Shares to fall as economy weighs

WELLINGTON (BestGrowthStock) – Asian stocks are set for a weaker start on Tuesday, as concerns the U.S. economy is stalling dragged Wall Street lower.

The main U.S. indexes turned softer later in the session to close between 0.4 percent and 0.9 percent lower, as the mood of economic gloom continues to hang over the market.

Defensive sectors such as utilities (.GSPU: ) and healthcare (.GSPA: ) gained as a possible bidding war between Hewlett-Packard Co (HPQ.N: ) and Dell Inc (DELL.O: ) for data storage company 3PAR (PAR.N: ), but the bout of corporate activity failed to lift confidence.

The trend of light trade continued – Tuesday’s volume of 6.13 billion was one of the lightest days of the year – as institutional investors stayed on the sidelines awaiting a clearer picture on the economic outlook.

Asian stocks listed on Wall Street (.BKAS: ) closed 0.98 percent lower.

British (.FTSE: ) shares rose 0.8 percent, ending a three-day losing streak, and European (.FTEU3: ) shares rose 0.6 percent, on merger talk involving HSBC (HSBA.L: ).

The euro fell (Read more about the trembling euro. ) against the U.S. dollar and the yen as a survey of purchasing managers pointed to slower manufacturing growth in the region.

The dollar fell 0.5 percent against the yen.

Japanese markets are looking at a weaker start, with Nikkei futures traded in Chicago 55 points below the last closing level in Osaka.

Australian shares are picked to open lower, with share index futures 19 points lower at 4,392, a 37 point discount to the close of the underlying S&P/ASX 200 (.AXJO: ) index.

TOP ASIA EVENTS:

For more Asian company earnings, see ASIA/EQTY

AUSTRALIA – Origin Energy (ORG.AX: ) FY results

– Foster’s (FGL.AX: ) FY results

– Aristocrat Leisure (ALL.AX: ) H1 results

HONG KONG – Belle International Holdings Ltd (1880.HK: )

H1 results news conference

– China National Materials Co Ltd (SINOMA)

(1893.HK: ) H1 results

– COSCO Pacific Ltd (1199.HK: ) H1 results

news conference.

– Country Garden Holdings Co Ltd (2007.HK: ) H1

results

– Ping An Insurance (Group) Company of China, Ltd

(2318.HK: ) H1 results

– Sinopharm Group Co Ltd (1099.HK: ) H1 results

– The Hong Kong and China Gas Co Ltd (0003.HK: )

H1 results

(Reporting by Adrian Bathgate)

Shares to fall as economy weighs