European markets followed with muted opening
Asian markets ended the day on a mix note, with Japanese shares ending lower as exporters such as Canon Inc. reversed gains from the previous session, while Hong Kong and Australia were propped up by resource issues on stronger commodity prices.
The day was marked by sharp volatility, with indices like Seoul composites, KLSE Composite, Shanghai Composite, and Sensex swinging between gains and losses as Wall Street benchmarks ended mixed overnight.
In Tokyo, the Nikkei 225 Average fell 0.3% to 12,706.63 and the broader Topix index fell 0.4% to 1,237.55. The data released by the Ministry of Finance showed Japanese exports surged 8.7% in February from a year earlier, as shipments to Europe and Asia offset weaker demand from the U.S. Japan's trade surplus expanded a slower-than-expected 0.9% to 969.9 billion yen ($9.7 billion) on higher energy prices, which fueled a rise in energy imports.
In Hong Kong, the Hang Seng Index advanced 0.7% to 22,617.01, while the Hang Seng China Enterprises Index gained 1.1% to 11,860.22. India's Sensitive Index, or Sensex, slipped 0.5% to 16,142.38 in afternoon trading. Both the Hang Seng and Sensex jumped more than 6% in the previous session.
China's Shanghai Composite lost 0.6% to 3,606.86, while Australia's S&P/ASX 200 rose 1.2% to 5,421.30, on top of the 3.7% advance yesterday.
South Korea's Kospi inched up 0.3% to 1,679.67, while New Zealand's NZX 50 index slipped 0.1% to 3,425.45.
Singapore's Straits Times Index slipped 0.2% to 2,995.22, after straddling the psychologically important 3,000-point level through afternoon trading, while Taiwan's weighted index gave up 0.3% to 8,768.02.
The U.S. dollar rose to 100.06 yen late in Asian currency trading, after dropping below 100 yen earlier in the day. The greenback bought 100.05 yen in New York late Tuesday.
Resource stocks paced gains across the region on a recovery in crude oil and gold prices overnight. Crude oil for May delivery added as much as 53 cents to $101.75 a barrel in electronic trading, after closing 36 cents higher Tuesday at $101.22 a barrel on the New York Mercantile Exchange.
Meanwhile the European indices also showed a muted opening after a big jump on yesterday. The German DAX 30 slipped 0.1% to 6,516.26, the French CAC 40 dipped 0.3% to 4,678.77 and the U.K. FTSE 100 dipped 0.3% to 5,671.30.
The IFO Institute's closely watched gauge of German business confidence posted an unexpected rise in March to 104.8 after a reading of 104.1 in February, news reports said. The data follows a weaker-than-expected reading in an Italian business confidence gauge, while a measure of French business sentiment posted an unexpected rise. The euro strengthened on the data, erasing a small loss against the U.S. dollar to change hands near $1.5627
Looking at the economic data releases today for the European session we have Current account details for the Euro zone followed by New Industrial orders. In the evening we will have durable data goods orders for the U.S followed by EIA crude oil stocks. However the most important release for the eve will be the new home sales data that will through some light on the status of beleaguered housing sector.