam.

In Japan, the Nikkei 225 was down nearly one percent with financials, manufacturing and energy-related stocks pushing to the downside.

In South Korea, the Kospi eased almost 0.9 percent, as heavyweight technology companies dropped: Samsung Electronics plunged 1.86 percent and SK Hynix fell 1.05 percent.

The manufacturing sector was in focus in South Korea, following a reply by the trade ministry over a potential implementation of tariffs on steel imports by the United States.

In Australia, the S&P/ASX 200 remained near breakeven, with traders putting attention on the release of minutes from the Reserve Bank of Australia (RBA).

According to the latest issue, policymakers were positive about the global economic growth rate. Domestically, RBA members said wages are expected to pick up in the near term.

In other news, HSBC showed better-than-expected profits for the year. Full-year profit rose by 10.9 percent to $20.99 billion before taxes. Reuters had forecasted a $19.59 billion profit.

<<< Asian Stock Indexes at 05:50 GMT >>>

Australia ASX S&P -17.00 -0.29% 5,940.00

Shanghai Composite +8.17 +0.26% 3,193.13

Hong Kong Hang Seng +359.73 +1.21% 30,199.26

Japan Nikkei 225 -58.79 -0.28% 21,185.89

Taiwan TSEC 50 Index +49.34 +0.48% 10,421.09

<<< Next in Europe >>>

Traders will be focusing mainly in the European session today, as no economic data is scheduled in the United States. Germany’s producer price index for January is up at 07:00 GMT, followed by ZEW current conditions and economic sentiment for February at 10:00 GMT.

Later on, the United Kingdom will be releasing CBI industrial trends orders by 11:00 GMT.

FortFS